Hello, and welcome to Bouygues Nine- Months 2023 Results Conference Call. My name is Alicia, and I will be your coordinator for today's event. Please note, this call is being recorded, and for the duration of the call, your lines will be on listen only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any point, please press star zero, and you will be connected to an operator. I will now hand you over to Pascal Grangé, Deputy CEO of the Group and CFO, to begin today's conference. Thank you. Good morning, everyone, and thank you for joining us to discuss Bouygues Nine- Months 2023 results. With me today is Christian Lecoq, CFO of Bouygues Telecom. Following our presentation, we'll be answering your questions. Let's start with our key figures, slide four. First, I would start by saying that in an uncertain macroeconomic environment, the group delivered a solid set of nine-month results and marked by Equans contribution. Group sales were up 38% year-on-year, at EUR 40.9 billion. Compared to nine- months 2022 pro forma, including Equans, group sales were up 3%. Group COPA increased by EUR 383 million compared to the nine months 2022, as published, and by EUR 237 million compared to the nine months 2022 pro forma, and reached EUR 1,623 million. Net profit attributable to the group was EUR 665 million, a higher level compared to the previous year. Last, net debt was EUR 10.2 billion, compared to EUR 3.7 billion at end September 2022. We stated from the impact of Equans at the acquisition date for EUR 6.5 billion, the Free Mobile dispute for EUR 310 million, that we continue to contest, and the Colas squeeze out offer for EUR 180 million. Net debt at end September 2023 marked an improvement of EUR 424 million compared to last year. Let's now turn to the review of operations on slide seven. Let's begin with the backlog in the construction businesses. As a reminder, from January 2023, Bouygues Energies & Services backlog is no longer included in the construction businesses backlog, as it is now included in the Equans backlog. To facilitate comparison and analysis, we have highlighted in gray color the impact of Bouygues Energies & Services backlog in the previous years. The backlog at end September 2023 was at a record level of EUR 29.8 billion, up 8% year-on-year. The increase in the backlog was driven by both Bouygues Construction and Colas. Let's have a look at backlog for each business segment on slide eight, which was up EUR 2.2 billion, providing visibility on future activity as a whole. First, Bouygues Construction order intake stood at EUR 8.1 billion in the first nine months, 2023. It was driven by the award of several large contracts above EUR 100 million internationally since the beginning of the year, of which, in third quarter, two contracts in Hong Kong for around EUR 400 million, two contracts in Switzerland for around EUR 260 million, and a contract in Croatia for around EUR 110 million. Normal course of business remained steady during the period. Bouygues Construction nine months backlog, excluding Bouygues Energies & Services, increased by 12% to EUR 15.1 billion. Backlog was up 18% internationally and stable in France, year-on-year. Increase was driven by both international building, up 28%, and civil works, up 12%. At Bouygues Immobilier, the general market conditions remain highly challenging for both residential and commercial property markets. Volume of residential reservations remain under pressure due to fast increase in interest rates, impacting customer creditworthiness. For its part, commercial property market is at a standstill, and it is, as of today, very difficult to predict the timetable for recovery. Last, Colas order intake was up 8% at end September. Colas achieved a good commercial performance in the rail activities, notably with a significant order in the third quarter of a EUR 660 million contract in Manila for the North-South Commuter Railway line expansion. Colas backlog was up 8%, driven by rail up 34%. Road backlog was slightly down. Let's now look at the construction activities' key figures on slide nine. To facilitate comparison and analysis, I remind you that we have excluded Bouygues Energies & Services from the nine- months 2022 figures. Sales were up 2% year-on-year and up 3% like-for-like on a constant exchange rate. First, Bouygues Construction sales were up 6% year-on-year, essentially driven by international building. Second, at Bouygues Immobilier, sales, including share of co-promotions, were down 18%, reflecting the difficult market conditions of both residential and commercial property markets, as mentioned earlier. Third, at Colas, sales were up 2% year-on-year, supported by a strong performance in rail, where sales were up 7%. Roads activity kept growing by 2%, of which the EMEA was up 5%. Current operating profit from activities of the construction businesses reached EUR 499 million, a higher level than in the first nine months 2022, resulting in a higher margin from activities at 2.5%. COPA at Bouygues Construction was very close to nine months, 2022, and COPA at Bouygues Immobilier remained at breakeven during the period, despite an adverse environment. Including the share of co-promotions, Bouygues Immobilier COPA stood at EUR 21 million. Looking at Colas, COPA was EUR 308 million, improving by EUR 89 million compared to nine months, 2022, with margin from activities of 2.6%. This quarter margin notably benefited from the sale of some land in the U.S., leading to a strong 8.7% margin, up 1.2 points, the level of this improvement not being indicative of the full year. Let's now turn to the review of operations for Equans on Slide 11. As a reminder, starting from January 2023, Equans figures include those of Bouygues Energy and Services. The nine- months 2023 period is the first period for which we have a financial basis of comparison made of Equans' nine- months, 2022 figures and of Bouygues Energy & Services figures before elimination from Bouygues Construction. I remind you that these are unaudited figures. Equans' commercial activity was solid, with a dynamic order intake of EUR 13.4 billion, including the award in third quarter of medium-sized contracts, such as the renovation of a hospital complex in Belgium and the construction of a solar farm in Sweden. Equans backlog stood at EUR 26 billion, stable compared to end December 2022, and offering visibility on future activity. The estimated backlog underlying margin is on the up, highlighting the ongoing positive impact of the Perform Plan. Equans' contribution to the group revenue represented EUR 13.7 billion, a 6% increase versus the unaudited pro forma of EUR 12.9 billion at end September 2022. This higher pace than expected reflects favorable market trends, which don't prevent Equans to pursue its selective approach to contracts and including the contribution of asset-based activities, of which sale is underway. Obviously, these activities won't contribute next year. Thanks to the Perform Plan, COPA was up EUR 139 million, with a 2.7% margin from activities. This performance is totally in line with our full year expectations. Turning to slide 12, you already know that on September 18, 2023, Equans signed an agreement for the sale of the UK district heating and cooling network activities. Early October, Equans also signed an agreement for the sales of ATES concessions in the Netherlands. The completion of these asset disposals is expected in the fourth quarter of 2023, subject to relevant approvals. These sales were included in the Equans strategic plan, and as such, will have no impact on Equans' revenue and COPA trajectory presented at the Capital Markets Day on February 23, 2023. To end with Equans on slide 13, let me just add that our, that 2023 guidance are confirmed with Equans aiming for a slight increase in sales as a result of selective approach strategy, a COPA margin between 2.5% and 3%, and a cash conversion rate before working capital requirement of between 80% and 100%. Regarding sales, we could achieve this year a higher increase in sales than, than what we were expecting initially. But as already explained, this integrates notably the contribution of asset-based activities that obviously won't contribute anymore next year. Turning to slide 15, let's talk briefly about TF1's results, which were released on October 27. First, TF1 released better results in media in third quarter than in first and second quarters. On its side, Newen was still impacted by lower program deliveries. In the first nine months, 2023, sales were down 11% and down 8% like-for-like. Q3 represented a change in the media segment, with sales up 8% and up 11% on a like-for-like basis, due to a scope effect related to the disposal of unified assets. More specifically, advertising revenues were up 10% on a like-for-like basis, notably driven by the Rugby World Cup in September. Newen Studios revenues remained down in Q3, impacted by an unfavorable basis of comparison related to major deliveries in Q3 2022, and also due to the discontinuation of activity of Salto and the end of Plus belle la vie for France Télévisions. Thanks to better revenues in Q3 and the good monitoring in the cost of programs, margin from activities was down 0.8 points at 13.2% in the first nine months. Turning to slide 16, I remind you that TF1 confirmed its 2023 outlook. The TF1 group will cement its re-leadership position and maintain a broadly stable current operating margin from activities, and it will continue to generate cash flow in order to aim for a growing or stable dividend policy over the next few years. I now turn the call to Christian Lecoq for Bouygues Telecom's performance. Thank you, Pascal, and good morning to everyone. Let me start by saying that ARCEP published on October 26, 2023, its mobile service quality survey. According to ARCEP, Bouygues Telecom was ranked second best mobile network for the tenth consecutive year across all services used by customers. In dense areas, Bouygues Telecom was ranked joint first in mobile internet. The good results obtained demonstrate once again the excellence of the Bouygues Telecom's network in terms of voice and SMS, as well as data. Turning now to page 18, let's begin with the commercial performance in mobile and fixed. At end September 2023, Bouygues Telecom had 15.4 million mobile customers, excluding in M2M, thanks to 108,000 new customers in Q3, and a total of 217,000 new customers year to date. Bouygues Telecom also had 4.8 million fixed customers at end September 2023. FTTH continued to experience strong growth, with 3.4 million customers at end September 2023, of which 154,000 new customers joined us during the quarter. Bringing the total number of new FTTH customers to 425,000 year- to- date. FTTH customers represented 71% of our fixed customer base, up from 61% a year ago. Last, with more than 33 million FTTH premises marketed, we are ahead of our schedule to reach our target of 35 million premises by 2026. Let's have a look at the key figures on slide 19. First, we achieved 6% growth in sales billed to customers. Mobile ABPU was up EUR 0.1 year -on-year at EUR 19.8 and fixed ABPU was up EUR 1.9 year -on-year at EUR 30.9. Regarding mobile, we observe that due to inflation, some customers tend to lower their bundles. Therefore, price increase, price increases are not fully reflected in mobile ABPU. The strong performance was still partially offset by the continued decrease in incoming sales, leading to a 4% increase in sales from services. Other sales remained broadly stable over the period. EBITDA after leases increased by EUR 143 million compared to nine months, 2022, and reached EUR 1,451 million. Consequently, the margin increased by two points compared to last year to 32.6%, which is consistent with our goal to progressively deliver margin expansion. The reclassification to intangible assets of six annual fees for some frequencies that remained in Q4 2022 had a positive impact on nine- months EBITDA after leases compared to 2022. I remind you that there will be no impact on full year 2022 EBITDA after leases compared to 2022, as frequency reclassification has been done in Q4 2022. The current operating profit from activities, which EUR 585 million, up EUR 63 million. Last, you can notice the gross CapEx was EUR 1.1 billion in nine- months, 2023, a level in line with our 2023 target. Moving to slide 20. I remind you that our 2023 guidance is as follows: an increase in sales billed to customers, an EBITDA after leases of around EUR 1.9 billion, and a gross CapEx of around EUR 1.5 billion, excluding frequencies. The nine-month results presented this morning highlight that we are on the way to achieve all our 2023 targets. Now, Pascal, I'm giving you back the floor. Thank you, Christian. I will now briefly comment on the financial statements on slide 22. We have already discussed nine months sales and current operating profit from activities at the beginning of this call. A few more comments this morning with comparison based on the nine months 2022 published figures. First, we recorded EUR 77 million of PPE amortization during the first nine months of 2023, of which EUR 46 million at Bouygues in relation with Equans acquisition. Second, other operating income and expenses were negative at EUR 146 million in the nine months. This amount notably includes non-current charges at Equans in relation, especially with the management incentive package in place and fees incurred by projects of disposals. Some current operating charges were also recorded at TF1, mainly linked to real estate optimization and measures to accompany the digital transformation plan of TF1. It also includes non-current charges at Bouygues Construction in relation with the litigation judgment in Singapore, which is closed now, and a change in regulation in a country where the construction is settled. Third, financial results stood at -EUR 316 million, compared to - EUR 170 million in nine months, 2022. This increase is mainly due to the cost of financing debt that increased by EUR 108 million over the period, mostly due to Equans acquisition financing cost. Fourth, a tax charge higher than in the first nine months, 2022 was recorded, explained notably by the constraints related to international taxation, our presence in many different countries, and the large range of tax rates applied in each of them. And fifth, contribution of associates increased from -EUR 7 million- EUR 50 million, notably thanks to Tipco Asphalt, a Colas subsidiary based in Thailand, and the fact that Salto, a video platform launched by TF1 with two other partners and now stopped, is no longer reporting losses this year. As such, net profit attributable to the group was EUR 665 million, up EUR 128 million compared to nine months, 2022. I will now turn our attention to the group financial structure. Moving to slide 23, net debt was EUR 10.2 billion at the end of September 2023, compared to end December 2022, net debt was up EUR 2.8 billion. I remind you that the group benefits from a particularly strong financial position, and that our financial credit ratings remain strong. We repaid during this third quarter most of the remaining part of the syndicated loan put in place for the financing of the Equans acquisition. Note that on the second of October, we issued a combined nominal debt of EUR 450 million, representing total proceeds of EUR 390 million, including an issue discount of EUR 60 million, representative of the difference between current rates and those of coupons. We tapped two existing bond issues for a nominal value of EUR 250 million, and a nominal of EUR 200 million, the first one maturing in 2027 and the second one in 2030. Following these two taps, the average maturity of the group's loan was 8.5 years, and the average coupon was 3.01%, with an average effective interest rate of 2.26%. The debt maturity schedule is well spread over time. Last, let me add that we don't have any bond refinancing scheduled before 2026. Let's now turn to slide 24. We describe the net debt evolution between end December 2022 and end September 2023. Net debt increased by EUR 2.8 billion since the end of last year. This change is mostly explained by the following items: First, acquisitions net of disposal totaling -EUR 108 million. There is nothing specific to highlight. This amount notably includes acquisitions and disposals at Colas, Equans, and Bouygues Telecom. Second, the Colas squeeze out offer for -EUR 180 million. Third, the capital increase reserved for employees named Bouygues Confiance, number 12, for EUR 150 million. Fourth, capital transactions other for -EUR 37 million, including buyback of treasury shares and the liquidity contract. Fifth, the change in residual swap, net of taxation, and the swap settle for -EUR 44 million. Sixth, the repayment of dividends for -EUR 743 million. Then, the payment of EUR 310 million to Free Mobile. And last, -EUR 1.5 billion from operations that I will comment in the next slide. Turning to the breakdown of operations for the first nine months, 2023, on slide 25, you can observe that first, net cash flow, including lease expenses, increased by EUR 233 million. Second, net CapEx was slightly up EUR 38 million, highlighting attention of business segments regarding their investment in an uncertain context. And third, you can see on the chart that the change in working capital requirements related to operation activities and other, stood at -EUR 2.2 billion, an improvement of more than EUR 800 million versus last year. As you know, it is very difficult to predict working capital requirements. As we do every year, we will remain very proactive during this last period of 2023 to manage the working capital. Let's make a brief aside related to Colas on slide 26. First, September 20, Bouygues filed a squeeze out offer with the AMF, with a view to delisting Colas at a price of EUR 175 per share. This decision aims to simplify the capital structure of Colas, of which share capital was held by Bouygues for 96.8% at the 8th date of the announcement. This offer is subject to the AMF's approval decision, and we expect that the squeeze out offer on the delisting of Colas will occur before end 2023. At the same date, the functions of Chairman and CEO have been separated, with Pierre Vanstoflegatte appointed CEO of Colas, and I was appointed non-executive chairman of Colas. Last, let me add that the impact of this transaction on the group's net debt will amount to around EUR 180 million. I will now conclude this presentation on slide 28. We are confirming the group outlook for 2023. We expect sales close to those of 2022, as well as an increase in current operating profit from activities. I remind you that this outlook is obviously based on 2022 pro forma financial information, that assumes the Equans acquisition was completed on January 1, 2022. Thank you for your attention. Operator, please open the floor for questions. As a reminder, if you would like to ask a question or make a contribution on today's call, please press star one on your telephone keypad. To withdraw your question, please press star two. We'll take now our first question from Nicolas Cote-Colisson from HSBC. Your line is open now. Thank you. Oh, hi, everyone. Thanks for taking the question. My first question is on Equans, because I'm interested in the way you drive the margin by being more selective on profitability. So can you give us an indication of what share of revenue represent the new contracts you are signing? I mean, whether they are recontracting with a client or signing a new client, as opposed to the ongoing contracts. And tell us whether the margin you are signing for is always in line or above your medium term target of 5%, and also if you can help us on the level of margin in asset-based assets you are selling. And I have a follow on, a follow-up question on telecoms, but I'll let you answer this one first, maybe. Concerning your margin, the margin. No, we are not signing all contracts over 5%. We are increasing gradually our margin in order to cope with our financial target. So, the improvement in margin will be gradual. You know that we have a backlog which represents EUR 26 billion. So obviously, a nd our order intake is around EUR 13 billion. So all these factors will induce a gradual increase in margin. So, we are on the way. We are confident that we will be at the announced level at the end of the year. But a lot of things to do to be at five, at five in 2027. Okay, thanks. And sorry for my ignorance, but the asset-based assets, is it something that is higher margin or lower margin than the [inaudible]? No, no. In fact, we are at the beginning of the curve, so there is no impact. You know, in asset-based assets, during the first years, your margin is not so high. So we are selling activities where, in fact, providing some revenues, let's say for the two assets for which we have signed some contracts, let's say to represent approximately EUR 300 million, and a profitability, which is not higher than the average one. So no impact in the trajectory for the next years related to this disposals. Okay, makes sense. It will affect obviously our turnover, because when you have sold the activities, you don't have any more the revenue corresponding to these assets. But it was totally forecast in our trajectory we presented in January last year. The sole thing we didn't know at that time was what will be the exact timing of this disposal. Okay, thank you. And just two very short questions on telecoms, because you've recently cut prices for your top-end offers. So if you can tell us a bit more about the dynamics in the different segments, and whether you think that the proportion of SIM-only in the market may accelerate? And my second question is just a short one. I just wonder whether Lycamobile is still an MVNO on your network, and how significant it is in terms of EBITDA, given they just got EUR 10 million fine in France and could be under financial pressure. Thanks. Thank you, Nicolas. About the market, I would say that we are in the same situation than in Q2. So, in mobile, less volume growth than compared to last year, less promotions, calmer market, less terminal renewals, and so on. So, as you said, we have more and more similarly in the market. That's a reason why our EBP growth is EUR 0.10 compared to last year. Clients are migrating to a cheaper offers and especially SIM-only offers. Regarding the fixed business, the situation is very, very good. We had a good growth in volume in Q3. It was our best growth, I think, since it has been our best growth since Q3 2017. So, we are very happy with our good performance in volume. In terms of value, you can see that our ABPU growth is very, very good at EUR 1.9 compared to last year. So good, good performance. About Lycamobile, Lyca is still our MVNO, yes, and I cannot give you any figures about the EBITDA because if I do that, it, the EBITDA will be equal to the turnover. Of course. So I cannot give you the price at which we take Lycamobile clients. Okay, I appreciate that. Thank you. We'll take now our next question from Nick Lyall from Société Générale. Your line is open now. Thank you. Yeah, thank you. Morning, everybody. Just to come back to the pricing, please, on mobile, like Nicolas' question there. Could you talk a little bit more about the pricing environment, please? And I think you've just started to cut promotions. So could you tell us, will that be a little bit more of a help to the ARPU going forward, or is this gonna be a difficult pricing environment now, if customers are starting to spin down? And then just secondly, on Colas, could I ask, was the revenue seemed a little bit weak this quarter. Could you also quantify, if possible, the land sale in the U.S. and just confirm that's a sort of extraordinary item, as in it's a pretty much a one-off for the quarter and hasn't occurred in first or second quarter as well? Thank you. So I will answer your first question about pricing environment in mobile. The pricing environment is very, very good. Phone book pricing are going up. There is less and less promotions. We are able to continue to increase our back book pricing. So regarding pricing, the situation is very good. The fact is that even if we are increasing our prices, at the same time, we see some clients migrating to cheaper offers. So the impact of the pricing favorable pricing environment is not fully reflected in the ABPU due to this situation. As far as cost is concerned and your question related to the results related to the disposal of assets in the land in the U.S., it represents approximately a bit more than EUR 40 million. Okay, perfect. And there were no other one-offs like that in the first or the second quarter or last year. As you said, this is pretty much a one-off, is it? Yeah. It's [inaudible] Thank you very much. We'll take now our next question from Matthew Bouley from Barclays. Your line is open now. Yes, good morning. Thank you for the presentation. I had a few questions. The first one on construction, which had some strong trends, and the order book continues to be solid. I realize this is a very uncertain macroeconomic environment, but it seems that it is not affecting your business in construction. So maybe if you could give us a little bit of more color as to why you're doing so well and how you expect the trends to continue the next few quarters. In terms of telecom, I had a question about the churn. Maybe I missed that somewhere, but I was wondering what were the churn trajectories, both on fixed and mobile, considering all the price moves that we've seen in the market. Then very lastly, I realize you give a guidance which talks about growth in revenues and in COPA. You published a consensus recently on your website for the full year 2023, and I was wondering if you could comment how comfortable you felt with the guidance for COPA in 2023. Thank you. I answer to the first question related to the order book of construction activities. Obviously, we will have a lowering in our housing construction part, but infrastructures, especially on activity, international activity remains quite strong, and this is the reason why we have that global level of order intake and the order book. So in terms of churn, the churn level is quite stable, for Bouygues Telecom, mainly due to the fact that even if we are increasing prices for the back book, as at the same time there is less and less promotions, clients stay with their offers and do not move to other offers. As far as the consensus is concerned, in fact, we do not comment consensus. It's not, it's not a guidance for, for our part. I just want to draw your attention on, one important point. This point is the fact that, last year, Q4 was quite, strong, and, you know, this doesn't mean that each, each Q4 are, are strong in such an extent. This is my comment is specifically, is specifically, related to, Equans and, and Colas. Thank you very much. We'll take now our next question from Jakob Bluestone, from BNP Exane. Your line is open now. Thank you. Hi. Thanks for taking my question. I had two, please. Firstly, just, on the EBITDA, just to pick up on your, your comments around Q4. I mean, you've done, I think, 11% EBITDA growth, EBITDA growth in, the first nine months. The guidance, I think, is sort of seven-ish%. Can you maybe just remind us the magnitude of the comp effects in Q4? Given it looks like you're running far ahead of your own guidance. And then just secondly, on working capital, which you alluded to in your presentation, obviously quite a big improvement year-on-year. I was just wondering if you might be willing to share some thoughts on where working capital could land for the full year in terms of the, the overall group improvement. Thank you. So I will answer the first question about Bouygues Telecom EBITDA. First, mainly that we classified the way we account for some frequencies in Q4 2022. This leads to a first increase in EBITDA favorable comparison on EBITDA at the end of nine months in 2023 compared to 2022. The impact is around EUR 17 million. In Q4, as for the full year, there will be no impact compared to 2022. In Q4, you will have a negative impact of EUR 17 million. That will compensate the benefit at the end of the first nine months. And in terms of guidance, we are very confident to achieve our guidance. As far as the working capital requirement is concerned, you know, every year we say the same thing. First, we don't guide on working capital requirement for very simple reasons. For construction activities, it's impossible to do so. For, you know, you have items payment, you have claims to be collected, and so on and so forth. So you could have an important variation in the working capital requirement. So we don't guide on that subject. Obviously, having a higher, better level of cash at the end of September is a good thing, and we are very happy with that, necessarily. Our policy in terms of working capital requirement is very simple. We incentivize our guys in order to negotiate contracts with favorable term payment terms. We are very dedicated to cash collection during all the contract's life. This is as a result, you know, that the construction has a very, very favorable working capital requirement, and we attempt to improve our working capital requirement in all our activities. A specific point on Bouygues Telecom, you know, that Bouygues Telecom is growing and having and this induce an increase in working capital requirement of Bouygues Telecom. Thank you. As a reminder, if you would like to ask a question or make a contribution on today's call, please press star one on your telephone keypad. To withdraw your question, please press star two. We'll take now our next question from Mike Sambrew from Stifel. Your line is open now. I've got two questions if I may. First one is on Colas. There was a sharp margin recovery so far this year. In the first nine months, it was 70 basis points, 30 basis points, excluding the U.S. land sale. Would it be possible to split how much of that improvement is due to internal efforts, and how much is due to the fall of asphalt prices, which usually bode quite positively for asphalt trading businesses? And the second question is on construction. So, it seems like France was quite a bit weaker than international businesses, both for Colas and Bouygues Construction. Specifically, I'd like to know how civil engineering is doing in France for Bouygues Construction. As far as your first question concerning Colas, no, we don't have any indication to give on, we have a recovery, that's for sure, of Colas margin during the first nine months of this year. This is partly due to the fact that we don't have, we don't have been, we, we have not been impacted in such an extent by fluctuation of prices during the first nine months. The second impact is obviously, and you mentioned it, the land disposal in the U.S. But globally, it is a, it is a recovery of recovery in our activities and then the profitability of our activities. The second question was related to backlog activities. I think I gave you some information during. France is in fact minus one person for Colas-Bouygues Construction. The backlog. Sorry, I have to check my figures. But you are right. Generally, you are right. The international activity is more dynamic than the activity in France. Our backlog is stable in France, generally. And in terms of civil works, I don't have the figure, but generally, it's a 12%, but probably in terms of activity, stable in France. Very much. We'll take now our next question from Nicolas Mora, from Morgan Stanley. You can go ahead now. Thank you. Yes, good morning. Just a few follow-ups. First, on a bit in the same line as the previous question, just on Colas. You've seen the order book also almost slowing down to what? +1% year-on-year on your roads. Is there anything special, any particular areas of weakness? We had in mind North America was very dynamic, so a little bit surprised by the slowdown. Then in real estate, so we're just about at zero. I mean, should we expect more pain ahead, or can we expect a few, let's say, last minute Q4 sales, especially in commercial, to save the year? Then on working capital, I think the improvement has been most impressive at Colas. Outside of the incentives for management, think we discussed in the past, is there anything particular to mention in the third quarter? Very last on CapEx, it's especially weaker year-on-year in telecoms. Is it just phasing? Is there another pickup to expect in Q4, as we had in Q1, for example? Or you just basically closed the tap a little bit on CapEx in the year. Thank you. So, your last question was about CapEx in telecom? Well, at the group level, but especially in telecom, which we're seeing basically a slowdown year-on-year after, is it just phasing, you know? Q1 have been [crosstalk] quite high? Yeah. It's only phasing. We confirm our guidance of EUR 1.5 billion in terms of gross CapEx for the full year 2023, and so it is only phasing. It is very difficult to look at CapEx in telecom business quarter by quarter. We guide on the annual guidance, and I confirm the EUR 1.5 billion for the full year. As far as your two previous question, one was related to working capital. Let's say that effectively we have an improvement in working capital at the group level, and especially at Colas. I remind you that we were quite disappointed of working capital requirement of Colas last year, so you know, working capital, and that's life of working capital for construction activities. One year, yeah, one year is favorable, and the year after, it could be less favorable or the contrary. So no, nothing specific, nothing specific, but I confirm you that all our operational teams are dedicated to the improvement of that working capital requirement, either at Colas level, but also at Equans level or construction activities level. The second question was related to the order book of construction in France, and you were saying that it was quite slow. You're right, the activity is not violent in France, you know, you know the global environment. So we were expecting, because in that period before local elections, we have generally a peak in order at Colas, and we don't see that yet, that movement in the order book of Colas. We don't know what will be the future in that respect, but probably it will, the peak will be lower than previously related to the global finance equilibrium of local authorities in France. Your last question was related to Bouygues Immobilier in Q4. We will have activity in Q4, which is, you know, we have generally some a higher level of activity during the fourth quarter in Bouygues Immobilier. We consider we will have that movement that year, probably not in the same extent that in the previous year, and we will manage that very closely, because effectively, the property development market is under great pressure at the present time. I think I answered your questions? Yeah, so sorry, I was on mute. Yes, just on Colas. So you talked about France, but I was looking actually at the broader roads backlog, because we're all under the impression, especially in North America, was driving the growth. Europe was okay, so to date, the growth was pretty good. It seems it's, well, maybe it's just a quarter, so we shouldn't pay too much attention. It seems the slowdown overall to the whole roads business has been quite stark. And at the flip side, you're growing a lot in rail, and historically this has been a less predictable, let's say, a low margin business. It's less predictable, that's right. But, you know, that's the market. In fact, you know that rail activities, which are decarbonize the transportation means are developing, and we will follow that movement. But, you know, in average, you couldn't say that the margin will be lower. We don't know. It depends of our contracts. Okay, perfect. Thank you. I'll take now our next question from Molly Whitcomb, from Citi. You can go ahead now. Thank you. Hi, thank you for taking my question. Can I please ask about inflation at Colas? Sorry, inflation in the backlog at Colas. So obviously you said growth 8%, but how much of that are we looking at for inflation? And I was wondering also whether you'd give us an indication on how much is recurring of the stuff that you're winning internationally. And then my second question is on Equans. Obviously some of your competitors are seeing really excellent growth in energies on kind of overall, and whilst you're seeing great growth, I'm just wondering, is it the mix of the business is different, and that's why you're not seeing such high growth at the moment, or is it 100% just because you're working on margins? Thank you. Your first question is related to Colas, and we had some difficulties to hear you. Is it related also to inflation? In fact, you know, the overall backlog of Colas is smaller than that of Bouygues Construction. So you know, a lot of contracts are short-term contracts, where you know, you can adapt your pricing to the current level of prices. So you don't have any impact, and long-term contracts are very few, and in most cases, you have some indexation formulas when you have long-term contracts. As this is right at the overall level of Colas and Bouygues Construction for long-term contracts. For Equans, we didn't change the mix because, you know, we have an activity where you couldn't change the skills of your teams in, so it's really an operational improvement in pricing. They make effort to better pricing, and they are developing all levers they have identified and presented during the capital markets day in last February. So, you know, it will be a gradual improvement of Equans margin over the next years. Okay, thank you very much. Mm-hmm. We have no further questions, so I will hand you back to Pascal to conclude today's conference. Thank you. Thank you for joining us today. We'll be announcing full year 2023 results on February 27, 2024. Should you have any further question, please contact our investor relations team. Their contact information is on the press release on our website. Thank you very much. Thank you for joining today's call. You may now disconnect.