Hello, and welcome. My name is Ellie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Altice France Fourth Quarter 2024 Results Conference Call. All lines have been placed on mute to prevent any background noise. I would now like to turn the conference over to Sam Wood. Sam, you may now begin your conference. Hello, and welcome to the Altice France Fourth Quarter 2024 Earnings Call for debt investors and analysts. On the line today to take you through the presentation, we have Dennis Okhuijsen, Malo Corbin, Gerrit Jan Bakker, and also Mathieu Cocq, the CEO of SFR. As the presentation may contain forward-looking statements, please refer to the legal disclaimer on slide two. With that, I'll hand over to Malo. Thank you, Sam. Starting on slide three, for the full year 2024, total revenue declined by 5.6%, EUR 10.1 billion. The majority of this revenue decline was driven by reductions in construction revenue year-over-year. Excluding this impact, full year 2024 revenue declined by 2.4% year-over-year. We will go through the trends by segment in more detail later in the presentation. Full year 2024 EBITDA was EUR 3.35 billion, and the break-even cash flow was EUR 1.35 billion. These figures are consistent with the recent disclosures made as part of the agreement with creditors. As announced in February of this year, we reached an agreement with a group of creditors of Altice France S.A. and Altice France Holding S.A. This agreement represents a significant milestone for the company, as it will enable the company to substantially reduce existing debt burden and lower interest expenses. The agreement also provides a meaningful extension of debt maturities, strengthening the balance sheet and competitive positioning of Altice France. The strong support from creditors for the proposed transaction gives us confidence in successfully closing this process in the near future. On today's conference call, we will not provide additional detail regarding this transaction, and further announcements will be made as and when appropriate. If you are an existing creditor and require further information or have any specific inquiries relating to the transaction, we encourage you to reach out to our advisors, whose contact details are included in the materials available on our website. Moving on, in November of last year, we closed the sale of our 49% stake in La Poste Telecom to Bouygues Telecom. Payment at closing was EUR 533 million, and we have received an additional payment of EUR 51 million in January 2025. Finally, pro forma net leverage was 4.5 times at the end of 2024, and pro forma liquidity was EUR 1.4 billion. These figures represent pro forma for the transaction, which has a significant leveraging impact. We have provided more detail on the pro forma impact in the appendix of this presentation and in the press release that is published today on our website. I will hand over to you, to Mathieu, to take you through the rest of the slides. Thanks, Malo. Hi, everyone. Today we'll cover four topics. One, operational KPIs and quality of service. Second, commercial activity. After that, we'll move to 2024 financials and a brief overview of XP Fibre. Let's start with an update on operational performance and quality. On the left of slide four, we show the results of an internal survey regarding customer service, installation, and shops. You can see that on those three items, we make positive improvements over the past two years. There is significant room for improvement, but the direction of travel is encouraging. We have plans in place to improve further in these areas and other aspects, and we remain very focused and aligned on what matters most: customer satisfaction. Moving to the right, we have results from a recent external survey conducted by the French regulator. In both mobile and fixed segments, we have seen a steady improvement in overall satisfaction over the past three years. Remember, last figures date back from Q3 2024. We are now six months later, and I am convinced SFR stands at even better scores today. Starting with mobile, a deep dive in the report of the French regulator shows progress made in quality of service. Indeed, subscribers experiencing quality issues have dropped massively by one-third last year. Additionally, the rate of first-time problem resolution, what we call the once-and-done rate, improved by 10 percentage points last year, positioning SFR second to the incumbents. This performance in mobile is really consistent with the latest scores we made in the rankings of NPS in 2024. In this study, SFR distinguished itself as a leader in this annual ranking, which reflects the overall connection quality as experienced by NPS users. Finally, in the fixed segment, the regulator report also highlights improved resolution rates following customer service interaction. The once-and-done rate has decreased also by 10 percentage points, same trend as in the mobile. In addition, SFR recorded the shortest time to install for fibre, delivering and activating the service within 10 days, well ahead of market average, close to 15 days. Moving on to slide five, we provide you with an update of recent commercial performance. We show here B2C net addition in the fixed base and B2C net addition on the mobile postpaid base. Remember, those figures are B2C only. Given this is mid-April, we also provide you with first-quarter 2025 figures. In Q1 2025, we saw churn levels below that of Q1 2024, driven by a massive improvement in quality as well as more stability in pricing across the SFR service portfolio. We're happy with its performance. Although there is some pricing pressure recently with the launch of low-priced fibre access products, excluding TV, we are quite confident. For postpaid mobile, net subscriber losses decreased throughout 2024, and we will post positive net additions in Q1 2025. This was achieved despite a challenging pricing environment, especially on the low-end segment. In conclusion, our commercial performance is improving quarter after quarter, both in terms of acquisition and retention. We remind you, however, that prior customer losses in 2024, especially in H1 2024, will have a laggy impact on financial performance. Consequently, improved commercial trends do not translate into turnaround in fixed and mobile service revenue trends in the coming quarter. Turning to slide six, you can see a summary financial for the fourth quarter and the full year 2024. Financials for all periods exclude Altice Media, UltraEdge, and La Poste Mobile, which were sold in the course of 2024. In the fourth quarter, revenue declined by 4.1% year-over-year, excluding construction revenue. Indeed, construction still accounts for the majority of the revenue and EBITDA decline year-over-year. As previously outlined, we are reaching the end of construction for XP Fibre. Despite the material drag for full year 2024, the impact will decrease in 2025. Beyond the construction drag, EBITDA was mainly impacted by the direct drop-through of mobile residential revenue year-over-year. Total CapEx was EUR 523 million in the fourth quarter, meaningfully lower than last year. The reduction in CapEx comes primarily from network-related CapEx after several years of significant investment in our fixed and mobile infrastructure. We expect a further Capex reduction in 2025, given there are areas such as FTTH or 5G, in which we will not need to invest as much as we have in recent years. Let's move now to slide seven, providing with an update on XP Fibre, one of the leading fibre cores in Europe and the number one alternative player in France. Today, Altice France owns 50.01% of XP Fibre, although the financials are not consolidated. Remember, back in 2018, XP Fibre was just an idea with a business plan. Seven years later, this is the largest alternative passive FTTH infrastructure wholesaler in France, with more than 7 million FTTH homes in medium-dense and low-dense areas. SFR has been instrumental and responsible for most of the construction of XP Fibre. Now the build is almost complete. In the middle of the slide, you can see penetration rates of the network, and they are scaling significantly in line with our original expectations. XP Fibre, as you know, supplies French operators in two ways: either through a monthly rental model or via IRUs on a given area. In the past, we have talked about an extremely attractive midterm financial profile for XP Fibre. This is now materializing, bringing us above our previously stated objective of EUR 900 million revenues at an attractive infrastructure EBITDA margin. We continue to have high conviction in there being significant equity value behind our staking in XP Fibre. Now I will hand you over to Gerrit Jan to take you through the rest of the presentation. Thank you, Mathieu, and good morning, everyone. Turning to slide number eight, where we show you the Altice France pro forma capital structure. This slide reflects the recent agreement announced with creditors of Altice France and Altice France Holding S.A. As you can see, total senior secured pro forma net debt amounted to EUR 14.5 billion at the end of the fourth quarter of 2024, with pro forma net leverage of 4.3 times. Total consolidated pro forma net debt amounted to EUR 15.2 billion and pro forma net leverage of 4.5 times. Consolidated pro forma net leverage, including the sale of non-core assets such as XP Fibre and our 50% stake in the Crozon Power Joint Venture with Bouygues Telecom, will fall below four times. Moving to slide number nine, we show you the debt maturity profile, pro forma for the transaction. The announced agreement removes all debt maturities before 2028, and as Malo mentioned earlier, meaningfully deleverages the balance sheet. As a result, we'll have extended, significantly extended runway of our maturities. Loans will mature in 2031, and secured debt starts to mature in 2029, with the unsecured debt only maturing in 2033. This chart shows pro forma drawn RCF of EUR 1.2 billion, and the entire RCF will be extended to 2030 as well in this process. Turning to slide number ten, short overview of the pro forma debt metrics and liquidity. Blended weighted average life extended to six years, pro forma for the transaction. The weighted average cost of debt, as shown on the slide for Altice France and Altice France Holding, we show you here, is before hedges. I think on the hedges, in the post-transaction, we'll have EUR 10.4 billion of secured dollar debt and the equivalent of around EUR 850 million in dollar debt at the unsecured level. Total interest savings of the swaps themselves post-transaction is in the EUR 150 million ballpark. Post-transaction, we'll have to extend swaps, et cetera. The exact number we don't know yet, but given today's interest rate differentials, et cetera, and what we have locked in already, the benefit of the swaps is around EUR 150 million a year. Pro forma liquidity of EUR 1.4 billion. The majority of the disposal proceeds from media, data centers, and La Poste Mobile, as well as the XP Fibre dividend recap proceeds, will be used as part of the transaction, including repayment of the early 2025 maturities, which was around EUR 780 million back in January and February, which obviously have already been repaid. Also, as mentioned on the slide, we're actively working on other processes to realize further disposal proceeds. We don't have anything more to say on these processes today, but when we have further announcements, we will make those. Finally, on page 11, we show you the full year 2024 free cash flow and bridge the change in net debt. Now, this is for what is still the restricted group. Post-transaction, obviously, there will be no more difference between restricted and unrestricted. Everything under Altice France S.A. will be part of the debt group, the restricted group. Full year operating free cash flow amounted to EUR 1.45 billion, while cash interest on secured and unsecured debt totaled EUR 1.5 billion, which is in line with previous guidance. Taxes was around EUR 50 million outflow, and change in working capital and other recurring cash flows was EUR 350 million-ish inflow, resulting in free cash flow of EUR 255 million for the year. On the right-hand side of this slide, we show you pro forma for the transaction, what free cash flow would have been with the new run rate interest bill. This run rate interest bill does include the swap benefits. There is a reduction of the swap impact of about EUR 250 million in total here. The swaps plus the debt reduction and uplift in the reinstated debt, et cetera, net effect of all of that is a decrease in the interest bill of around EUR 250 million annually. That would make pro forma free cash flow on a 2024 basis of around EUR 500 million. I think that concludes our prepared remarks, and we'll go over to Q&A. We ask that you please stick to questions about the business itself. Given we're unable to discuss questions regarding the ongoing transaction today, I suggest for questions specifically related to the transaction, you can reach out to our advisors on the transaction, Lazard. We appreciate that. I guess with that, operator, can you please open the floor for Q&A? Thank you. We're now opening the floor for question-and-answer session. If you'd like to ask a question, please press star followed by one on your telephone keypad. That's star followed by one on your telephone keypad. We will pause for a brief moment to wait for the questions to come in. Your first question comes from the line of Akhil Dattani from J.P. Morgan. Your line is now open. Hi, good afternoon. Thanks for taking the questions. I've got two, please, if I can. The first is just to dive a little deep into some of the outlook commentary that you gave us. You mentioned that there would be a lag effect between, obviously, what's been a very nice KPI improvement and the financial trajectory. I just wondered if you could try and help us understand better what that really means for 2025. I don't know whether you can give us some sort of sense as to what you're thinking on the declines versus 2024, or maybe just some sense of how and when you think the revenue and EBITDA trend stabilize. I guess linked to that, maybe just one quick comment around cash flows. You talked about pro forma cash of EUR 500 million for 2024. Should 2025 be higher or lower? Any sort of direction of that, that'd be helpful. The second thing is on the competitive environment. You talked about the strides you've taken on customer service and the big improvements we've seen. How should we think about what that means going forward? I guess the things I'm interested to understand are, firstly, the KPIs you've said in Q1 should be better. Is that something you hope can continue for the year? You also talked about CapEx reductions. Now your network is, let's say, in a much better place. Are there OpEx savings as well as CapEx savings that come through now you've invested and turned around the business? If you could understand what you've been spending and then what that means going forward. Thanks a lot. Hi. I'll take the first part of the question, and I guess Mathieu would be able to comment on the complete environment. Yes, indeed, we are pleased with the operational performance of the first month of 2025, and we are now producing positive net adds on both fixed and mobile. That will help progressively the revenue trend. Obviously, as you may have seen, we had significant negative net adds in 2024, which will weigh on the revenue performance in the part of the com. I think we are not providing specific guidance for 2025 today, but I guess you will have two drags. One is on the mobile side coming from the negative net adds we had last year, and the second, you will continue to see a negative trend on the construction side. As mentioned before, we are getting to an end of the construction period for XPF. Just before giving the floor to Mathieu on the CapEx, again, not providing specific guidance, but yes, CapEx will continue to go down significantly in 2025 compared to the EUR 2 billion CapEx we had in 2024. Sure. Regarding competitive environment, which I will tackle now, what we can say, first of all, and this is true for both fixed and mobile, you have to keep in mind that the number of available net adds in the market is decreasing year after year. To give you one example, back in 2021, there were about EUR 2 million available net adds on the market to share between the four players. Now it is close to EUR 500,000. Okay? If you look at the fixed side, it is quite the same. It was basically divided by three and a half. Back in 2021, it was close to EUR 900,000 net adds available, and in 2024, it was down to a little bit more than EUR 200,000. Basically, in this market where there were fewer and fewer net adds available, positive net adds, but fewer and fewer, competitiveness is tough. You might have seen that on the mobile side, there have been some ups and downs. Q4 was very hard on pricing. It was a little bit more gentle and reasonable at the beginning of 2025, and we have also increased a little bit our prices. Now, as of today, there is still some competition, and you can have on the market 100 gigas for EUR 7 still. You do not have that with a A brand, but you can have that with a B or C brand. On the fixed, it is a bit different because you have seen that over the course of 2024, we have increased RPU, and I think most players have. For instance, if you look at the revenues that we have posted in 2024, it grew significantly, and 6.5% of the growth was on RPU, whereas we had a lag on the customer base of minus 3.1%, resulting in a plus 4% growth. Here, there was quite a change in Q4 and also in Q2. In Q4, in November, one player launched a product that is a 1P product, excluding telephony, fixed telephony, and excluding TV. Launched that at EUR 24 with 8 Gbps on the Wi-Fi 6. It is quite aggressive compared to the minimum pricing that we had originally, which was above EUR 30. Now, in Q2 2025, another player kind of replicated that with also an offer excluding TV, priced at EUR 25 with Wi-Fi 7 and 5 Gbps. Basically, competition on the fixed is increasing right now. Of course, we are taking the steps for maintaining what you saw in Q1, i.e., positive break-even or positive net adds in the coming quarter. For that, we have quite dramatically changed things. First of all, quality, I mentioned it just before, but really, NPS, customer satisfaction, is now at the core of anything we do. We do not do anything if it hurts customer satisfaction. That is clear. Second, we have had some discipline on pricing because if you look at the benchmarks, you can see that SFR is one of the only operators right now with no promotion. The customer buys something from us, it has a price, and this price has no bill shock after six months. It has no bill shock after 12 months. There is no promotion. Front book and back book are just the same. This year, and it is quite different from last year, we have not made any annual price hikes. No tariff increase was implemented on the base in 2025 compared to 2024, which caused a lot of our customer losses. Basically, our strategy is clear: quality, pricing, discipline, and transparency. The environment is the one I have just described on fixed and mobile. Great. Thanks a lot. Again, if you'd like to ask a question, please press star followed by one on your telephone keypad. That's star followed by one on your telephone keypad. Your next question comes from the line of Vivek Khanna from Deutsche Bank. Your line is now open. Hi, good afternoon, everyone, and thank you for the presentation and the Q&A session. A couple of questions, if I may. Let's start with the simple ones. XP Fibre is going to finish its rollout to get to 7.6 million homes. We're at 7.4 million right now. How much of the remaining 200,000 do you expect to construct in 2025, please? That's my first question. Yep. The majority of that will be constructed this year, we expect, Vivek. Amazing. Thank you very much. Another question, if I may, with regards to the very strong subscriber development in Q1, what percentage of those adds are on the RED brand, if I may ask, please? We do not disclose the mix in our B2C portfolio between RED and SFR and other brands because we have four other ones, but we do not make any disclosures. I doubt our competitors do. No, fair, fair, fair, fair. Just wanted to ask a question. Then two things on cash flow. You had very strong working capital and other development in 2024. Do we see an element of that being unwound in 2025? Yes, there will be some mechanical unwind in 2025 of some positive inflows we had in 2024. Okay. And then two final questions, if I may. The first one is just sort of out of interest. When I look at your XP Fibre guidance for 2025, the EBITDA number is basically bang in line with what I was modeling. The revenue number is quite off. If I look at your guidance here, you're talking about an EBITDA margin of about 50%. In the past, in the other charts that you've provided on XP Fibre, you were targeting margins of around 67-70%. I'm just trying to understand what's different from a revenue perspective within the business. My final question is, obviously, your cable customer base is contracting. That headwind will eventually move away. I guess my question is, what are you thinking about potential savings related to switching off the cable network? How does that split, the savings split between Capex and Opex? When do you think that this is something that could potentially be achievable? Thank you very much. Yeah. The first question on XP Fibre. Indeed, we are getting to an EBITDA growing in excess of EUR 400 million for 2025. The EBITDA, and you have some fixed costs in that activity on the support side. The more we grow the business, the better the EBITDA margin will be. You should not take the margin of 2025 as a run rate margin for that business. Amazing. Thank you. Thank you. Thank you. On your other question on the cable, today, we do not invest massively, obviously, in our FTTB/cable network. There is no CapEx associated with that activity. Now, on the OpEx side, of course, we have maintenance OpEx and energy OpEx associated with that technology. We hope that by the next two years, we will finalize the migration of all our FTTB customers and will switch off that network. We will make, I think, savings in excess of between EUR 50 million and EUR 100 million per year by switching. I'm sorry. Could you repeat that number again, Malo? I couldn't catch it. EUR 50 million and EUR 100 million a year. Between EUR 50 and EUR 100. Just to comment a little bit on that, as you know, we have close to 9 million plugs on FTTB. Only EUR 800,000 are FTTB only, i.e., not covered by FTTH right now. Okay? This will disappear by the end of next year. In terms of customers, we have close to 500,000 right now, and it is decreasing fast. Basically, yeah, mid-2026, it should be over. Agreed. Thank you very much. Again, if you'd like to ask a question, please press star followed by one on your telephone keypad. Your next question comes from the line of Joshua Mills from BNP Paribas. Your line is now open. Hi there. Hopefully, you can hear me okay. First question would just be, if I go back to slide 6, where you've helpfully broken down the service revenue development excluding construction, could you give us the same ex-construction number for the EBITDA growth both in Q4 and then also for the full year if that's possible? Just to get an idea of what the exit run rate is on the EBITDA side, that'd be great. The second question, and I'm happy for you to answer this in whatever caveat you would like, but when we think about market consolidation potential for France at a very high level, how do you look at the industrial logic for consolidation, synergies, etc., and the sustainability of a four-player market structure at the moment in a period that, as you've said yourself, still remains highly competitive? I'd just be interested in any high-level views on that and how you're thinking about it. Thanks very much. Yeah. On your first question on construction EBITDA, we are not providing that detail. As you know, we are providing the services for XP Fibre, and we are not the sole shareholder in XP Fibre. We also have partners in XP Fibre. For obvious reasons, we are not disclosing the margin we make on the service we provide. We can still say that the EBITDA margin we make on this activity is lower than a traditional telco margin. On the market competition side, Dennis? Yeah. I think on the market consolidation, I think clearly France is a very scalable market. I think having four players in France could be well justifiable, I guess, if you have rational competition. I think rational competition in a market that does not grow much on the net add side, as Mathieu said, you need to be disciplined on price in order to sustain a four-player market. You have scale benefits versus other markets that are smaller in size. France is a very scalable market. We are not sitting here saying that there is a need for consolidation. There are clearly benefits to consolidation, as everybody would know, but it is not the right forum to discuss what those benefits would be. I think the benefits are obvious. We're not sitting here that by design, in a disciplined market, I think there is space for four players. Great. Thank you. We have no further questions. That does conclude today's conference call. Thank you for attending and goodbye.