Hello, and welcome to the Altice France Q2 2026 earnings call. My name is Matt, and I will be your conference operator today. All lines have been placed on mute to prevent any background noise. After today's prepared remarks, we will host a question- and- answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Sam Wood, Head of Investor Relations. Sam, please go ahead. Good morning, good afternoon, and welcome to the Altice France second 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, the CEO of SFR. As the presentation may contain forward-looking statements, please refer to the legal disclaimer on slide 2. With that, I will hand over to Mathieu. Good morning and good afternoon, everyone. Starting on slide three, total revenue was EUR 2 billion, EBITDA was EUR 681 million, and operating free cash flow was EUR 430 million. On June 6, 2026, Altice France announced that it has signed a memorandum of understanding with Bouygues Telecom, Free and Orange for the sale of its telecom activity in mainland France. The perimeter of that transaction is set out in the appendix on slide nine. With respect to operations, it is important to note that the announcements of the exclusive negotiation in April and subsequently the memorandum of understanding in June impacted KPIs this quarter, as I will explain shortly after. In addition, the sale of our 65% stake in Intelcia closed on April 28, 2026. Altice France will continue to be a key customer of Intelcia. Pro forma net leverage was 5.9x on an LTM basis at the end of Q2 2026, and pro forma liquidity was EUR 0.43 billion. Moving to slide four, which shows you total net addition across our fiber, total fixed, and mobile segments. As we recently outlined at our Q1 2026 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. The announcements of exclusive negotiation in April and the memorandum of understanding in June impacted commercial performance during this quarter. Gross additions were lower given reduced traction in the usual sales channels, and churn modestly higher as some customers decided to disconnect. Clearly, some customer decisions were influenced by the announcement. While this is an initial reaction, it was not unexpected, and we remain at SFR fully committed to deliver the same high-quality customer service and network experience. We are proactively reinforcing this message with our customers and other stakeholders. The total fixed customer base decline was primarily driven by the FTTB and DSL losses. Fiber now accounts for 92% of the total fixed subscriber base of 5.9 million. In total mobile, we ended the quarter with a base of 19.1 million. Net losses were 84,000, excluding prepaid, with a further 77,000 of prepaid losses in the quarter. As shown in the footnote, the prepaid base carries a monthly ARPU below EUR 5, and the impact on revenue is therefore immaterial. We delivered positive net addition in the B2B mobile segment again in the second quarter. On slide five, we present our financial performance for the second quarter of 2026. Financials for all periods exclude Altice Media, UltraEdge, La Poste Mobile, Infracos and Intelcia. All of these transactions have now been closed. Operating free cash flow grew year-over-year up to 6.3% to EUR 430 million as lower CapEx more than offset the EBITDA decline year-over-year. In the second quarter, total revenue was EUR 2,034 million, down 8.7% year-over-year, and revenue excluding construction declined by 8% year-over-year to EUR 1,973 million. EBITDA declined by 12.9% in Q2 to EUR 681 million, mainly driven by the drop-through of residential service revenue year-over-year. Accrued CapEx was EUR 251 million in the second quarter, driven by lower network-related CapEx, similar to the trend seen in recent quarters. I will hand you over to Gerrit Jan to take you over the remaining slides. Good morning, everyone. Turning to slide number six, where we show you the free cash flow waterfall for the second quarter. Adjusted EBITDA of EUR 681 million, less accrued CapEx of EUR 251 million and including the EUR 16 million La Poste pro forma gives operating free cash flow of EUR 446 million. Interest was EUR 374 million and cash taxes were EUR 8 million during the quarter. Change in working capital and other items was an outflow of EUR 224 million. As a result, free cash flow in the second quarter of 2026 was negative by EUR 160 million. We detail the change in net debt on slide 13, where free cash flow, together with M&A financing and effect flows, drove an increase in net debt of EUR 312 million, in the quarter. Moving to slide number seven, where we show you the pro forma capital structure and debt maturity profile. We have term loans with small amortizations of 1% a year from 2026, and then they start fully maturing from 2031. Secured bond maturities begin in 2029, with the largest secured bond tranche of EUR 3.9 billion maturing in 2032. Finally, the unsecured tranche at Altice France Lux matures in 2033. The revolving credit facility, which is fully drawn, matures in 2030. Consolidated net debt was EUR 15.9 billion at the end of the quarter, of which EUR 15 billion at Altice France SAS and roughly EUR 800 million at Altice France Lux 3. Blended weighted average life at the end of the quarter is 4.6 years, and the blended weighted average cost of debt was 7.8%. Net leverage 5.9x on a consolidated LTM basis, with finally pro forma liquidity of around EUR 430 million. I think with that, Malo, Mathieu, Dennis and myself are happy to answer any questions. Operator, if you could please open for Q&A. Thank you. We will now begin the question- and- answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Akhil Dattani with JPMorgan London. Your line is open. Please go ahead. Hi. Afternoon. Thanks for taking the questions. I have a few, please. The first one, could I maybe get a little bit of color on your comments around the KPI trends that we have seen this quarter? I understand your point about it being impacted by the M&A discussions. Could you give us some flavor as to how that has impacted through the quarter and maybe help us understand whether that should rebound into Q3? Or whether we think there will be some ongoing impact as we look at Q3. That is the first one. The second one on the financials, the Q2 revenue and EBITDA trends are very similar to those in Q1. But if I remember correctly, at Q1 you were indicating that through the course of the year you are expecting trends to start to stabilize. Does that mean Q2 is maybe not quite where you thought it was, or were those comments more in relation to H2? Again, any sort of color there would be helpful. The very last one was just on the M&A process. I am sure you have seen the press release that came out from the Autorité de la concurrence, and they seem to indicate that the deal would take at least 18 months, which at least from the market side is maybe a bit longer than we thought. I would just love to get any thoughts you have around how we could interpret that comment. Is your expectation similarly 18? Do you think that is prudent? Any sort of thoughts would be helpful. Thanks a lot. Okay. Thank you, Akhil. I will take your first two questions. On the first one, you wanted some more color on the Q2 impact, related to the announcement. As you know, rumors and prospects started not in Q2. It started at the end of last year, to say the least. Clearly in Q2, you had a series of announcements, first of which was the entry into exclusive negotiation, right, in April, and it was extended, and then there was this signing of the MoU early June. Clearly we saw a gradual impact at each time an announcement was made. Of course, the one in June with the signing of the MoU was more impactful, but we saw already an impact at the announcement of the exclusivity period in April and the extension in May. To give you one example, we saw churn rates jump, depending on the product line, by two points, three points, sometimes five points. Versus the usual churn rates that we had observed and that had been decreasing for the past two years. Clearly it was directly related to it. I think that it is common knowledge, and it is no mystery to say that selling or retaining a customer in a specific context like this one, especially when announcements are made and publicized as it was, is challenging. Conversely, sale and retention processes could be facilitated when you are on the other side and when you are a competitor to a company that is on sale. That is what I can say on that. As far as a potential rebound that we could see in Q3, we might not comment on the, we will comment on that in November, I guess, when we really comment on Q3. During the summer, there is a strong seasonality in August. In August, I think that all operators see the churn rate decrease, and we saw that. Okay? It didn't continue to raise. But clearly we are still in this environment where the announcements are in the head of our customer. When we ask them about their awareness about potential process on their operator, more than 50%, sometimes more than that, depending on the segments, know that there is a process and that the sale is underway. That's the first question. Regarding the second question, I think that you had asked the same question last quarter. Clearly we are not guiding through for 2026. The most important thing that we want to say on that is that we manage the business thinking several quarters ahead. Our goal already for the past quarter has been to minimize the net losses so that you could see a better trend in the P&L. As you can see on the top line side, regarding service revenue in particular, we are seeing a slight inflection point in Q2 on the top line, both on fixed and mobile service revenue. Improvements are minor, okay? For the moment. But they could give an indication for the next quarter ahead. That being said, competition remains intense. Although it has not deteriorated significantly, that could feed into better ARPU perspectives. That's what I can say to you right now, Akhil. Regarding your last question on the M&A process. As you may have seen, this complex process is now handled by the French competition authority. Discussions have already started with the buyers who have already made their presentation to the authority. The comments made by the authority on the timing did not come as a surprise. This is more or less what we had in mind. Remember that we announced the deal in Q2 2026, and we have publicly disclosed that we expect it to close in the second half of 2027. I think this is consistent with what has been mentioned publicly. Great. Thank you. As a reminder, if you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Our final question comes from Mark Chapman with CreditSights. Mark, your line is open. Please go ahead. Hi. Thanks very much for taking my questions. The first is, I appreciate you not giving guidance, but could you talk a little more about your outlook for cash flow for the rest of the year, and particularly how you think about liquidity management now through deal close? Obviously, there is an initial payment when the legal documents are signed, but if you could elaborate there, that would be really helpful. The second question is just around the assets that are excluded from the main transaction. Could you provide any update on potential sales processes and timings for that? Also your expectations about operation for the French overseas territories longer term. Is your expectation that those will also be sold relatively soon or likely to continue to be operated? Thanks very much. Maybe on the cash flow outlook, I think we are confident that we have ample liquidity to see the regulatory process to an end. As you can see, we are growing our EBITDA minus Capex. I think the other flows are going to be manageable in the regulatory review period. On the M&A side, we have a few assets which are sold from the transaction perimeter, the first one being the call center. We have already closed that transaction earlier this year, I think it was in April. Second large asset is the stake we have in XpFibre. You mentioned in the press that we are actively working on this transaction. We will come back to you when we will be at a concrete stage with potential parties. Discussions have been active on XpFibre. You also mentioned the overseas territories. On those one, they are also for sale, even though you know that there is no rush. I think there is no need to run all the processes at the same time. Now, when we believe that would be the right time and the right setup, we will be also happy to transact on those assets. The last one is our minority stake in UltraEdge, the data company. It's a pretty new company. Same as for the overseas, we don't believe that there is a rush to sell this stake as the value keeps increasing over time. Okay, thanks for that. I appreciate it. We have reached the end of the Q&A session. This concludes today's call. Thank you for attending. You may now disconnect.