Sam, you may now begin your conference. Hello and welcome to the Altice France First Quarter 2025 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 Mathieu Cocq, the CEO of SFR. As the presentation may contain forward-looking statements, please refer to the legal disclaimer on slide two, and with that, I'll hand over to Malo. Thank you, Sam, and good morning, everyone. Starting on page three, for Q1 2025, total revenue was EUR 2.38 billion, a decline of 6.2% year- over- year on a reported basis. Q1 EBITDA was EUR 678 million, and operating free cash flow was EUR 271 million. As announced in February of this year, and as discussed last month during our full year 2024 conference call, 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 it to substantially reduce existing debt burden and lower interest expenses. The strong support from creditors for the proposed transaction gives us confidence in closing this process in the months ahead, and we continue to make good progress. You may have noted that we filed earlier today for Accelerated Safeguard. France. Beyond this, I will not provide additional commentary regarding the transaction on the conference call today. Pro forma for the transaction net leverage was 4.8 times at the end of Q1 2025, and pro forma liquidity was EUR 1.2 billion. With that, I will hand over to Mathieu for the following slide. Thank you, Malo, and hello, everyone. Turning over to slide four, you can see an update on recent commercial performance, including B2C net addition on the fixed and B2C net addition on the mobile postpaid base. The Q1 figures shown in the slide are exactly the same figures we disclosed last month. Overall, our commercial performance has improved, both in terms of acquisition and retention. One of the drivers of the improved trends is lower churn year over year. Lower churn levels have been driven by an improvement in quality, but in addition to that, trends have benefited from more stability in pricing across the SFR portfolio during the first quarter of 2025. At the end of Q1, and more recently, we have seen price pressure from aggressive offers triggered by competitors, while SFR remains price disciplined. As we have demonstrated with our improved KPIs, SFR has proactively taken action not to lose any more customers. SFR is able to match, of course, the price points of competition now with similar qualities. We have seen NPS improve for both the SFR and RED brands if we compare the score to that of 2024 or 2023. In April this year, the overall NPS score was positive. For postpaid mobile, you see that B2C net subscriber losses steadily decreased throughout 2024, with posted positive net addition in Q1 2025, despite the challenging pricing environment in the low-end market, and for fixed, total B2C net addition was almost flat in Q1 2025. Again, as explained the other day, customer losses in 2024 have a large impact on financial year-over-year performance. As a result, improved commercial trends that we are seeing are a leading indicator when it comes to financial performance, since they will not translate into immediate turnaround in service revenue trends. Turning to slide five, you can see the financial performance for the first quarter 2025. Financials for all periods exclude Altice Media, UltraEdge, and La Poste Telecom, which were sold in the course of 2024. In the first quarter, revenue declined by 5.8% year over year, excluding the construction revenue decline. The year-over-year construction drag is now lower in Q1 2025 than it was in Q1 2024. When we look into the details, fixed residential services revenue declined by 3%. Approximately half of this decline is driven by subscriber losses in 2024, and the other half of the decline comes from headwinds driven by other revenues, meaning lower connection revenue year- over- year and lower OTT revenue. As we have already explained in the past, connection revenue is a function of first-time connection driven by growth. Naturally, this has decreased year over year as FTTH expenditure increases. You should note that we did not implement any substantial fixed backbook price increase in Q1 2025, meaning there is, in effect, a revenue investment made in the subscriber base. Turning to mobile residential services, it has declined by approximately 9%, with volume decline in 2024 contributing to the reduction. EBITDA in Q1 declined by 11.8%. There were four main items to note explaining the EBITDA trend in the fourth quarter. Firstly, the direct drawthrough of residential revenue declined to EBITDA. This is, of course, a mechanical effect of past-year customer losses, which we expect to stabilize in the quarters to come. Secondly, the construction drag remains a headwind on EBITDA, of course. Thirdly, we've seen an increase in network OpEx and energy costs in Q1 2025. Finally, the IFER tax, a network tax which impacts Q1 OpEx in one shot, increased again year- over- year, mainly as a result of SFR having a larger mobile network, meaning a higher number of mobile points present compared to last year. Total CapEx expenditure amounted to €406 million in the first quarter, representing a significant decrease compared to Q1 2024. This reduction is primarily attributed to lower network-related investment following several years of substantial spending in our fixed and mobile infrastructure. We remain committed to further optimizing our CapEx in 2025, given there are areas such as FTTH and 5G in which we will not need to invest as much as we have in recent years. As a result, in Q1 2025, you can see that we kept EBITDA minus CAPEX, or operating free cash flow, broadly stable year- over- year. For full year 2025, we expect to grow EBITDA minus CAPEX compared to last year, and now, I'll hand over to Gerrit Jan to take you through the remainder of the presentation. Thank you, Mathieu, and good morning or good afternoon, everyone. So moving to slide number six, where we show you the usual free cash flow waterfall, this time for the first quarter of 2025. Below operating free cash flow, interest cost amounted to EUR 318 million this quarter. Cash taxes amounted to EUR 6 million, and change in working capital and other was a EUR 44 million outflow. Below free cash flow, sorry, as a result, free cash flow for the first quarter was a EUR 68 million outflow. Below free cash flow, in order to bridge the change in net debt quarter- over- quarter, which, by the way, we show you later on in the appendix of the presentation, there are two main items to note. Firstly, we had some litigation and other non-recurring cash out of approximately EUR 45 million. And secondly, financing flows related to securitization principal and interest and certain unwinds of interest rate swaps and cash coming from one of the unrestricted subsidiaries. Plus, and it's probably the biggest one, effects impact on gross debt. There was a total EUR 200 million inflow. Moving to slide number seven, here we show you the pro forma debt maturity profile for pro forma for the transaction, the restructuring transaction, which we are implementing. The announced agreement with creditors removes all debt maturities before 2028 and meaningfully deleverages the balance sheet. The transaction provides Altice France with a significant extended maturity compared to the current situation. And as you can see on the slide, the majority of the loans will only mature in 2031, and the secured debt starts to amortize from 2029, with the unsecured debt only in 2033. The pro forma RCF, which will be fully drawn on the pro forma base, at least, will be extended in full to 2030. Moving to slide number eight, here we show you a short overview of the pro forma debt metrics and liquidity. Blended weighted average life will be extended to six years as of Q1 2025. And the weighted average cost of debt, as shown on the slide for Altice France and Altice France Holding at 7.8% and 9.8%, this is all before impact of hedges that are in place, but we will also be extending following the implementation of the restructuring transaction. Pro forma liquidity is EUR 1.2 billion. The majority of the disposal proceeds from Media and Data Centers and La Poste Telecom, as well as the XPFibre dividend recap, will be used as part of this transaction. Also mentioned on the slide, we're actively working on other processes to realize further disposal proceeds, which we won't have anything more to say on today, but if and when we have, we'll do further announcements on those when appropriate. The objective is still to reduce leverage to four times or below, and we should get there following the sale of our non-core assets, which, as mentioned, some of them we're working on. I think with that, that's the end of the presentation. So Dennis, Malo, Matthew, and myself, happy to take any questions. If you'd like to ask a question, please press star, followed by one on your telephone keypad. Again, 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 Vivek Anand of Deutsche Bank. Your line is now open. Hi, good afternoon. Three questions that are relatively simple in housekeeping, if I may, to start off with anyway, so first, on the Bouygues Tower JV, is there any debt that's at that entity, so that would be my first question. The second question is with regards to your free cash flow waterfall and the change in net debt. You've got this EUR 28 million La Poste pro forma adjustment. I'm sort of guesstimating that that's wholesale revenues that are still being received by the business and have been taken out of the pro forma adjusted EBITDA. I was wondering if you could confirm that, and then also when do you expect that to roll off, and the final cash flow question is on working capital and other. You reported EUR 44 million outflow. To be honest, I was expecting a slightly greater reduction on the back of the inflow received in 2024. So I was wondering if you could give us a feel as to how you see that line item developing over the rest of the year on a ceteris paribus basis? Thank you very much. I'll take the first question. So, one, I confirm that there is no debt on the JV we have with Bouygues Telecom on the passive towers. That's one. On your question on La Poste Telecom, so effectively, if you look at our financial statements, you will see revenue and EBITDA for Q1, which are higher than what we report in this presentation, and you will see the bridge in appendix of the presentation between the financial statements and the number of the presentation. The bridge being the wholesale revenues and margin we still make with La Poste Telecom because Bouygues Telecom is only starting now the transition from the SFR network to the Bouygues network, so we are still booking wholesale revenues and profits. And effectively, if you pro forma revenue and EBITDA, we have to pro forma the cash flow because we are still receiving that cash as they are transitioning out of SFR network. And I think they have in mind to transition away from SFR network by end of 2026, early 2027. So you will continue to see some pro forma for the coming quarters. Amazing. And I think, on the working capital, I think Q2, specifically, there will be some further unwind, but we don't expect the full 2024 number to unwind. But there will still definitely be some more unwind on top of the EUR 44. Thank you, Gerrit. Thank you, Gerrit. Thank you, Malo. And 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 Pierre Borski of HBK. Your line is now open. Hey, thanks for taking my question. A few from my side. Positive to see the turnaround in mobile subscribers. Just sort of back-of-the-envelope calculation shows that that comes at quite a bit of lower ARPU. Is that correct? This is a price-driven dynamic. And does that create any issue between your front and backbook pricing? And then on the fixed, obviously, you saw good ARPU growth there last year. This quarter seems a bit less. Is that the timing of the price increase, which hasn't been done for 2025? And if so, when would you expect to sort of push that through, and how much should actually flow through of that price increase? And then in your free cash flow presentation, on the change in net debt slide, you have the EUR 169 cash recontributed. Could you just explain what exactly that is, and then break down the EUR 205 positive impact from financing and FX to sort of be what is actual cash flow versus pure FX movement? Thank you. On the first question regarding the lower ARPU, as we just reported, mobile service revenue were down -9% approximately over a year. That is EUR 87 million absolute number. This decline was driven by two components. Half of it derives directly from customer base decline, and the remainder half is driven by ARPU pressure as a consequence of the competitive environment. This competitive environment is not new. A few days ago, our Arcep reported figures for pricing in 2024, and mobile revenue, the pricing, the market prices were stated to decline by 16% last year. It still exists. To give you an update of most recent price, on mobile B2C today, a 20-gig mobile offer is currently priced at a flat fee of EUR 399 by two players on the market. As a comparison last year, the most competitive 20-gig mobile package was priced at EUR 699. So you can see the drop. And last week, we have also one competitor, the third one, who priced a 200-gig offer at EUR 499 within a convergence bundle for the first 12 months. So price pressure is still very high, but if we compare ourselves to what we see at competitors, the trends in ARPU decline is just similar. So we are reporting as the fourth player, and we can say that the trend on ARPU decline is similar. Of course, we have past customer losses, and we have to phase that out in the coming quarters. But as far as ARPU erosion is concerned on mobile, we are similar in trends compared to the other. Regarding STIX, as we mentioned, it's a bit different because last year, most players benefited from a price increase in 2024, but also in 2023. Basically, last year, ARPU growth year over year was between 5% or 7% year over year for the whole market. Today, it has declined. It's still positive. But as we explained just before, the trend in Q1 is half related to first-time connection, which is non-recurring, and second, by customer losses. Customer losses explain more than 100% of the decline in recurring ARPU times volume revenue trends. I think on the last question on the free cash flow, so effectively, in the EUR 200 million that you see on page 14 of the presentation, the 205, I think in this number, you have the inflow from unrestricted subsidiaries to the restricted group of around EUR 170, EUR 169 million, and the rest to get to the 205 is mainly FX-related move. And around the EUR 69 million was transferred from unrestricted to restricted group to fund the repayment of debt that we did late January, early February 2025. Now, when it comes to the adjustment to get to the pro forma net debt, I think you have a lot of items that go there. We try to be explicit in both the press release and in appendix of this slide deck. But should you have more questions on that, I would suggest that you call directly Sam or Dan from investor relations. I think that would be more user-friendly. Great. Thank you very much. Ladies and gentlemen, 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 Jean-Yves Gilbert of Gilbert Asset Management. Your line is now open. Hi, you're listening. One follow-up question, and actually two follow-up questions. First one on the mobile ARPU. So you say that the competitive dynamics haven't changed, but when we construct your mobile ARPU, the year-on-year decline has materially increased in Q1 from actually a slightly positive trend through 2024 on an average basis. So if you can actually address more specifically this trend, whether it be the pricing competitive environment, as you have just described, providing us with some data points, has materially increased in Q1 versus last year. And then the second follow-up question is on the working capital. So the IFER has materially increased, if I'm not mistaken, as accounted in the OpEx, but the payment will only occur in the next quarters. That should reflect in the positive working capital inflow in Q1, which, if adjusted for that, it means that the working capital outflow is in excess of probably of €150 million. In Q1, you say in Q2, it will still be an outflow, while the payment of partially of the IFER should translate into a mechanical working capital outflow as well, but to what extent? So if you can comment on the Q1 as you see working capital for the IFER non-payments, and what would be the impact for the next subsequent quarter for that? Anyone else? Thank you. So again, on revenue trends and ARPU-related declines, you're right that last year, we posted a more positive ARPU trend. But this year, as you know, we did not implement any tariff increase first, and competition has reached somehow a historical low in terms of pricing. So basically, again, when we say that mobile revenue service, mobile revenue declined by approximately 9%, it's roughly 50-55% due to the customer-based losses, and that is mechanical, again. And the rest is ARPU. And if we compare the ARPU trends that we are experiencing in Q1 to that of the other players who have just reported, we are pretty much in the ballpark. Okay? So that's the main explanation. I think on the working cap, Jean-Yves, I will start mentioning that you may have heard that we are guiding for an EBITDA minus CAPEX growing in 2025 versus 2024. You also have seen the trajectory of the EBITDA, which is mechanically driven by the surplus losses we had last year. Effectively, in the first quarter, we are posting an EBITDA decline of 11.8%. That means that implicitly, you can understand that we will continue to reduce CAPEX in 2025 in a similar trend than what you have seen in 2024 versus 2023. CAPEX are going down because we are getting to the end of investment cycle in both the mobile 5G and FTTH. If you look at our addressable FTTH footprint, we cover most of France now already. On the mobile side, even though we continue to invest in the 5G, we have lost some mobile customers last year, and we have also sold La Poste Telecom. So effectively, it's a few million of subscribers which are leaving our mobile networks, which mechanically require less investment in capacity. The capex are going down, and they are going down quarter after quarter. Effectively, these CAPEX reductions also weigh massively on the change in working cap because you always pay the CAPEX after a couple of weeks after you incur the CAPEX. And so you're at a negative working cap during that period. And also, if you look at full year 2024, you've seen that on the working cap in order, we had an inflow of € 372 million. There was some management on receivables and payables, and a large part of that will also be for [inaudible]. Hello? Hello? I can't hear you. Yes, can you hear us, Jean-Yves? I could not hear the end of the answer, but that's fine. Can you maybe just confirm the amount of the IFER taxes accounted for in Q1, and if you can confirm that these payments will be outflowed in Q2 and Q4? Yeah, the amount of IFER tax paid was around EUR 110 million, and that was obviously all booked in OpEx in one shot in Q1, and as mentioned earlier by Matt, it represented a slight increase, single-digit million EUR compared to Q1 2024. I think in terms of exactly when it was cashed out, yeah, probably not all of it in the first quarter, but we can check for sure and come back on that point. Thank you. Thank you so much. We have no further questions. That does conclude today's conference call. Thank you so much for attending, and goodbye.