Good day, welcome to the Eutelsat Communications full year 2022, 2023 results presentation conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Eva Berneke. Please go ahead, madam. Thank you. Welcome. Good morning, and thank you for joining us today for Eutelsat's full year 2022, 2023 results presentation. I'm Eva Berneke, CEO, and I joined today's call by our CFO, Christophe Caudrelier. Let's start by taking a look at the highlights of the year. This year's operating verticals revenues were at the upper end of our expected range. This performance was namely based on sustained momentum in mobility connectivity. We posted a double-digit growth over the full year. We delivered a very solid financial performance, including an industry-leading adjusted EBITDA margin of 73%. Adjusted discretionary free cash flow of EUR 518 million, comfortably within our expected range of an annual average over two years of EUR 420 million at the exchange rate euro-dollar of 1. $382 million proceeds related to phase two of the C-band, and that's in dollars, transitioned, recognized in very late June 2023 after the completed certification. On the operational front, this financial year was also marked by a successful entry into service of three satellites. We launched four, but three of those four have already gone into service. The two HOTBIRD 13F and 13G, is ensuring service continuity, our flagship 13 East video position, but the HOTBIRD 13G is also hosting an incremental EGNOS payload, which is also part of the strong performance on cash this year. EUTELSAT 10B, which we just announced had gone into service, carries incremental 33 GB of capacity, addressing especially demand in mobile connectivity, but also sees and enjoys firm pre-commitments from both Intelsat and Panasonic. Today, I'm happy to announce that we just signed a four-year multi-million EUR deal with Marlink for a specifically capacity on the EUTELSAT 10B, illustrating the very strong commercial traction, addressing the booming mobility connectivity needs. On the back of this, we confirm all our objectives with sustained cash generation and return to growth next year on a Eutelsat standalone basis. This leaves Eutelsat with strong foundations to ensure the successful merger with OneWeb, where the EGM is expected to approve the transaction in late September. Looking at a few of our key figures, Christophe will come back to the details, but let me just take you through the highlights. Revenues for our 5 operating verticals stood at EUR 1,136 million on a reported basis, and EUR 1,000,157 at the exchange rate of EUR 1 to $1, which on which our original objectives were based. This represent a 4.8% decline on a like-for-like basis, but is comfortably within the midpoint our expected range between EUR 1,135 million and EUR 1,165 million. We delivered an industry-leading profitability with an adjusted EBITDA of 73%. The decrease year-on-year is illustrative of the changing revenue mix between video broadcasting and mobility connectivity. Cash CapEx stood around EUR 271 million, which is broadly stable year-over-year, despite the launch of 4 new satellites. Discretionary free cash flow stood at EUR 462 million on a reported basis. On an adjusted basis, as our financial objectives, which is at the EUR 1 to US dollar rate, it stood at EUR 518 million, well above the objective of the annual average of 2 years of EUR 420 million. The net debt to EBITDA ratio stood at 3.35 in June, broadly stable versus last year. We remain comfortable compared to our medium-term objective of 3 times, as we shortly will receive the $382 million pre-tax in respect to the second phase of the C-band proceeds. Let's have a look at full year revenues. Total revenues for the year stood at EUR 1,131 million, down 1.8% on a reported basis. Other revenues, as a reminder, revenues other than those generated in the commercialization of satellite capacity, were down EUR 8 million, including a EUR 3 million negative variation in hedging revenues. Excluding a positive currency effect of EUR 33 million, based on a euro to dollar rate of 104 versus 114 last year, revenues of the 5 operating verticals were down by the before mentioned, 4.8% on a like-for-like basis. As you'll have noted, we wanted to do a little bit of explaining on this, we've slightly adapted the way we report our operating verticals. The definition of operating verticals remains the same, Our new framework is altered from 5 segments to 4 within the operating verticals. Video will be regrouping, broadcasting, and professional video that used to be 2 different segments. Fixed connectivity will encompass data and fixed broadband. Mobile connectivity and government services will remain as they were before. Pro forma quarterly data, 2021, 2022 and 2022, 2023 is provided in the appendixes of the press release. Let's look at the different segments in the revenue in more detail. Video is 62% of the group total, recorded revenues of EUR 705 million, down 8.3% versus last year. Government services, around 12% of group revenues, were down 7.2%, with revenues of EUR 143 million. Mobile connectivity, at 10% of total, saw revenues of EUR 110 million, up by almost 27%, 26.8%, to be precise. Fixed connectivity, 16% of revenues stood at EUR 178 million, an organic decrease of 2.3%. Go into the operational performance. Video. The full year revenues we just mentioned were down 8.3% to EUR 207 million. This reflected the full year effect of the non-renewal of Digiturk, which we previously mentioned. Lower revenues in Europe, the effect of the sanctions against certain Russian and Iranian channels, which mainly impacted the second half. Professional video revenues, which account for about 10% of this vertical, also decreased, reflecting structural headwinds as well as some seasonality on key events. On the commercial front and more positively, Eutelsat was selected by Orby Elevate for the distribution of the first mainstream English language, direct-to-home services for the US, leveraging the coverage of Eutelsat 117 West over the US. Eutelsat also extended its partnerships with du, the Emirates Integrated Telecommunications Company, to upgrade its direct-to-home services across the Middle East and North Africa. Government services revenues stood at $143 million, down 7.2% year-on-year. Fourth quarter revenues stood at $45 million, up by almost 26% and 45% quarter-on-quarter. This increase was mainly due to a one-off contract of $14 million with German Space Agency, DLR, whereby HOTBIRD 13F provided a service from April on the 0.5 East orbital position. Excluding this impact, fourth quarter revenue declined with 14%, a level consistent with the trend we also saw in the third quarter. Albeit presenting a slightly improved trend versus first half, thanks to superior renewal rate in the spring of US DoD campaign, which is above 70%. We saw only 65% in the fall 2022 campaign. Mobile connectivity revenues stood at $110 million, up 26.8% year-on-year, reflecting a very positive momentum, especially in maritime. Fourth quarter revenues stood at EUR 27 million, up 20.7% year-on-year and 2.9% quarter-on-quarter, reflecting the positive impact of the commercialization in the first half of the third beam on the Eutelsat Quantum for Maritime Mobility customer. Fixed connectivity stood at EUR 178 million, down 2.3% year-on-year. In broadband, 40% of this application revenues were broadly stable on a comparison basis, including the contribution from the wholesale agreements with Orange, TIM and more recently, Hispasat and Swisscom as well, but to a lesser extent, the growth of African operations. In fixed data, which is 60% of this application, we saw improved volume trends, partly offset by negative impact on the ongoing competitive pressure on prices. Fourth quarter revenues stood at EUR 41 million. On a like-for-like basis, they were down by 60% year-on-year and by 6.9% quarter-on-quarter, reflecting tougher comparison basis, including a positive one-off of EUR 2.5 in the fourth quarter of last year. Excluding this one-off, they were broadly stable on a sequential basis. Turning to backlog and fill rate. The backlog stood at EUR 3.4 billion at end June, versus EUR 4 billion a year earlier, reflecting the natural erosion and the absence of major broadcast renewal in this quarter, it's partly compensated by additional mobility contracts. The backlog was equivalent to three times 2021, 2022 revenues, video represented 59% of the total, versus 64 a year ago. The backlog profile is progressively reflecting the rebalancing of our operations towards connectivity, with also shorter contracts. Moreover, the backlog does not yet include managed service, with a new definition to be provided next fiscal year. The number of operational transponders as in June 2023, stood at 1,351, broadly stable year-on-year compared to last year, while the entry into service a new regular capacity compensating for the stable orbit life of a few satellites over the last 12 months. The number of utilized transponders stood at 953, down by 43 units year-on-year, but up 37 units compared to March, the latter reflecting seasonality of certain maritime contracts, especially in Europe. Keep in mind that this picture does not include yet the HTS capacity of some of our satellites, such as EUTELSAT KONNECT. As a result, the fill rate stood at 70.8%, compared to 73.2 a year earlier, and 67.8 in December. Let's now turn to the more detailed financial results, and I'll hand over to Christophe. Thanks, Eva. Good morning, everybody. Happy to be here with you. I will start with the adjusted EBITDA, which stood at EUR 825 million at the end of June 2023, compared to EUR 862 million last year, down by 4%. The adjusted EBITDA margin stood at 72.9% at constant currency. That is to say, 73% on a reported basis, versus 74.8% in fiscal year 2022. This is on the back of lower revenues, mainly in the video business. Operating costs were EUR 16 million higher than last year, reflecting, first, increased staff and technical costs due to a changing revenue mix and to a lower extent, inflation. Second, the cost incurred by transactions with Russia. Third, exchange rate negative impact. This adjusted EBITDA margin is reflective of the progressive rebalancing of our business towards connectivity applications. Turning to the P&L. Group share of net income stood at EUR 315 million, versus EUR 231 million a year earlier, up by 36% and representing a margin of 28%. This reflected on the positive side, lower depreciation of -EUR 455 million versus -EUR 482 million in 2022, which was due to lower in-orbit and on-ground depreciation. Two satellites, HOTBIRD 13F and HOTBIRD 13G, entered into service, respectively, on April 4th and May 30th, 2023. Other operating income of EUR 203 million, compared to an income of EUR 45 million last year, and includes $382 million related to phase two of C-band proceeds. As a reminder, last year's other operating income, including $125 million of phase one of C-band proceeds. On the negative side, net financial results of minus EUR 91 million versus minus EUR 65 million a year earlier, reflecting an unfavorable evolution of foreign exchange gains and losses, as well as higher interest rates. Higher tax at minus EUR 67 million versus minus EUR 49 million a year earlier, reflecting notably the 30% tax rate applied to the above-mentioned C-band proceeds, and negative income from associates of minus EUR 87 million, reflecting the full year contribution of the stake in OneWeb, which last year was only from September 2021 onwards. Moving to cash. Net cash flow from operating activities amounted to EUR 735 million, EUR 66 million lower than a year earlier, due to lower adjusted EBITDA and the first installment of $100 million of the take-or-pay agreement signed with OneWeb, partially compensated by lower working capital requirement needs, namely thanks to a prepayment in respect of the EGNOS contracts of EUR 85 million and strong cash collection. Cash CapEx amounted to EUR 271 million, a level broadly stable versus EUR 280 million last year. Interest and other fees paid, net of interest received, amounted to EUR 95 million versus EUR 78 million last year. It notably reflected interest from the credit facility drawn down for the financing of satellite programs. Discretionary free cash flow amounted to EUR 462 million on a reported basis, up EUR 19 million, excludes the first installment of $100 million of the take-or-pay agreement signed with OneWeb. Adjusted discretionary free cash flow as per the financial outlook definition and at a euro-dollar rate of one, stood at EUR 518 million, down EUR 3 million or 1%, well above our objective of an average of EUR 420 million per year at a euro-dollar rate of one for fiscal year 2023 and fiscal year 2024. Turning to the next slide. At the end of June 2023, net debt ended at EUR 2,766 million, down EUR 49 million versus end of June 2022. It reflected higher discretionary free cash flow of EUR 462 million generated in fiscal year 2023, the reduced dividend payment of EUR 81 million following the payment of part of the dividend in shares under the scrip option, the outflow related to an inorganic investment of EUR 143 million, mainly for OneWeb, and other items which contributed to the increase in net debt for a net impact of EUR 190 million. This reflects mostly the use of a debt-related finance lease for the financing of satellite programs, which amounted to EUR 200 million. As a result, the net debt to EBITDA ratio stood at 3.35 times, compared to 3.27 times at the end of June 2022. We remain comfortable compared to our medium-term objective of around three times, as we expect to receive the cash of phase two of C-band proceeds of $382 million pre-tax. The average cost of debt after hedging stood at 2.96% versus 2.55% in fiscal year 2022, in a higher interest rate environment. The weighted average debt maturity stood at 3.6 years, compared to 4.3 years at the end of June 2022. Last but not least, liquidity remains strong, with undrawn credit lines and cash of around EUR 1.5 billion. This is it for the financial results. I now hand it over to Eva for the outlook. Thank you for the start. Let's turn to the outlook. First, our assumptions for each operating vertical for financial year 2024. Video revenues are expected broadly in line with market trends of a mid-single digit decline, including the effects of sanctions, which will be embarked for full 12 months next year versus 6 months in financial year 2022, 2023. Development services will continue to reflect the outcome of past and upcoming US DoD renewals, and a tougher comparison basis with this financial year due to the mentioned one-off DLR contract. Revenues will however, benefit from the EGNOS contract at HOTBIRD 13, which is set to generate EUR 100 million over 15 years. Both mobility, connectivity and fixed connectivity verticals are expected to experience double-digit growth in the next financial year on the back of entry into service of EUTELSAT 10B and Konnect VHTS, both with firm pre-commitments and positive commercial traction. On the back of this, we confirm our financial outlook on a standalone basis. Revenues are expected to return to growth from this next financial year and onwards. Elsewhere, cash CapEx will not exceed EUR 400 million per annum for each of the next two fiscal years. We also confirm discretionary free cash flows at an average of EUR 420 per year over the next two fiscal years. We confirm our leverage targets. These objectives are, of course, all on a standalone basis and based on nominal deployment programs. You'll find a slide, just a reminder of future launches with the EUTELSAT 36D and Flexsat Americas, which are currently in procurement. Turning to a bit of update on OneWeb. OneWeb continues to enjoy strong commercial momentum, with a 50% increase in contracts signed since last October, for a total backlog, a bit over EUR 900 million. Recently, OneWeb signed a multi-million take-or-pay contract with Telstra for cellular backhaul in Australia. This deal illustrates how OneWeb's top-notch B2B approach can provide capacity to telcos, especially in remote areas, through its service level agreements, which are necessary for resilience and better real-time experience. In June, OneWeb also achieved its revenue target with revenues just over EUR 50 million. Announced today, the later than expected availability of terminals should lead to a slight delay in revenue recognition at OneWeb this year, coming year. All in all, this marginal adjustment of 2% of the midpoint of revenue range of the combined entity, has no impact on cash flow generation and long-term market prospects of the group. A quick work on where we are in the transaction process. We're waiting for the final authorizations, namely from France and the US, before we call for an extraordinary general assembly. We expect this extraordinary general assembly to take place in the second half of September 2023. Once it's approved by the EGM, the combination will immediately be live as the teams are fully focused on making the combination a success. This timeline is fully compatible with the operational and financial objectives communicated at the announcement of this combination project. In summary, looking ahead, the achievements over the past year put us in a very strong position with everything in place for a successful combination with OneWeb. We reorganized Eutelsat along two business units, video and connectivity, to capture the market opportunities. Three of the four satellites that we launched in late 2022 are now part of our fleet, providing services at key orbital positions, underpinning the return to revenue growth. The next change will be the entry into service of Konnect VHTS, which brings 500 Gb of capacity to address the booming needs in broadband over Europe and Africa. Eutelsat's capacity to generate sustained cash flow is more than confirmed, with over EUR 2.4 billion of cash generated over the past five years. Elsewhere, Eutelsat is also at the center of the plans to build a European multi-orbit constellation, IRIS², where we are part of the SpaceRISE consortium. Finally, the combination with OneWeb is on track to close by the end of Q3 in this year, and we are ready to go live day 1. Thank you for the attention. We are now ready to take on any of your questions. I think we have a few already in, otherwise, feel free to write in on your questions. Thank you. Ladies and gentlemen, if you would like to ask a question over the phone, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Once again, please press star one to ask a question. We take our first question from Alexander Peterc with Societe Generale. Please go ahead. Yes, good morning and thanks for taking my question. I hope you can hear me well. I just have a couple. First on, on OneWeb, if you could comment on the backlog momentum, under the impression that the EUR 900 million figure is stable versus what you reported with 9-month results. Is there any underlying progress that is not immediately visible here for us? Then second is still on OneWeb. Regarding the delay in terminal availability, could you tell us if this has to do with component supply issues or are there any technical difficulties at the terminal manufacturers? Have you now secured fully the supply for fiscal 2024, or are there further risks of slippage that may lead to further revenue outlook reductions at OneWeb? I have a very quick follow-up after that. Thank you. Thank you, Alexander. Let me try to. I think there's still positive momentum in the backlog. It's true that it hasn't, from when you made the rounding figures, from months to this, it's still 900, but it is now above 900. We have added both the mentioned Telstra deal in it. There are also some quite interesting other tests ongoing, which is not yet in the backlog. One is just out here with the pLEO program from the U.S. military side. You probably also see some of the press on the U.K. testing remote islands with OneWeb. This is not confirmed in terms of numbers. The deals are confirmed, not in terms of numbers in the backlog. We are evolving, we hope within the next couple of months to pass the EUR 1 billion mark, but we're not quite there, where it rounds up to EUR 1 billion rather than down to the EUR 900 million. Also, I'd say, focus has shifted a little bit into revenue recognition rather than just building backlog. I think that's also at the phase we are at with OneWeb, that we have switched more into getting customers go live, and that is starting to respond also to your second question around terminals. As you know, we work with multiple terminals, and a lot of and with a B2B focus, which typically means testing of the different terminals, first by naturally by ourself, to make sure it works in the network, but then also on a couple of test sites with customers. Having the right terminals available and going through a couple of months of test is a typical sales process with a B2B customer. The right terminal availability, and also evaluation of the terminals after, given that we have multiple terminals to choose from, is probably what has taken a little bit more time. There's also a few segments where terminal supply has been delayed in terms of flat panels. They are now there, but again, we need to get them out and get them tested with the customers. That's why we take some more prudence on the revenue ramp up, and also is directing a little bit more sales attention to actually ramping up revenues and getting customers installed over the next months. Greatly. Thank you very much, Eva. Just a quick follow-up on, on IRIS². Can you put any flesh on the bone there, on what kind of role you could, what is the opportunity there? Do we have anything new on that front? Thank you. I think, IRIS² and the SpaceRISE Consortium, which is what we call the consortium with actually quite a lot of large players, ourselves, Eutelsat, SES, Hispasat, Airbus, and Thales, as part of the SpaceRISE, but also with close collaboration with Orange, Deutsche Telekom, OHB, Telespacio. A very large consortium working together. We are on the last almost days of finalizing the offer. The offer needs to go in on August 7th, that is next weekend, we need to be done with it. We're in the process of defining the architecture and the overall elements of such a multi-orbit, highly secure constellation. That's going in, you know, in a week's time, to Brussels. We expect to start the dialogue with Brussels around it. The calendar is still a focus on getting to a last and final offer in November, December, a choice from Brussels in February next year. Of course, that's continues to be a quite ambitious timeline in terms of such a large public sector buying, and especially when you see technology this complex and this innovative. It's, it's not a given that there will be no modifications of this, but right now we are on track to be able to hand in a first-round proposal end of next week in the consortium. Excellent. Thank you very much. Thank you. We take our next question from Roshan Ranjit with Deutsche Bank. Please go ahead. Good morning, everyone. Thank you for the questions. I have three, please. Firstly, on CapEx. You had a very good CapEx control this year. Your guidance, excuse me, for not exceeding EUR 400 million for the next coming years, I guess, averaging, you've only got one launch coming up in the near term. Is there, I guess, you know, upside to that, to that number? I mean, EUR 400 seems quite high given where you've been trending so far. Secondly, just following up on the terminals question. Is there a risk to standalone Eutelsat's supply of terminals? Because I know you've previously said that you are increasingly distributing terminals and looking to build out the channels that way. Finally, just on the C-band, I noticed that you will be getting the C-band cash in your 1st quarter 2024. Is that earlier than expected? Have you gone through all of the checks with the FCC? Is there anything different why Eutelsat's receiving their cash earlier than peers? Thank you. Maybe, Christophe, do you want to go on C-band? Yeah. Yeah. Well, on, on the C-band, initially, the, the cash was planned to be received, but when I say initially, that was last year. We, we initially planned to receive the cash by the end of fiscal year 23. It's been postponed, I mean, mainly due to the administrative and follow-up of the American authorities. No, I mean, it's, it's clear that we, we've not gone through all the necessary, I mean, path, and we should be receiving this cash hopefully by the end of September. That is probably, we'd, we'd expect it to do it in this first half and getting it in the start of this first half. It might be a little bit early, but we had expected to get it before in this first half of financial year. Coming back on your CapEx guidance, less than EUR 400 million, you're, you're right. We have not been close to EUR 400 million for the last couple of years. This is, of course, Eutelsat on a standalone basis. We, we do think that, that we will on a standalone basis be well within that CapEx guidance. However, I do think we'll you know, we'll have a very different picture post combination with OneWeb, where we are guiding a EUR 75-EUR 875 CapEx per year, given the start of investment in Gen 2 of OneWeb. Finally, on terminals, Eutelsat standalone terminals, it's mainly a question of terminals for connectivity. Those are in good dialogue and is ramping up. It's clear that given that we need to migrate quite a lot of customers from KONNECT to Konnect VHTS, that's a change of terminals, but that is in good process. I think the, some of the challenging on the supply of terminals is, is more on the OneWeb side. That's great. Thank you very much. Thank you. As a reminder, ladies and gentlemen, please press star 1 to ask a question over the phone. There was a question from Sami Kassab from Exane BNP. Can you please provide an update on the latest developments regarding IRIS²? Could you also discuss how much of EUTELSAT 10B has already been leased? Okay. On IRIS², Sami, be happy. I think the development I, I covered a little bit in the answer to Alexander's question, but the development is that we are now in good progress to be able to hand in this first proposal to Brussels by the end of next week. Those are in, in good dialogue, and it's been very intense work with a relatively large integrated project team that's been working on this with both a very large technical part and of course, also, the governance part. On in E10B, we have actually solid pre-commitment from Intelsat and Panasonic on quite a lot of the additional capacity. There's also part of E10B, which is replacing, replacing legacy businesses. Finally, as I just announced, we just literally a 48 hours ago, signed an additional contract for mobile, maritime mobility, with Marlink. That brings E10B at a, in a, in a very solid position. The Marlink contract over 4 years, that is to be start flowing into our backlog as of next month. Thank you. It appears there are no further questions at this time, I'd like to turn the call back over to you for any additional or closing remarks. Thank you. Well, thank you, everybody, for, for joining this, this Eutelsat update call. There's a quite good chance that it will be the last one as a Eutelsat standalone basis. Of course, there's never any guaranteed when it comes to regulatory approvals. But, as we guided, we do hope to be able to close the merger with OneWeb within the next quarter, which of course also means that we'll be in the next update seen as a joint company. That naturally will change a little bit of things. We try to give you a good feeling for how the combined entity will look also on this call, but we're looking very much forward to the first call as a combined entity next time around. In the meanwhile, feel free to get back to Thomas or anybody else if you come up with detailed questions, once you've had another coffee or two. Find additional questions to ask, and we'll try to get back to you. Other than that, for those of you lucky enough to be on French holiday schedule, you might be on your way on holiday, so enjoy the holidays, and for the rest, well, happy working. Have a great day. Thank you. This concludes today's call. Thank you for your participation. You may now disconnect.