Hello, everyone, and welcome to Altice France 's T hird Quarter 2025 Results Call. Please note that this call is being recorded. After the speaker's prepared remarks, there will be a question-and-answer session. If you'd like to ask a question during that time, please press star followed by one on your telephone keypad. Thank you. I'd now like to hand the call over to Sam Wood, Head of Investor Relations. Please go ahead. Thank you, Operator. Good afternoon, good morning, and welcome to the Altice France T hird Quarter 2025 Earnings Call for debt investors and analysts. On the line today to take you through the presentation, we have Gerrit Jan Bakker, Marlou Corbin, Dennis Okhuijsen, and 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 Mathieu. Good morning and good afternoon, everyone. Moving to slide three, for Q3 2025, total revenue of EUR 2.27 billion declined by 9.3% year- over- year on a reported basis. Q3 EBITDA was EUR 764 million, and operating free cash flow was EUR 391 million. At the end of July, SFR and Bouygues Telecom announced they entered into an exclusive negotiation with Phoenix Tower International to sell 100% of the share capital and voting rights of Infracos. Bouygues Telecom and SFR each hold a 50% stake in Infracos, which is primarily responsible for managing a portfolio of approximately EUR 3,700, for which it holds the leases and passive infrastructure. The transaction is expected to close by the end of this year. On October 1st, 2025, Altice France completed its financial restructuring, fully implementing the accelerated safeguard plan for itself and several other subsidiaries, along with Altice France Holding. These final steps follow the restructuring announced in February 2025 and approved by the Paris Commercial Court on August 4th, 2025, and supported by the Altice France and Altice France Holding's financial creditors. This marks the final implementation step of the Altice France financial restructuring announced in February 2025. Pro forma for the financial restructuring, net leverage was 5.1 x at the end of Q3 2025, and pro forma liquidity was EUR 0.64 billion. Turning to slide four, you'll see an update on recent commercial performance, including BTCNET addition across both districts and mobile prospect bases. Overall, during the first nine months of 2025, market experienced continued price pressure driven by aggressive offers from competitors. Despite this, SFR has remained price disciplined, proactively implementing measures to limit customer losses compared to 2024. We continue to demonstrate the ability to match competitors' price points while maintaining equivalent service quality. In fixed, we continue to expand our fiber customer base, which now represents 88% of the total fixed base. We also continue to deliver positive fiber net additions each quarter, highlighting strong customer acquisition and retention performance. In postpaid mobile, we've once again grown our postpaid base, confirming that we are back on track in terms of net addition performance on B2C. In addition to that, B2C postpaid mobile net addition, as shown on the slide, we also achieved positive B2B mobile net addition this quarter. Our B2B mobile net additions have been positive on a year-to-date basis. On slide five, we present our financial performance for the third quarter 2025. As a reminder, all figures exclude the contributions of Altice Media, UltraEdge, and La Poste Mobile, which were divested in 2024. In Q3, total revenue declined by 7.5% year- over- year, excluding the impact from lower construction-related revenue. Our residential service revenue declined by 9.4% year- over- year, starting with a fixed residential service revenue, which was down 4.7%, an improved performance compared to the second quarter trend. Approximately one-third of this decrease reflects lower revenue from other revenues, which include a year-over-year decline in connection fees and OTT revenues. As we've noted previously, connection revenue is largely tied to gross addition and first-time activation, which naturally taper off as FTTH penetration continues to increase. In addition, we did not implement backbook pricing adjustment in 2024, reflecting our decision to prioritize subscriber value over short-term revenue uplift. Mobile residential service revenue declined by 12.8%, impacted by the continued competitive pricing pressure across the market in 2024 and customer losses in 2024. Business services, excluding construction, declined by 1.2%, meaning the vast majority of the decline in this segment was driven by construction. EBITDA declined by 11% in the third quarter. This performance was shaped by two key factors. First, the direct flow-through effect from the decline in residential revenue, primarily reflecting lower year-over-year revenue levels in both fixed and mobile. Second, construction activity continued to be a drag on the EBITDA, as previously guided on. CapEx expenditure for the third quarter totaled EUR 373 million, a notable reduction versus Q3 2024. This decrease reflects a deliberate pullback in network-related investment following several years of heavy spend across our fixed and mobile infrastructure. In 2025, we remain focused on CapEx discipline, particularly in areas like FTTH and 5G, where prior investment levels do not need to be sustained. Consequently, EBITDA minus CapEx, or operating free cash flow, reached EUR 391 million in Q3 2025. We continue to expect growth in EBITDA minus CapEx for the full year 2025 compared to 2024. With that, I'll now pass over to Gerrit Jan to continue the presentation. Thank you, Mathieu. Turning to slide number six, where we show you the free cash flow waterfall for the third quarter. Operating free cash flow amounted to EUR 418 million, adjusted for La Poste pro forma effects. As a reminder, we did not pay any interest on any debt instruments during the third quarter as part of the restructuring process, which closed on October 1st. The EUR 29 million inflow reflects the net interest cash flow related to our interest rate and cross-currency swaps. Cash taxes were a EUR 15 million outflow, and changes in working capital and other items was a EUR 162 million inflow. As a result, free cash flow for the third quarter of 2025 amounted to EUR 595 million. We detailed the change in net debt on slide 14, which mainly reflects the internal cash management activities related to the completion of the restructuring, and in addition to some other non-recurring cash flows and the non-cash effects impact on change in gross debt and interest on securitization. Slide number seven, where we show you the pro forma debt maturity profile. Pro forma, again, as mentioned for the restructuring closed on October 1st. The announced agreement with creditors effectively eliminates debt maturities prior to 2028 and significantly deleverages the balance sheet. This financial restructuring provides Altice France with a substantial extended financial runway, strengthening the company's overall capital structure. As illustrated on the chart, the majority of loans matured in 2031 and secured debt maturities beginning in 2029, with the unsecured tranche, one tranche only, matures in 2033. In addition, as process of the restructuring, the revolving credit facility has been extended to 2030. Finally, turning to page number eight, where we show you a short overview of the pro forma debt metrics and liquidity. Blended weighted average life of the debt is 5.4 years as of Q3. Weighted average cost of debt is shown as shown on the slide for Altice France and Altice France Holding. It's presented before the impact of hedges. Pro forma liquidity is EUR 540 million. The majority of the disposal proceeds from media, data centers, and La Poste Mobile, as well as the XP Fiber dividend recap proceeds, have been used as part of the restructuring. As mentioned by Matthieu at the end of July, SFR and Bouygues Telecom announced they had entered into exclusive negotiations with Phoenix Tower to sell 100% of the Infracos. Note that we have not included these proceeds in the pro forma figures shown on this 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. If and when we do have further announcements, we'll announce that as appropriate. As mentioned before, also, the objective here is to reduce leverage to four times or below. With that, Dennis Malone, Matthieu and myself are happy to take any questions. Back to the operator. Thank you. I'll open 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. Your first question comes from the line of Joshua Mills of BNP Paribas. Your line is now open. Hi, guys. Thank you for taking the questions. The first was just related to some of the press reports on French consolidation and your public statement rejecting the EUR 17 billion proposed offer from the consortium. I understand you won't want to give any forward-looking statements, but could you give a bit of detail on exactly why you rejected that offer so quickly? Was it purely down to valuation, or was, as some of the more recent press articles suggest, your intention to include all SFR assets in any potential deal, a kind of one-and-done deal, rather than focus on the core French activities? A bit of insight into your thinking there would be very helpful. Secondly, if I turn to the quarterly results and the financial and operational development, it does look like the financial trends continue to weaken, and the broadband net add numbers are also worsening. How should we anticipate that developing into Q4? Do you see any reason to believe that we'll get a stabilization in either operational or financial trends in the next few quarters? Thank you. Hi, Josh. This is Marlou. On your question on the consolidation, I guess you would not expect us to comment on this M&A consolidation during this call. I will not further comment on the reason why we have rejected the offer, which has been presented to us. There is fully reject when we got it. We remain very active on our side on M&A opportunities. We keep proving our portfolio. We will welcome any discussion at the right levels. It is not only the consolidation. As you may have seen, we have done a deal on towers by selling together with Bouygues Telecom, our company, Infracos, to Phoenix Tower International. We expect to close that transaction by the end of December of this year. As you may have seen in the press release that we have issued today, we have also signed the disposal of our 65% stake in the call center company called Intelcia. The company remains very focused on M&A, where it makes sense. I think on your second question on the Q4 trend, as you know, we are a subscription business, so the trend cannot move from one quarter to the other. The trend you would see in Q4 is much in line with what you have seen in the recent quarters. I think what we can say today is that we had issued a guidance for 2025, which is to grow EBITDA minus CapEx compared to 2024. I think we stand by this guidance, and we can confirm today that we will grow compared to last year. Many thanks. 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 Mathieu Robilliard of Barclays. Your line is now open. Yes, good afternoon. Thank you for the presentation. I had two questions on the operating trends. First, on the business services. I think you mentioned that when you exclude the construction impact, the revenues are down 1.5%. I was curious to understand whether that was coming from the wholesale beat or from the B2B assets. The second question was on residential and notably on mobile, where obviously revenues are coming down quite a bit. Maybe if you could give a bit of color as to the drivers of that. Obviously, there is volume on one side, you mentioned that. I also wanted to understand if you are seeing actual spin down from your own customers moving to lower packages or moving to your second-tier brand, or is it all the new customers coming in with very low RPUs? Maybe getting a sense of what are the different weights of all these dynamics would be great. Thank you. Okay. On the first question related to the split within the business services, we generally do not comment and give more details between the B2B inner part and wholesale. We just say that the two of them declined by 1.2% year over year. Of course, construction remains the main component of decline. Regarding residential, as you have noticed, our priority over the past semester and quarter was to rebuild confidence across our customer base, which had suffered from heavy losses in terms of volume. We were pretty much focused on rebuilding that trust. That trust comes from both quality investment and also, as you mentioned, RPU. This year, and for the first time for quite a while, we have decided not to implement any price hikes on the customer base at the beginning of the year. It was the first time for a long time. Of course, this comes with a cost. Secondly, as you say, there are two main other components. Once you have a stabilized base, you have new customers coming in at an RPU, let's say, at around 8, and one customer leaving you at a price, let's say, EUR 10 above that, at EUR 18. Of course, that effect is important, but it is not the only effect. Equally important is the repricing of the customer base itself. There are customers who are not leaving us, basically, who are repricing themselves. We have enabled that movement to, again, preserve the customer base over the past 12 months. The gap between us and competitors in terms of metals has dramatically dropped. We are still losing some customers on the fixed side, but on the mobile side, you see that the road is clear. To give you one example, in H1 2024 on mobile, we used to lose 800,000 net add versus our first competitor. There were 800,000 gap between us and the leader. Now this gap is closed in H1 2025. Yes, it takes some earth in terms of RPU, but it was the foundation for us to recover. Thank you very much. If I can just follow up, have you given a proceed from the Intelcia sale or the expected proceeds? No, we have not provided any numbers around the Intelcia transaction. You should remember that, one, we were only owning 65% of that company. Two, the EBITDA of this company is more around, for when it comes to Altice France, more around EUR 50 million plus. Three, the call center, if you look at the trading pairs, call centers are not trading at the same multiples as the telecom companies. Thank you very much. Final question comes from the line of Vivek Khanna of Deutsche Bank. Your line is now open. Hi, good afternoon, everyone. A couple of questions, if I may. First of all, on transaction costs related to the restructuring, now that that is complete, is there a number that you could potentially share with us? Is that cost reflected in the pro forma liquidity level of EUR 542 million disclosed in the presentation? Related to that, obviously, this EUR 540 million does not include, as you mentioned, the proceeds from the tower disposal, nor any potential proceeds from your stake held here. I am just sort of looking at liquidity versus your RCF drawings of EUR 1.2 billion. Is there the need to have total liquidity greater than the fully drawn RCF level from an accounting perspective going forward? Thank you. Yes. On the transactions here related to the restructuring, they are not included in the pro forma numbers which have been provided here. It will be part of the Q4 cash flow statement. I think we are not going to disclose supplier by supplier those fees. Of course, these are material transaction fees, higher than what we usually pay in M&A-related transactions. That is one. Two, related to the use of proceeds, as I said, on Intelcia, you should not expect very material proceeds in the short run coming from that transaction. When it comes to Infracos, proceeds will be used partly to repay some debt, and the rest will stay on the balance sheet. Thank you. There are no further questions at this time. This concludes today's conference call. Thank you for joining us, and have a wonderful day. Thank you.