Hello everyone, and welcome to Altice France First Quarter 2026 Results Call. Please note that this call is being recorded. After the speakers prepared remarks, there will be a question-and-answer session. If you would 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, sir. Thank you. Hello, welcome to the Altice France first quarter 2026 earnings call. On the line today to take you through the presentation, we have Dennis Okhuijsen, Malo Corbin, Gerrit Jan Bakker, and Mathieu Cocq, 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. Starting on slide three, total revenue was EUR 2.2 billion, EBITDA was EUR 583 million, and operating free cash flow was EUR 260 million. With respect to operation, the mobile customer base declined in the first quarter as a result of prepaid losses. The fixed- base trend was similar to last quarter, with slight decline in the total base within which fiber continued to grow. As we outlined last quarter, NPS turned positive in 2025, and this improved trend continued throughout the first quarter. At the end of 2025, SFR and Bouygues Telecom closed the sale of 100% of the share capital and voting rights of Infracos. A total of EUR 279 million of the proceeds was used to repay debt across the secured structure at the beginning of the first quarter. On April 17th, it was announced that Bouygues Telecom, Iliad and Orange have submitted a new offer for SFR telecom activities in mainland France. Altice France has accepted to enter into exclusive talks with a consortium of buyers. This exclusivity has been extended until June 5th, 2026. Net leverage was 5.5 x at the end of Q1 2026, and pro forma liquidity was EUR 0.77 billion. Moving on to slide four. We show you total net additions across our fiber, total fixed, and mobile segments. As outlined at our full- year 2025 results, we have continued to operate in a competitive environment. Our approach has been to remain disciplined on pricing, avoid excessive discounting, and focus on mitigating customer losses. In fixed, we have continued to grow our fiber customer base, and fiber accounts for over 90% of the total fixed subscriber base. This proportion continues to increase given positive fiber net additions as a result of new FTTH gross adds and migration of existing customers. In total mobile, the vast majority of losses in the first quarter were the result of prepaid losses, as shown on the slide. We've delivered positive net addition in the B2B mobile segment again in the first quarter. On slide five, we present our financial performance for the first quarter of 2026. Financials for all periods exclude Altice Media, [UltraEdge], La Poste Mobile, and Infracos. All of these transactions have been closed either in 2024 or 2025. Operating free cash flow was broadly stable year-over-year as lower CapEx offset EBITDA decline year-over-year. As we outlined at our recent full year 2025 results, we see the bottom of the decline in EBITDA, and we expect to see improving trends in the coming quarters. In the first quarter, revenue, excluding construction, declined by 7.9% year-over-year. EBITDA declined by 13.1% in Q1, mainly driven by the drop-through of residential service revenue year-over-year. As in previous years, the IFER tax impacted Q1 OpEx in one shot. This network tax is a function of the SFR mobile and fixed- network size. CapEx was EUR 323 million in the first quarter, a reduction of 21% year-over-year, driven by lower network-related CapEx. Similar to the trend seen in recent quarters. Now I hand you over to Gerrit Jan to take you through the remaining slides. Thank you, Mathieu. As you turn to slide number six, where we show you the free cash flow water fall for the first quarter of 2026. Operating free cash flow amounted to EUR 276 million, which is adjusted for the La Poste and Infracos's pro forma effects. Cash interest for the quarter was EUR 250 million. Cash taxes were an inflow of EUR 19 million. Change in working capital and other items generated a EUR 73 million inflow. As a result, free cash flow for the first quarter was EUR 80 million. The details of changing that debt, we show you in the appendix in slide 13, which mainly reflects 5G spectrum spend offset by financing flows. Moving to slide number seven, where we show you the capital structure and debt maturity profile. As mentioned before, majority of the loans mature in 2031, with the secured notes then starting to mature in 2029, and unsecured debt in 2023. Our revolver is fully drawn and has been since mid of last year, and matures in 2030. Weighted average life, the debt is 4.8 years as of the end of Q1, and the weighted average cost of debt is 7.7%. We hold about EUR 800 million of liquidity. I think with that, Malo, Mathieu, Dennis, and myself are happy to answer any questions. Thank you. We are 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. Your first question comes from the line of Akhil Dattani of JP Morgan, London. Your line is now open. Hi. Good afternoon. Thanks for taking the questions. I've got a few, please. First, if we could maybe just dig a little bit further into the commercial commentaries that you provided us with. I guess, I'd love to understand the mix effects of things that we're seeing in the business at the moment. You've mentioned that the Net Promoter Scores are improving, but we're not yet seeing that benefiting the KPI performance of the business. Conversely, revenue trends are getting better. Are there some mix effects we need to understand here? Is this just an issue that will start to have more visible improvements in KPIs and things going forward? Just if you could flesh out for us commercially what we're seeing and how we should understand the message you're giving us? The second one is on EBITDA. You mentioned, as you did last quarter, that you're expecting to trend toward a more stabilizing performance in EBITDA going forward. Obviously, we're not seeing that yet in Q1. I'd love to understand, as we go forward, what drives that improvement? Is it top-line driven? Is it cost-driven? Sort of any color on understanding the shape and drivers of that would be useful. Lastly, just on CapEx. You mentioned CapEx are down 20% year-over-year in Q1. Can you help us understand how we should think about the full-year CapEx, if that's a sustainable directional trend? Thanks a lot. Sure. Let me get started with the revenue trends, the NPS trends, and the KPIs trend, and your point is that you don't see all of them going in the same direction, right? As you mentioned, service revenue trends are improving, as you have noticed when you look at Q1 2026 versus Q4 2026 performance year-over-year. NPS, as you mentioned also, is rising and as a result of all that we have implemented over the past year, over quality and price predictability, and the pricing simplicity. Yes, you mentioned the KPIs, you don't see any effect yet. If you look at the, I will walk you through mobile in detail. On mobile, what we know so far about the market in Q1 is that the market was very soft. Actually, we have seen in Q1 2026 as per the regulator, the number of total net adds for the quarter being negative, which is a first time for several years now. If we look a year back, it was a quarter with low volume, but still it was positive. If you look back in 2024, it was in the order of 100,000 net adds for the quarter. Clearly, Q1 is a low quarter. So far, if you look at what has been published recently, you have basically three players who have disclosed a number of net adds accumulated for the three players close to 100,000, and the market is negative. You see that the market is low in terms of volume. It's not something that we look at as poor for the quarter. Regarding fixed, I don't have the volumes of the total market. You see that the volume of net adds for Q1 is quite similar, a bit better than the one earlier. Yes, clearly, when you don't have volume, you cannot really get the net add that is in line with what you see on NPS. As you have mentioned, revenue is rising. This is mainly an ARPU effect. As I have mentioned before, and I always compare the situation now to the one that we've seen in April or May last year. It's radically different in terms of the digital brand, which are very impactful on the market. If you take a mobile plan that is quite entry-level, say 20 GB. Last year, for unlimited phone calls and 20 GB data, the price was EUR 4. Today it's more in the range of EUR 5, EUR 6, EUR 7. The situation year after has increased, and that explains why despite the volumes that are low in terms of net add, the revenue trend is improving. That's the first point. Regarding EBITDA stabilization, which was a quote from last quarter. Again, we are not guiding for 2026 EBITDA. A few points to note regarding EBITDA. First, we don't change anything regarding our prior comments. Clearly, we manage the business thinking several quarters ahead. The fact that we have stabilized or quite stabilized compared to years back, our customer base across mobile and fixed with improved retention trends and lower churn, we have a better foundation now to believe that the commercial and financial performance will improve over time. Second, we are seeing the inflection that you have just mentioned on the revenue trend, I thought I will not come back on that one. Third, competition. I mentioned that on digital brand, we are better off this year compared to last year, which was the rock bottom. The market is still very competitive. Clearly, if you look at financial normative pricing years back, we are still in the range of EUR 10 for 130 GB, which is a low price. Again, it's not only about acquiring new customer, it's also the customer base itself that is moving. When you have a migration from a customer at EUR 18 moving to a price at EUR 10, of course, you have a lag. That's what explains the revenue profile. Also keep in mind, last point, that this year we've decided at this point not to implement any backbook prices increase. Of course, that has had an impact. To conclude, we don't provide any guidance, but we continue to see this position for gradual recovery. Last point was regarding the CapEx. On CapEx, we have a reduction of - 21% this quarter with a total amount of EUR 323 million CapEx. The drop of 21% again, it's not purely network- related. Remember we are in a phase of lower investment in fiber. If you are in such cycles, you don't invest as much in your FTTH network, and you don't do as much install of final plugs, the optical nodes. The optical plug. This lowers the CapEx. CapEx, again, it's not only network. It's not investment in the core assets of the network. It's also the fact that you have fewer gross add. You have fewer fiber installation, and that impacts the CapEx in the way that you see. Regarding the fact that this trend is sustainable, we see it as sustainable because of the investment cycle I just described, not only on the fixed but also on mobile. 5G accounted for a lot of the network CapEx a few years back. It's now covering over 86% of the population. We also have capacity room for maneuver because the customer base is not the one that we had two years back. We are also progressively transferring and migrating the customer of La Poste to the other network. Basically we have no saturation on the network and we can therefore see the CapEx trend as a recurring one. That's it for my three points. Thank you very much. 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. We will pause for a brief moment to wait for the questions to come in. As of right now, we don't have any pending questions. With that being said, thank you so much for attending today's call. Have a wonderful day. Goodbye.