Hello, and welcome to the Iliad H1 2021 estimated results call. My name is Josh, and I will be your coordinator for today's event. Please note that this conference 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 your host, Thomas Reynaud, Group CEO, to begin today's conference. Thank you very much. Good morning, everyone. This is an important meeting with a lot of information. Let me start by saying that over the past three years, Iliad has gone through a major cycle of transformation, growth, and investment. In France, we're back to growth, and we have strongly improved the quality of our networks. We have also exported the Iliad know how beyond our historic borders, and today we are the sixth largest mobile operator in Europe. 46 million Europeans rely on us for their connectivity in France, in Italy, in Poland, and in Ireland. I would like to insist on one topic. It's the fact that today we have a unique growth profile in the European telecom industry as highlighted by the H1 results with a 6.7% organic revenue growth rate and a 24% organic EBITDA growth rate. I think this is quite unique in the European telecom industry. I propose to focus on each country in turn. Let's start with France. Clearly, we see an acceleration in the top-line trend. This is not coming from nowhere. It is the concrete result of our consistent investment policy in terms of infrastructure. Our sales strategy has been also very active this quarter. Today, we are the leading 5G operator in France and the first alternative operator in fiber. Let's go to Slide 6. We have launched several commercial initiatives over the past few months. We made a promising start in the B2B market with Free Pro. We have launched an innovative offer in mobile with the Free Flex, allowing our subscribers to buy at a fair price without hidden cost, without a counterproductive and non-sustainable renewal scheme in the background. We have also launched our Apple TV product, we are now offering our OQEE platform, our IPTV product, on mobile and tablet, which will be key in order to improve subscriber satisfaction. Slide 7. The sales performance in Q2 is solid with around 50,000 broadband net adds and nearly 100,000 net adds in 4G and 5G in the middle of a pricing war, especially in mobile. I do believe that we managed to maintain over the quarter a good mix between value and volume. Slide 8. Clearly, as you can see, fiber continues to be the key growth driver of our broadband business. We are nearing the 50% take-up mark for fiber, and our annual run rate is around 1 million new fiber subscribers per annum. Let me flag that we are clearly ahead of our 2024 Odyssey plan. We cover around 23 million homes with our fiber offers today. The network rollout in mobile continues at high intensity now with more than 20,000 active radio sites with a strong push on the 5G. On Slide 10, you can see that we cover at the end of June, more than 62% of the population with more than 10,000 radio sites, of which 1.300 is 3.5 GHz. We are clearly the leader of 5G in France. Let's move to Italy now. Clearly, this is a key milestone that we announce today as we convert our commercial success into financial success as our EBITDA is now breakeven as soon as H1, thanks to our 10% market share. This is a great achievement. Just in three years, 10% market share and EBITDA breakeven. Congrats to the local team for the execution so far. Let's move to Slide 11 to look at the detail of the commercial performance in Italy. We gained 280,000 mobile net adds this quarter, which is a pretty good rate in the current context, where the pandemic push the closure of the shopping malls, of our corners and store. Clearly, the pandemic is not very supportive for new entrants that usually benefit from the market churn. We managed to get a good Q2 in that context. On Slide 12, we show that our network rollout is well on track with our targets. We now have more than 50% of our data traffic on our own network. Clearly, we have a strategic partnership with Unieuro, the leading electronic retailer in Italy, which is a good thing. Above all, we are preparing the next step of our growth plan. After the mobile market, we are actively working on the launch of our fixed broadband offer. We follow in Italy, the Iliad strategy in the country where our brand recognition is very strong, and clearly the Iliad Italia brand name is a great asset in the years to come. Finally, let's move to Poland. The integration of Play is a real success, even better than we had imagined a few months ago. The initiatives implemented over the last few months, in particular, the constant dialogue between the French, Italian, and Polish team, are reflected in the operational and financial KPI. Let's move to Slide 13. The revamp of our commercial offers has enabled us to put an end to the subscriber loss and to reinforce the appeal of our home product. Over the last few years, Play lost 1.5 million subscribers prior to the acquisition by Iliad, but we have managed in a very short period of time to revert the trend, and we display this morning the best quarterly sales over the last three years, which is a great sign of success of the integration. We have also implemented a cost synergy program at group level, which translates into a strong EBITDA growth in Poland. We have as well decided to accelerate our investment in our mobile network, and the strategic partnership with Cellnex in Poland will be a key enabler. Finally, in line with our ambition to become a true convergent player in Poland, we are currently looking at different options on our broadband activity. Some are organic options, such as the creation of a FiberCo in order to roll out fiber nationwide, some inorganic, such as the potential acquisition of a broadband player on the Polish market. This is in that context that Iliad has submitted an indicative offer to Liberty Global for the acquisition of 100% of UPC Poland. This offer would be based on an enterprise value of PLN 7.3 billion on the basis of a 2021 EBITDA of PLN 782 million. I insist we remain at a stage of discussion with no guarantee, no certainty that it could lead to a deal. The group will keep you informed when necessary on the outcome of those summary discussions. In conclusion, Iliad is in good shape. We've got a very clear roadmap, a clear vision of the industry for the coming decade. We have, and this is a very important point, unique growth profile. This is in that context that Xavier Niel decided to launch a plan to buy out minority shareholders and to take Iliad private with a very significant premium of 61% on the closing price of yesterday night. Iliad has entered into an ambitious cycle of transformation and investment. We are preparing for the future. Equity investors in the telecom stocks want significant short-term cash generation, and we have a long-term vision for the industry. I do believe that through this transaction, we are offering a liquidity window to our shareholders, and at the same time, Iliad guarantee its strategic autonomy at 100%. That transaction is good for everyone, and this is probably the right time. Above all, this plan, this transaction, is a great statement of confidence in our company from our main shareholder, Xavier Niel. I pass it to Nicolas for the financial review. Thank you, Thomas. Hello, everyone. Let's move to Slide 16. The key financial factors for the first half of 2021 were as follows. First, ongoing profitable growth in all the geographies of the group, with new coming up at 34% year-over-year. A positive contribution for the first time to the consolidated EBITDA from Italy, which shows the tangible effect of our capital expenditure drive. Last but not the least, the successful integration of Play, which already began to pay off as soon as the first half of 2021. Let's move to group revenues. Total revenue were at EUR 3.7 billion, up 34% year-over-year. That includes external growth with a contribution of EUR 800 million from Play over the first half of this year. Also EUR 137 million of organic growth led by another revenue rise in Italy and a re-acceleration of growth in France. Organic growth was almost 5% in the second quarter, fueled by strong momentum for service revenue in France and Italy, and to a lesser extent, a more favorable basis of comparison, as you can see on the right side of the graph. If you move now to Slide 18, profitability. First half of 2021 also saw an increase in the group profitability, directly reflecting the major investments we've made in our ultra-fast networks, as also the contribution of Play. The consolidated EBITDA came in at nearly EUR 1.4 billion, up almost 60% year-on-year. Increase mainly stemmed from the consolidation of Play. That accounts for EUR 373 million of the rise, including the positive impact of the sale of additional mobile site to OTP, the infrastructure subsidiary with Cellnex. Organic growth was solid at 17%, led by Italia first positive contribution to the consolidated EBITDA of the group for EUR 6 million, and the continued margin improvement for the French operation. Our proactive strategy of investing in our network is driving growth and pushing up profitability. The group invested over EUR 1 billion during the period, taking into account the investment of Play over the period. On an organic basis, CapEx rose 15% year-on-year, reflecting the group's strategy of push of its investment on 5G in France. Group operating free cash flow increased sharply from EUR 31 million on the first half 2020 to EUR 362 million in the first half of 2021, of course, a major contribution of Play of EUR 309 million, thanks to the solid profitability and the positive impact of the OTP contribution. If you exclude Play, the operating cash flow increased by EUR 22 million, with the rise in the CapEx in France that is more than offset on the large part of the significant reduction in the pace of cash outflows in Italy. If we look on our geography and we start with the French business. Revenue, Slide 19. Revenue were up 3% to almost EUR 1.3 billion, which followed the same group strategy and trajectory that we had in 2020. All our businesses in France posted growth. Fixed, Mobile, and B2B, with service revenues advancing more than 7% over the second quarter. Revenue from device, which are mainly the sale of handsets, contracted by more than 9% due to the transition for the launch of the new Free Flex offer. If we move to ARPU. On the fixed side, the ARPU is at EUR 32.7, up EUR 0.80 year-on-year and EUR 0.10 compared to the quarter before. Rise in ARPU reflects a better subscriber mix and the success of our Pop and Delta box offerings, as well as the continued fast pace of subscribers switching to fiber. On wireless, on the right side, the Q2 ARPU billed to customer rose by almost 7% to close to EUR 11. The rise stemmed from the steady stream of subscriber switching from the two-year offer to the 4G and 5G plan. During the first half of 2021, the group managed to maintain its growth fundamentals based on a balance between volumes, which mean more subscribers, and value with increased ARPU, thanks to its CapEx drive and its flows of innovation. If we move to the cash flow profile of the French business and the profitability. EBITDA for France increased by over 6% to more than EUR 1 billion, with an EBITDA margin above 40%, which is up by 1.3 points compared to last year. This improvement is linked to the operating leverage on the growth and the continued investment in our networks that enables to move to an increasingly fixed cost base on our mobile activity. On the CapEx front, the group continued the rollout of its fixed and mobile ultra-fast network. In line with its aim of becoming the alternative operator of choice for the latest generation network, CapEx for France totaled to EUR 771 million, up 24% year-on-year. This is due to strong push of fiber network and of course, to the big push on the wireless investment. Over the period, more than 4,000 sites have been deployed with the 700 MHz for 5G, and over 10,000 sites are now 5G ready. Free has cemented its position as the telco with the largest 5G network in France. Operating free cash flow for France is down to EUR 248 million, compared to EUR 334 million last year, which is the direct consequence of the push of investment in 5G, and to a lesser extent, the buildup of inventory of components. It's also reflecting the startup losses of the B2B activity, which growth is strongly accelerating over the period. If we move now to Italy. Its further solid growth momentum despite the challenging situation with the COVID and also aggressive win-back offers launched by some of our competitors. Revenue were up more than 20%, We almost have EUR 200 million of revenue in Q2. The growth is mainly fueled by volume and the addition of new subscriber. Over the first half, we added almost 600,000 customers. We now have almost 8 million subscribers, which represent roughly a 10% market share. First half of 2021 was a major turning point for Italian business, as for the first time in just three years after the launch, it made a positive contribution to the group EBITDA amounting to EUR 6 million. This represent a EUR 19 million positive swing compared to last year, and it's the direct result of the strong investment in our network. Today, Iliad Italia already carry over 50% of its own traffic on its network. Operating free cash flow losses of EUR 112 million improvement compared to last year, direct results of the improvement of the profitability as we kept a high level of investment with around EUR 200 million of CapEx over the period. Clearly, this is a major milestone that we've reached as growth of our Italian business will now be making a positive contribution to the group profitability. If we move to Poland. Play kept a solid growth momentum during the first half, with revenue up by more than 4%. Growth that is driven by an improvement of the sales performance, with higher number of active subscribers, but also a proactive policy of revamping its mobile offering and a program of upsell and a more for more strategy. EBITDA for Poland rose by 47%, fueled by substantial proceeds from the sale of 517 additional sites on the closing of the deal with Cellnex. If you exclude the Cellnex transaction, so on a like-for-like basis, the EBITDA saw a double-digit growth at the Play level, which is a direct consequence of a higher gross profit due to better revenue mix, and also the initial beneficial impacts of Play's integration within the group. In view of all those factor, operating free cash flow rose sharply to nearly PLN 1.4 billion in the first half of 2021. If we now move at the group free cash flow. The group generated EUR 362 million of operating free cash flow for the first half, which is an increase of EUR 331 year-over-year. A significant contribution of Play of EUR 309 million, and of course, lower operating losses in Italy. We have a negative impact of the working cap of EUR 57 million, mainly linked to Italy and Poland. Of course, increase in interest paid because of the acquisition of Play at the end of last year. We had a tax expense of EUR 163 million over the period, and we had quite important others during the period that mainly comprised the non-recurring items of the proceeds of the 60% of the OTP in Poland on one side, and the purchase of Unieuro shares and the share buyback program of Iliad. Taking into account all these factors, equity free cash flow before dividend and investment came to nearly EUR 600 million in the first half of 2021. The financial structure of the group. The group has a solid financial structure, a much lower leverage ratio, 2.75 compared to 3.2 at the end of last year. In line with our commitment of deleveraging. The group has a high liquidity, EUR 3.7 billion, made up of cash and various and drawn facilities. The group debt is well diversified, in terms of maturity, but also in terms of type, with bond loans and short time. During the first half of 2021, the group carried out a number of refinancing transactions. We refinanced the Play acquisition debt by issuing EUR 1.3 billion bond at the beginning of the year, and we carried out a EUR 500 million Schuldschein issue at the end of June. Let's move to the group outlook. This morning we are confirming our operating targets for all our geographies, as well our financial targets for Italy and Poland. We are also revising our objective for EBITDA less CapEx, excluding B2B for France, which we stated in our Q1 revenue release was under review following the group decision to sell its remaining 30% stake in On Tower France, and to allocate a portion of that proceeds to accelerate our 5G mobile network CapEx program and also build up our inventories component. We therefore estimate that the EBITDA less CapEx, excluding B2B in France, will amount to more than EUR 600 million for the full year 2021. The guidance has been revised mainly because of the increase of the CapEx described above, and to a lesser extent, due to the slightly more competitive environment for mobile prices in France. We have plans on the French market, on the wireless, that are EUR 5 for 20 GB each. As a conclusion, the first half of 2021, Iliad confirmed its status of a European player with a unique growth profile. We recorded growth in all our businesses, all our geographies, and thanks to the consolidation of Play, our consolidated revenue were up 34%. First half also saw our operation in Italy jump a commercial success into the first step of a financial success with a positive contribution in terms of EBITDA. Lastly, first half confirmed the success of Play's integration within the group, both on an operational and a financial standpoint. I now open the Q&A session. Feel free to ask your question. Thank you very much. If you would like to ask a question or make a contribution on today's call, please press star one on your telephone keypads now, please. To withdraw your question, please press star two. Please ensure your line is unmuted locally, and then you'll be introduced into the call. For any questions, it is star one on your telephone keypads now, please. We do have a couple of questions already on the phones. Our first question comes from Mathieu Robilliard from Barclays. Mathieu, please go ahead. Your line is now unmuted. Yes. Good morning, everyone, and thank you. Congratulations on the offer. I had a few questions. I guess I'm trying to link the comments that Xavier Niel makes about the offering and the reason to undertake. The company as an unlisted one. I think you specifically mentioned the desire to accelerate growth, and make a leading telecom player in Europe of Iliad. Related to that and to your numbers, I can see that your CapEx has stepped up quite a bit in H1, which was what you indicated at the Q1 results. I think we're now at the 1.5 annualized run rate on CapEx, and I was wondering if that's now the kind of investment you think are necessary in France to deliver on your strategy. Also linked somehow to that, you obviously launch your new mobile offer, with handsets. I was wondering how that was going. Now that you maybe have a bit more flexibility, does it also mean that you're willing to increase further your distribution platform, which is always quite important for handsets? That was really kind of the questions in France. Is CapEx going to remain at these levels? Will you increase distribution? I was wondering if in Italy you could confirm that you are still planning to launch your fixed offer after the summer, and if anything had changed in terms of the intensity of that launch or your targets, if you can just elaborate a little bit on that. Thank you. Thank you, Mathieu, for your questions. I do confirm that we plan to launch our broadband activity in Italy after the summertime. It makes a lot of sense for us to launch broadband activity in Italy in light of the almost 8 million subscribers that trust us for their mobile. I do hope that we will be in the market just after the summer. Regarding your question on Free Flex, which is our new way of offering a smartphone to our subscribers with full transparency on the one side, compared to the subsidy model. Also, without any incentive to push the customer to renew their subscription and their smartphone on a very rapid pace, which is a total environmental nonsense. Clearly, we had a very positive feedback. This is one of the reasons also we keep on expanding our network of shops. As you've seen over the first semester, we had a strong increase in terms of the number of shops nationwide. Regarding the CapEx, Nicolas. Regarding CapEx, yes, we have increased this year, the CapEx envelope in order to push our 5G investment and to secure some components given the volatility on the market. We are not giving new guidance for the years to come, but clearly we will maintain a high level of investment. We are still pushing hard on fiber, and we don't want to slow down. Clearly, we are seeing that those investments are paying off, both in terms of growth and in terms of profitability. Great. Thank you very much. Thank you. Our next question comes from the line of Nicolas Cote-Colisson from HSBC. Nicolas, please go ahead. You line is now unmuted. Thank you. Hi, everyone. Okay, you are offering another exit route for investors, what is it you can't do with minorities? Is it leverage you cannot increase to support all your expansion plans? Would it make any difference on your operational ambitions if you were to secure 100% control rather than, let's say, 90%? That's for the offer. Two follow-up questions. On the Italian broadband, how should we see the financial impact from launching broadband, not only this year but also next year? Maybe any comments after the recent move from Telecom Italia or Sky in broadband making your entry maybe a bit more challenging. Sorry, a very short one, on Cellnex, where are you on the discussions to sell your minorities in France? Thank you. Thank you, Nicolas. On our new entrant strategy in Italy, of course, this is always very challenging to be a new entrant. We're not surprised by the recent move from Telecom Italia and Vodafone. We had exactly the same kind of move when we decided to launch our mobile operations in Italy. At the same time, we managed to get 10%. Clearly, we do not expect our competitors to facilitate our life. This is the name of the game. Regarding the offer, I think that three main causes led Xavier to explore the delisting of Iliad in order to really pursue our strategy with full flexibility at 100%. The first one is the high volatility in the telecom stock market in general, on Iliad share price in particular. Two, this is the discrepancy between Xavier's views and the stock market view regarding the value creation potential. Behind the heavy investment required by our strategy, as you can tell by the reaction of the stock price after the Q1 announcement and our willingness to accelerate our 5G investment, which is a great thing. It was a management decision that makes a lot of sense in order to create differentiation. We have a unique opportunity with the launch of 5G to send a strong message to the French consumer on the fact that we have the best 5G network. There is also the fact that the stock market request for strong cash flow generation in the short term, and we have a long-term vision. That's why Xavier Niel decided to take private Iliad. Sorry. Do you think you can take more leverage on board eventually? Okay, I hear your point about short-term view versus long-term view, but maybe the fall in the share price was maybe more linked to the absence of guidance rather than a plan to accelerate investment, although there's maybe a bit of both. I'm just wondering if it makes any difference, whether you have 100% or 85% or 89%. No, it doesn't make any difference between 99%, 95% or 90%. At the end of the day, it will not make any difference. Let me insist, Nicolas, that offer will have no impact on the leverage of Iliad, the operational entity. Okay. Whatever the outcome in terms of percentage, there is no impact on the debt at your core level also. Okay. In terms of your two question, Italian broadband impact, financial impact. As we stated earlier this year, and we confirm that statement, we are not in a heavy CapEx plan for Italy. We are on a wholesale tariff offer. Clearly, we do not expect to have huge CapEx to blow out fiber everywhere in Italy. We will rely on someone else network with good fees per subscriber, and the CapEx will be success-based linked to the plugging within the home and the box sent to the customer. The impact on the EBITDA in Italy and the impact of the CapEx would be minimum from the launch of that offer. Where do we stand with the Cellnex transaction sale of the remaining stake of 30% in France? Discussions are open. What we can tell you this morning is that we estimate that we will have at least EUR 700 million of proceeds from those 30% stake. ER 700 million, you said, yeah? Yes. Okay. Thank you. Thank you very much. Our next question comes from the line of Jakob Bluestein from Credit Suisse. Please go ahead. Your line is now unmuted. Thanks. Good morning. Thanks for taking the questions. I've got two questions on the offer. The first one, in the sort of explanation that you've given on the rationale for the offer and the things that you ultimately felt the stock market didn't support you in doing, is it just about fiber and 5G, or is it also about the fact that you wanted Iliad to perhaps become a little bit more expansionary? For example, you announced the Polish bid today in cable. Are you sort of thinking more about doing more international moves? I guess it's fair to say some of your sort of past international decisions have sometimes been a little bit controversial, even if they've often worked out. Just sort of interested in, is this what you felt the market didn't support you on? Was that just about CapEx, or was it also about acquisitions as well? That's the first question. The second question is just can you just maybe walk us through the process for the board of directors to recommend the offer? I think there's a committee that's being set up that will come with a fairness opinion. Is that correct? If you can maybe just sort of walk us through that. I appreciate there's some documentation they've released, but it's obviously quite a bit to digest. If you can just help us understand the process for the board recommendation. Thank you. Of course. This is a very important question. From the moment Xavier Niel initiated this transaction, we have taken all the necessary steps in order to protect the interest of the minority shareholders in accordance with French regulation, but also with the best practice in terms of corporate governance. The first thing that we did is that we created an ad hoc committee of the board of directors. That ad hoc committee is mainly constituted of independent board members. Out of the four members of the ad hoc committee, three are independent, and there are no representative of the management team or of Xavier Niel interest. Just after that, an independent expert was appointed to provide a fairness opinion. That fairness opinion should be available around August 20th. At that time, we will have a Board of Director, and the Board of Director will take position based on the fairness opinion of the independent expert, and that Board of Director should happen around August 25. There were also some works done by the presenting banks on the valuation, and you will see the conclusion of the banks in the note AMF. Finally, we will file a draft response document with the AMF on August 26th in the anticipated calendar. We do expect to get a formal approval visa of the AMF on the offer on September 7th. The offer will start on September 8th and will close on September 23rd. This is the indicative calendar so far. Regarding your question about investment and about our strategy, clearly that transaction is in a certain way the consequence of our investment program in fiber and in 5G. The fact also that Italy has a certain cash flow profile, which is we started from scratch in Italy as a new entrant strategy. We will mainly concentrate on the three countries, France, where we do consider that we can keep on gaining some market share. We open a new market with the launch of our B2B offers. In Italy and Poland, today we are mobile-only operator, and we have the willingness to become convergent player on those two markets. We have a lot of things on our plate with France, Italy and Poland. Thank you. That's very helpful and best of luck with the next steps as well. Okay. Our next question comes from Giovanni Montalti from UBS. Please go ahead. Your line is now unmuted. Morning, guys. Thank you for the question. You were pointing at tougher market conditions both in Italy and France, particularly at the low end of the market in mobile. I don't know if you can maybe share a bit more color with us on this point. Thank you. You're right, Giovanni. There has been a pricing war both in France and in Italy. We saw the comeback of some very aggressive offers on the French market at EUR 5 for 20 GB, which is quite aggressive. We decided to stick to our commercial strategy, which is finding the right mix between value and volumes, and based also on a big differentiation, which is 5G. We also believe that the launch of our Free Flex product will enable us to strike back to those aggressive offers on the SIM-only market. We could become very aggressive on the so-called subsidy market if some of our competitors want to attack us on our core market, which is the SIM-only market. In Italy, and it's not a surprise, Italy is also a very aggressive market with the win-back offers. The good news is that in spite of the pandemic, in spite of the targeted offer, the win-back offer that target, especially Iliad Italia, we managed to keep on gaining market share with a good Q2 at 280,000 new customers for that quarter. Thanks. If I may, a quick follow-up to the previous question about, let's say, the M&A strategy once you go private, if you go private. You were flagging you want to concentrate in the market in which you exist. I don't know how much you can comment, guys, at this stage, but I just try. Obviously, Xavier Niel with this part of holding has other stakeholders' investments. Could there be ground there for closer cooperation between these legal? Again, I don't know if you can comment on this, but just interested in hearing your view. Thank you. Thank you for that other question, Giovanni. To the best of my knowledge, and based on the discussion that I had with Xavier Niel, there is no plan to merge NJJ and Iliad. They are two independent companies with two different management team. These two companies are two different silos with different positioning on the European telecom market. Okay. Thank you very much. Okay, thank you. Our next question comes from David Wright from Bank of America. Please go ahead. Your line is now unmuted. Hello, guys. Thank you very much for taking the questions. I just wondered in Italy, if you could elaborate a little more. I think you had original plans to wholesale Open Fiber lines, fiber lines for your fixed launch. I wonder if you were looking to expand that into Telecom Italia to give you a broader footprint. Then, I guess having been consumer focused in Italy, is it logical that once you are convergent that you could even look into the B2B opportunity, the SMEs, the SOHOs, et cetera, as an evolution of your strategy? Thank you very much. All right. Thanks. You're right. Our ambition in Italy is to be a nationwide broadband operator. It would make sense also to sign wholesale contract with other operator if we find an agreement such as Telecom Italia. Today we have an agreement, a wholesale agreement with Open Fiber, but tomorrow we could have other wholesale agreements with other players in Italy. Does it make sense to address the B2B market in Italy? Yes, it makes sense when you have a good network, which is the case on mobile, and when you have the possibility to have convergence. We already made that comment in Q1. One day we will address the B2B market in Italy in our own way. If I could possibly add, do you perceive a significant gap between the pricing you currently have arranged with Open Fiber and maybe the more regulated prices of TI? Is that the case, and does that mean you need to moderate the offer a little more to avoid EBITDA losses? Thank you. I will not make any comment on that topic. Okay. Thank you very much, guys. We got an online question through our website. It's a question from Piotr Raciborski. Could you please comment on the non-binding agreement regarding purchase of UPC Poland? What is your strategy towards Polish fixed line market? Thank you for that question, Piotr. I will not make a significant comment on our indicative offer on UPC Poland. It's a strategic move that would make perfect sense. We will keep the market informed in light of the evolution of the discussion. At this stage, I cannot make any further comment. We decided to make that offer public in light of the transaction announced by Xavier this morning for the full information and proper information of the market. On our broader strategy when it comes to fixed in Poland. You know where we come from in France. We are a convergent player in France. It makes a lot of sense. Clearly, we want to pursue the same strategy in Italy and in Poland. In Poland, we have different options. We have the possibility to launch our own FiberCo, and we are reviewing that option. We have the possibility to rely on some footprints on some wholesale offers, which we've already started to do in order to provide, as I speak, some broadband offers. We have also the option to make some strategic move, and UPC could be one of them. Thank you very much. Our next question comes from Nicolas from HSBC. Please go ahead. Thank you. Yeah, a follow-up on the B2B in France, and sorry if it was somewhere in the release, but no time to look into that. Your new offers, how do you account for subscribers both in fixed and mobile? Also, do you see much of the growth in B2B coming from companies who are taking one of your retail products and now churning into your more professional products? In terms of accounting, it's quite simple. It's on our B2B other segment. We had the 40% growth from that segment, which is mostly linked to our former two businesses, one from Scaleway and the one from Jaguar, as we launched it quite recently our Free Pro offer. Free Pro starts to be accounted in that segment. Sorry, from a subscriber point of view, sorry, I wasn't clear. We don't report the B2B subscriber, and it's not accounted in the B2C. Okay. That's clear. Thank you. We have another question online. Thank you for the clarity around there not being a change in leverage impact of the debt at HoldCo. Would you expect to receive a credit rating on any new debt raised in conjunction with the tender offer? Thank you, Daniel. A very important question. I really insist on that there is no impact on Iliad leverage, Iliad debt with the offer that is launched today by Xavier and its holding HoldCo. The financial policy and the financial deleveraging impacts that you've seen in H1 is on track and nothing impact from that offer. At the HoldCo level, there is a financing that has been raised. It's public. There is a bridge line that would be refinanced from what we understood by high yield bonds at a certain point of time when the market and the offer is over. Thank you very much. Just as a reminder, if you would like to ask a question, it is star one on your telephone keypads. Our next question comes from Priya Viswanathan from Societe Generale. Please go ahead, your line is now unmuted. Thank you, guys. Thank you for the question. Just one from me. I think I'm referring to Iliad more directly over here. In terms of your leverage as you go through your expansion and growth plans, is the 3.75 terms under your bank facility covenants the right one to be advised by in terms of your leverage strategy? Also, is a public rating something that you would look to get a credit rating, for instance, something that you will look to get as you go through this expansion plan? Thank you. The covenants of Iliad remain exactly the same. You're right. We have a covenant at 3.75 on our bank lines, which is the RCF and the term loans, and also on EIB lines. That remains as it is, and there's no change at all on that. In terms of rating, today, Iliad is unrated. Nothing has been decided. We can still keep unrated and stay as non-rated issuer or decide to go for a rating. Sure. Thank you for your response. Yeah. Thank you very much. We do have another question from Giovanni Montalti, UBS. Please go ahead. Hi. Sorry for the additional follow-up. Going back to the M&A strategy, we're thinking that focusing on the existing markets, you were stressing there's always a focus on convergence. Also in light of what you are announcing today about Poland, I was wondering if you would consider potentially having more flexibility for consolidation moves once you go private in the markets in which you exist already. Particularly in Italy, considering how fragmented the market is. Thank you, Giovanni, for your question. No, in Italy we have a standalone strategy, building value based on a new entrant strategy. I think that we can say that step one of the plan was properly executed under the leadership of Benedetto Levi, 10% market share, EBITDA breakeven is fully in line with what we announced three years ago, which created, at that time, a lot of skepticism on our capability to, at the same time, to reach EBITDA breakeven and the 10% market share. Now it's step two. We have to finalize the rollout of our radio network and to launch our broadband activity, mainly based on wholesale agreement. I would say that today is step two of our strategic plan, the beginning of step two of our Italian strategic plan. Thank you. Okay, we have no further questions, so I'll hand you back over to the host. Thank you very much for your attention this morning. Sorry for the last late notice regarding this call, but there was a lot of important information this morning to provide to the investor community. We are fully available with Nicolas Jaeger, with Nicolas Didier, and myself in order to answer any of your questions. For those who will take some vacation, have a great summertime. Thank you. Thank you. Bye. Thank you very much for joining today's call. You may now disconnect your handsets. Hosts, please stay on the line. Thank you.