Full year results 2021. Please note this conference is being recorded and for the duration of the call, your lines will be on listen only. However, you'll have the opportunity to ask questions at the end of the presentation. This can be done by pressing star one on your telephone keypad to register your question. I will now hand over to your host, Thomas Reynaud, to begin today's conference. Thank you. Thank you very much. I'm super happy to be with you today from our head office in Paris with Nicolas Jaeger and Nicolas Thomas. We have the CEO of Iliad Italia in Milano and Benedetto Levi. We have in Warsaw, the CEO of Play, Jean-Marc Harion. Clearly 2021 has been an ambitious journey in a specific context, the one of the global pandemic. It was for Iliad, I can tell you, a year full of success. When you take into account the continuation of our European strategy, the fact that Iliad went private, giving us more independence from the stock market, which is super important due to the cycle of investment. Three, the good commercial and very good co-commercial performance that we had in our three countries. Finally, our entry into the B2B market. These successes do not come out of nowhere. They confirm the significant decisions that we took back in 2018 with the Odyssey 2024 strategic roadmap that we put in place. I can tell you that it's not as—It has not been an easy journey, but we precisely followed our roadmap. Today, if we take a step back, if we look at the past four years, we've gone through an amazing transformation from being a 100% French company dedicated to the B2C segment to a European scale telecom group. We have double the size of the company. We are now ranked sixth with 42 million subscribers. In other words, one in ten Europeans trust us for their connectivity. Revenues have increased by more than 50%, EUR 7.6 billion in 2021, and we will be above EUR 8 billion in 2022. Profitability has grown even faster, which is a good thing to finance our investment. We are now a group of 15,000 employees and we will welcome next week 1,500 new employees, the one coming from the acquisition of UPC Poland, which is great news. I'd like to start my comment by emphasizing the excellent commercial results that we had. First in France, and I'm proud to say that we had our best mobile commercial performance in the past four years in France with 700,000 net adds. It's a tribute not only to the quality of our network and our 5G strategy, but also better management of our distribution channels. We now have 162 stores in France. Probably the turning point was the launch of our Free Flex offer, which is a new way to provide handsets to consumer, and it enabled us to double overnight the rhythm of recruitment. On broadband, it was also a very good year in France, thanks to the Freebox Pop that we launched during the summer of 2020, but also thanks to fiber. Today we have the highest fiber penetration rate in France with 55% of our subscribers that are fiber customers. In Italy, for the fourth year in a row, we are number one in terms of net adds, and we now have 8.5 million customers. That's a big achievement. Congratulations to the team. Clearly, Italy is a winning bet. In Poland, we found a way back to commercial success with net gains of almost 200,000 mobile net adds and 150,000 home net adds. This is the best commercial year over the last three years. These commercial results do not come out of nowhere. Clearly, they are the outcome of our investment policy. In France, for the first time, the annual nPerf Barometer ranked us number one for broadband services for the very first time, and number two for mobile services. In Poland, we have implemented a strong plan that has started to pay off with a big increase of the rhythm of a network rollout. Finally, in Italy, we are continuing our rollout at a rapid pace. We are finalizing a RAN-sharing agreement with Wind Tre in the rural zone. It will be 7,000 radio sites covering 62% of the Italian footprint, and I'm 100% certain that it will enable us to attain even more market share. That's good news. Nicolas will comment the financial KPIs, but in a nutshell, one of the highest organic growth in Europe, with service revenue up by 5.5% and a big boost in terms of EBITDA +22%, which represents EUR 3 billion. I think that over the last 24 months, we made a demonstration that we know how to grow. First, we organically address new markets, the B2B market in France, which is quite a success, but also the cloud activities with Scaleway. Our efforts paid off, leading to an increase of more than 30% of that segment, and the growth will be even bigger in 2022. I mentioned the fact that now we address the so-called subsidy market in France, but in our own way of doing businesses. We also address a new market in Italy with the launch of our broadband activity in Italy a few weeks ago with great success, thanks to Benedetto and his team. Please remember just four years ago, when we started from scratch in the mobile market, everybody considered that it was a very risky bet. For sure this is a winning bet. Once more our strategy in Italy has proven to be right. Probably, the next frontier for us in Italy will be to address the B2B market. What we see also over the last 18 months is the fact that we grew externally. Over the last three years, we have completed 10 acquisition and strategic partnership, and six of them being above EUR 1 billion. Strategic partnerships include infrastructure deal with InfraVia, with Cellnex, and clearly it gave additional financial leeway to invest more in our networks. Strategic acquisition also with a minority stake, in the number one retailer in Italy, Unieuro, with, Jaguar Network, but of course mainly with, Play. I would actually like to focus a little bit more on, the integration of Play, which has been an amazing success. Congratulations, Jean-Marc, to you and your team. I get the strong conviction that, external growth requires a lot of humility, that the success of this transaction are never granted, and that it takes time to make sure that corporate and local culture, match and that synergies can be created. In less than 16 months, which is a record time, we managed, with our Polish teams, to do an exceptional work. We took strong decisions from day one. The first one to revamp the Comex towards new talents coming from the organization, and towards also more gender equality. We took some decision in terms of repositioning of the commercial offers, and we gave a new ambition for the quality of our network, and the results are in. Revenues billed to customers +8%, EBITDA +30%, cash flow +40%. Clearly, 2021 is a new chapter in the history of Iliad because we decided to get private. I think it was the right decision, and that decision was made possible by our financial discipline. I insist on the fact that we have a very solid balance sheet with a debt level that is fully under control, and that during the last six months we have decreased our leverage, and Nicolas will give you all the details in a minute. I can tell you that at the end of the day, what makes the difference for us compared to other telecom operators are two things. The first one, this is innovation. Innovation is really at the heart of our everyday life. We launched three boxes over the last 16 months that were done 100% internally. The Freebox Pop, the iliadbox in Italy, and the Freebox Pro, which is our B2B box. Innovation also in terms of commercial tools with the Simbox, which is a SIM card dispenser. It's also a question of commitment to be different. We want to be fair to our subscribers, true to our value, fair to the environment with our climate plan. We're gonna invest more than EUR 1 billion over the next 15 years in order to reach carbon neutrality. Probably we will come back to it on the Q&A session. This specific state of mind is really at the heart of our community. Under the leadership of Jean-Marc Harion, clearly our Polish colleagues did amazing things in order to help the Ukrainian refugees, where we distributed 400,000 SIM cards to Ukrainians so that they can communicate free of charge in an unlimited way to Ukraine from Poland, but also to communicate in Poland. As a conclusion, you have to keep in mind four things. The amazing transformation and growth of the group, thanks to the great execution of the Odyssey 2024 plan. Italy is a winning bet, and Iliad Italia is getting stronger and stronger. Three, we managed to integrate Play in a record time, and the UPC acquisition will take us to the next level in Poland. Finally, we are paving the way, our own way in Europe. Nicolas? Thank you, Thomas. Good afternoon and good morning for the U.S. 2021 is clearly a rapid transformation of the group. We are now well and truly a European telecom group. In each of our three geographies, we recorded growth in revenue, subscribers, but also in earnings. We ended the year with EUR 7.6 billion of revenue, which is a 5.5% service revenue growth on organic basis, one of the highest in Europe. 2021 was also a busy year in terms of structural changes and financing, with the successful buyout of the company's minority's interest and/or delisting, Iliad Holding multi-tranche issue of high-yield bonds for EUR 3.7 billion. The acquisition of UPC Poland that should be closed next week and the sale of our stakes in mobile infrastructure subsidiary for around EUR 1.1 billion. If we move now to the group figures. The total revenue were just below EUR 7.6 billion. It's up 29% year-on-year. That includes, of course, the acquisition-led growth with the full integration of Play, and the contribution for the period is EUR 1.6 billion. On a pro forma basis, like for like, we are just below 5%, and the growth is driven both by the Italian business and the French businesses. At the end of the year, Italy contribution is just above EUR 800 million. 2021 was also a year that saw a very sharp rise in the group's profitability, which is the tangible results of our innovation and the CapEx drive over the last two years. It's also due to the Play successful integration within the group. Total EBITDA came just below EUR 3 billion. It's an increase of almost 23% on organic basis and over 50% year-over-year. 2021 was also the peak year of investment. We almost invested EUR 2.3 billion in our ultra-fast fixed and mobile network across our three countries. Despite that strong investment, we were able to increase sharply the operating cash flow for the period. It's almost multiplied by seven, from EUR 100 million to EUR 666 million. If we now look at France in more detail, revenue rose by 4% to EUR 5.2 billion. Growth accelerated compared to 2020, and the growth is fueled by all our businesses, fixed, wireless and B2B. It's a balanced growth, which underpinned by a good balance between volume, the new subscriber, and value with the increase of ARPU. Profitability rose steeply with EBITDA in France rising more than 8% to EUR 2.2 billion, which enable us to post a 42% EBITDA margin for the period. It's an increase of 1.6 points compared to last year. That increase is relying on the operating leverage effect on the fixed cost base and the strong investment on our networks that allow us to switch more and more to a fixed cost base. France was a record year in terms of CapEx, below EUR 1.7 billion, with a strong drive in our mobile network, leading 5G coverage in France. We had, at the end of the year, just below 14,000 sites equipped with 5G, and our PoP coverage is around 80%. Free cash flow in France is EUR 0.5 billion, which is a consequence of the increase of profitability and the strong investment that we have over the year. 2021 clearly showed how the profitable growth model we've been using for the last three years in France is the right one. If we now move on to Italy, it's another year of solid growth momentum, despite the difficult organic environment due to, of course, the pandemic, but also the strong competitors' aggressiveness with the win-back offers. Revenue was up 19% year-on-year, topping EUR 800 million. Growth is mainly fueled by the net adds with more than 1 million new subscriber in 2021. The total number of subs is just above 8.5 million at the end of the year. 2021 is a turning point for Italian venture. Clearly, it's the first time that we have a positive contribution at the EBITDA level. We used to have a negative contribution of EUR 133 million in 2020 to compare to a positive contribution of EUR 80 million in 2021. It is a significant increase over H2 of EUR 75 million, as we had only EUR 5 million positive EBITDA in H1. Contribution on the operating free cash flow is still negative and a strong improvement, an improvement of over 300 million EUR, compared to last year. Poland. 2021 was the first time Play was fully integrated in our accounts. In 2022, we only had a bit more than 45 days. Today it's clear that the acquisition has been extremely beneficial for the group, and Play integration has been a success both from a commercial and a financial perspective. Over the period, the revenue were up 2%, but more importantly, revenue bill to subscriber were up 8% over the period. The growth is well balanced between volume and ARPU, with a very proactive strategy of upgrading offerings and an upsell on a more for more basis. EBITDA surged by 30%, reaching 3.1 billion PLN. It's helped by the one-off significant proceeds received over H1 by the sale of 550 sites to Cellnex. If we strip that out, we have a double-digit EBITDA growth thanks to higher gross margin due to the improved mix, the benefit of the synergy with the integration within the group. CapEx is up 12% just below PLN 1 billion. That is linked to the push in the quality of the network number of sites deployed over the period. The operating free cash flow jumped almost 40% to over PLN 2.2 billion, which is a direct consequence of the strong profitability of the period. If we move to the free cash flow of the group, the group generated EUR 666 million operating free cash flow in 2021. It's an increase of more than EUR 500 million year-on-year. That is totally linked to the significant contribution of Play on one side, and a strong improvement on the operating free cash flow losses in Italy. We had a negative contribution on the working cap of around EUR 200 million due to different various factor and the timing of the VAT refund in Italy, the non-recurring act of payment of around EUR 100 million in relation to tax disputes, and the effect of the Free Flex offer. Interest expense was higher in 2021 because of the acquisition at EUR 139 million. We had just below EUR 350 million of income tax paid, and we had EUR 176 million of dividend. The overall net debt evolved close to zero, negatively by EUR 200 million. If we look at the structure, this is the structure at Iliad S.A. The group delivered over the period, moving from 3.2 just after the acquisition of Play to 2.7. That's an increase of a 0.5 turn of EBITDA, thanks to the strong profitability of the group over the period. The group has a high level of liquidity, almost EUR 2.8 billion of liquidity, between cash and undrawn facility. The group's debt is diversified, both in terms of maturity and profile. We use bond loans and term loans. 2021 was a busy year also in terms of financing and we've issued for the first time our EUR 450 million securitization program in France. We have on our balance sheet a significant minority stake. We sold two stakes at the beginning of this year. We sold the minority stakes of 30% in OTF and the minority stake of 10% in OTP. The total proceeds from those sales was EUR 1.1 billion compared to book value of over EUR 700 million. These sales helped the group accelerate its deleveraging as all those proceeds will be used to reimburse part of the acquisition debt at the Iliad Holdco level. The group still has a significant portfolio of equity investment that has a book value of over EUR 1.1 billion. We have a 30% stake in OTF, a 32% stake in eir, the leading operator in telecom in Ireland, and a 49% stake in IFT, which is the subsidiary that deploys fiber in the non-dense area in France. If we now move to Iliad Holdings, so this is the full contribution of the group, Iliad S.A., plus the holding layer for the acquisition of the minority stakes. The group structure change, of course, following the buyout of Iliad's minority interest and its delisting. Iliad S.A. is now owned by Holdco II, and the company, the Holdco II is the company that bought the minority interest. Holdco II is fully financed by Iliad Holding. That has basically two lines of financing. One is a debt bank line of EUR 1.2 billion, and the other ones are bonds for a total amount of EUR 3.7 billion. As you can see, at the end of the year, we had a total net debt below EUR 13 billion, which leads to a leverage ratio of 4.4. If we include the proceeds of the sales that were done early March, that leads us to a leverage ratio around 4x at the end of the year. As a conclusion, 2021 was a year of in-depth transformation for the group. We cemented our status of a European operator that has 42 million subscribers, and a third of our revenue now are generated outside of France. Iliad was successfully delisted, enabling us to accelerate our business development plan. Play was successfully integrated in the group, which was a major step that testified the unique savoir-faire of the group in external growth transaction. I'm happy to open now the Q&A session. As a reminder, if you would like to ask a question or make a contribution, please press star one on your telephone keypad. The first question comes from the line of Nicolas Cote-Colisson of HSBC. Please go ahead. Oh, thank you. Hi, everyone. Do you see more opportunities to expand beyond the current three geographies? Have you been considering entering Belgium? If not, why do you think this market doesn't fit your blueprint for expansion? I've got another short question on France and the voice-based plans. How do you expect to manage the impact from the end of the roaming deal with Orange? Thank you. Thank you, Nicolas, for your question. Now, clearly first, we get a lot of growth prospect in our three geographies, 'cause as I mentioned in my introduction, we only address a small part of the market. We just started on the B2B market in France, and we're not yet a full player in Italy and in Poland on the B2B market. In Italy, we just launched our broadband activity. Number one topic, yes, we have plenty of growth prospect in on our existing greenfield footprint. Two, regarding Belgium, that's a really good question. The Belgian market is an interesting one. I would not say for Iliad, but we get other interest in our ecosystem, other vehicle, but it will not be Iliad. We'll see regarding the Belgium remedies. Your second question, Nicolas, was on? Of the roaming deal in France with Orange. No, it was really interesting to see that we made a significant progress in terms of network quality. We were ranked number two in the national nPerf barometer, which makes sense when you see the strong rhythm of rollout of new radio site and our 5G strategy. After there is one question mark, which are the 2G only customers, but that topic will be addressed. Okay. Sorry, just to come back on your first answer, and thank you for the details. You are talking about potential Belgian remedies. Is your interest in this market would it be like more of a- Iliad is not interested in that market. I said that other company in our ecosystem, if they want, they can look at it. Iliad will not look at the Belgian remedies. Okay. When you say in our ecosystem, you mean the telecom ecosystem, not the Iliad ecosystem? some other interest and not too far from Earth, some cousin. Okay, I'll try to decrypt that. Thank you. Clearly not Iliad. Okay. Point taken. The next question comes from Sam McHugh of BNP Paribas. Please go ahead. Yeah, nice to speak to you guys. Thanks for the question. Just two very short ones to ask about Italy. You talked about tens of thousands of broadband customer orders so far. How quickly do you think you can ramp up, and when should we expect you to get on the Telecom Italia network as well as Open Fiber? Just a clarification on the RAN sharing. I suspect this is an easy answer. The 7,000 sites, presumably they're outside of the 10,000-12,000 you're targeting already. It would be between 17,000-19,000 total. Thanks very much. Thank you, Sam, for your two questions. On the first question. Tens of thousands. We didn't make any comment on the success of our broadband launch. Clearly today we address only 7 million homes. Our priority is to expand the footprint of our offer. Yes, you know that we signed a partnership with FiberCop. I hope that before the end of the year, we will be on the FiberCop footprint, and we will use that reseller. Regarding the RAN sharing agreement, basically, we're still in the finalization phase, where we look at putting in place a RAN sharing agreement on 7,000 radio sites. You're right on top of our target of 12,000 radio sites, mainly in the rural zone, covering roughly 62% of the Italian footprint, the Italian territory. It makes sense. The structure of the transaction would be around a JV, a 50-50% JV. Clearly it shows the fact that we want to become stronger and stronger in Italy. After the next frontier for us in Italy will be to address the B2B market. Yeah. Will you be allowed to sell fixed wireless access on that infrastructure? Do you think you'll have, 'cause obviously it's quite big in some rural areas. You're right. Also the FWA is the FWA market because due to the fact that the footprint of fiber in Italy is very limited. Contrary to France, there is a strong FWA market. I think that now we get all the necessary resources in order to address that market. We will be, Sam, we'll be co-owner of the JV cell. We can do whatever we want. It's all techno, 2G, 3G, 4G, 5G, whatever. We can do whatever we want, FWA, on that, on our part of the network. Bye-bye, Nicolas. Thank you very much. See you guys. The next question comes from the line of Jakob Bluestone of Crédit Suisse. Please go ahead. Hello, Mr. Bluestone. Please go ahead. Hi. Thanks for taking the questions. I had a couple questions. Firstly, on Italy, you recently made an offer for Vodafone Italy that was declined. I was just wondering, can you maybe share what are your thoughts for, you know, potential consolidation in Italy from here? Do you think it's dead or do you think it's still feasible? Secondly, just in terms of the RAN share in Italy, can you maybe share a little bit how the economics work, just from a sort of accounting point of view, so OpEx versus CapEx? And then finally, just on French CapEx, which as you highlighted is growing strongly as you invest. Do you see this sort of 1.7 level being the peak of CapEx, or where do you sort of see it going from here? Thank you. All right. Thank you. We will not comment on the details of the Wind Tre transaction because it has not been finalized yet. Regarding our offer on Vodafone, we are quite surprised by the speed at which it was rejected without any real review or discussion. We believe that our offer was really good for Vodafone as a company, for Vodafone shareholders. It was 100% cash. It was supported by a top three European bank, fully financed with the financial partners. Clearly it was answering Vodafone's desire for consolidation in Italy. It was really in the best interest of everybody. In light of the lack of consideration for our offer, we pursue another road, and we're quite happy to continue on a standalone basis. Clearly, what you should keep in mind after that offer, it shows our willingness to keep on investing in Italy and to become one of the leader of the telecom Italian market. We still have a lot to do. We have only 8.5 million mobile subscribers. We just started on the broadband market. I do hope that before the end of the year or maybe beginning of next year, we will start on the B2B market. Plenty of exciting things to do in Italy. Just on the CapEx side. On the RAN sharing, without giving detail, as you can imagine, the more you share, the better you are, especially in the rural area, where you have low traffic, a lot of sites. It will mechanically help to have a very efficient both OpEx and CapEx base in the long run. In France, you're right. It was the peak year in terms of CapEx in 2021. As we always told the market, we had a very strong push in 2021 on 5G, and we've delivered 14,000 sites 5G equipped, 80% PoP coverage. Next year we'll have lower CapEx in France than in 2021. Brilliant. Thank you. The next question comes from the line of Alexandre Roncier of Bank of America. Please go ahead. Hi, guys. Thanks for taking the question. I have two, if I may. The first one is just on Free Flex, and if I'm not mistaken, I think you said in your introductory remarks that are kind of, you know, doubling recruitment in France. So it'll be interesting to see if we can get more color on that and, you know, who you're thinking you're basically taking share from if that's more coming from online rather than, you know, in shops and if you expect it to soften post-launch. I would expect an early launch boost. The second one is on network ownership and, you know, you've made extensive deals in, you know, network ownership over the years. You've recently divested from your tower company. Just wondering a little bit about timing where, you know, some people might say it's, you know, at low end on tower co multiple given, you know, recent contraction in public markets. You know, what about the timing and more broadly and forward, why not expand those network ownership deals and, you know, I'm thinking about Poland, for instance, where one of your competitor recently did a deal that also included active equipment. How are you thinking about active equipment ownership? I know it's very important probably on the data center side, given, you know, Scaleway, but, you know, any color on that would be very helpful. Thank you. Thank you. On the commercial dynamic, what we saw that, you know that during a long time we didn't address the so-called subsidy market, with our Free offer in France. We launched Free Flex during the summer of 2021. As you can see on page 19, there was a big jump in our mobile net adds. This is the conjunction of a better retail shops footprint, the quality of our network, but clearly that offer, that makes the difference. It's a different way of providing handsets to the subscribers in a more transparent way, at a fair price and without any commitment on the telecom services. We struggled during many years in order to find the right formula, and I think that finally we get it and with a really good rhythm of recruitment on that offer. This is exactly what we see on Q1. In terms of network ownership, we have been quite active year round in terms of passive infrastructure in Italy, in France, and in Poland. Having deals with our long-term partner, which is Cellnex. We have one specific deal in France with IFT in order to finance the rural area of fiber. We are always looking at those deals with the same eye. First one, do we still have the network management and the ability to innovate? Second one, does it make sense to finance it on balance sheet, on someone else balance sheet, that allow also the ability to give more value to the asset. For example, when we had the sites at Free Mobile, the co-location ratio was close to zero. Now that all sites have been sold to the subsidiary and are managed by Cellnex, they have far more co-location. Last but not the least, it is very important when you look at all those structure, what is the aim of doing that deal. The aim for us has always been to accelerate our investment in order to position our networks at top mark. It's always a mix of value, ability to invest quickly, and retaining the network management and the innovation. Okay, super helpful. Thank you, guys. As a reminder, if you would like to ask a question, please press star one. The next question comes in from Pierre Merville of Oddo. Please go ahead. Yes, good afternoon, and thanks for taking my question. Just a quick one on cash structure. I think there is small discrepancy between the proceeds from the tower sale, the minority stake in the tower sale and the EUR 1.2 billion bridge loan. How did you finance the small difference? Maybe if you can also give some comments about your future funding need in terms of spectrum or free cash flow. Thank you. Thank you. Thank you, Pierre, for your question. The total proceeds of the sale was for those two sales was 1.1, and we will reimburse the 1.2, so this is an extra EUR 100 million that comes from the dividend of Iliad S.A., and that is financed with the cash on balance sheet. The second question was on the cash out. We have one significant cash out in 2022 in Italy, just below EUR 1 billion, corresponding to the 5G spectrum that we have to pay. This is the only remaining big outstanding amount for spectrum that we have. The next question comes in from Frank Essers of DekaBank. Please go ahead. Thanks for taking this question. I was just wondering whether you were talking about Belgium in the beginning of this questionnaire. To make sure I understand everything very well, is Iliad not taking part in the 5G auction that is preparing for June this year? Iliad is not looking currently at Belgium. Is not. Thank you. As a reminder, if you would like to ask a question, please press star one. The next question comes in from Akhil Dattani of MFS. Please go ahead. Hi. Thanks for taking my questions. Most of them have actually been answered, but one just housekeeping. What's the cash balance at the holdco level? And then you just mentioned obviously the spectrum costs in Italy sort of later this year. And I believe there were some spectrum renewal costs of EUR 300 million, and you paid the first installment in 2021. Sorry, was that like eight installments, in terms of EUR 300 million is the total that's being paid over eight years and not eight installments of EUR 300 million each, I'm assuming. Can you just please confirm that? And then in terms of the spectrum cost in Italy and also the bond maturity in 2022, what are your plans to fund these or finance these? And then I've got one other one after. Thank you. Thank you very much for your question. The cash flow at Iliad Holding is very simple. It only rely on the capacity of dividend of Iliad. Iliad S.A. has a very strong dividend capacity. I think there is EUR 4 billion of dividend capacity at Iliad S.A. We will use EUR 1.2 billion to reimburse the bank loan, and there will be EUR 3.7 billion of bond debt that will be served in terms of interest and cost by the payment of dividend, the recurring dividend at Iliad level. We have on top of that a positive effect of the tax shield at Iliad Holding. In terms of installment, you're totally right. What you should read is eight installments of a total amount of EUR 300 million, but not eight installment of EUR 300 million. We have bond ending in 2022. We have a strong liquidity on the balance sheet and in loan facility. But of course, as a regular exercise each year, we will monitor if there is a good possibility to issue bond at the level of Iliad S.A. I think you had another question. Yeah, one follow-up. I mean, I know this is a tricky question, and you may not be willing to sort of provide this information. Just in terms of the Vodafone Italia offer, you obviously mentioned that you had the backing of a bank in terms of funding this and also, like, a financial partner, which I believe was rumored to be Apax. No worries if you can't confirm that. I just want to understand if you could maybe clarify what the potential impact would've been on sort of leverage, like whether you were looking to fund this through additional debt at the opco and the holdco level or both. Just in light of obviously your overall sort of target of bringing leverage or reducing leverage over time that was mentioned during the roadshow last year. I believe you wanted to get leverage below 4 x, if I'm not mistaken. If you could comment at all. No, it's a very important question, and thanks for asking. I'm happy to dig a bit. I will not be in a position to give you the full detail, but you'll understand. What we wanted to achieve was to offer a significant premium to Vodafone, a full cash offer to Vodafone, and to deliver our commitment that we took in front of you a few months ago. That means keep our leverage at a low level and below four times. How we do that, we had a partner, you said the name, that was putting equity next to us. We were bringing some equity within the vehicle. That leverage itself in order to pay the full price to Vodafone. The structure was non-recourse, fully off balance sheet, and that was very important for us in order to make sure that we deliver what we took as an engagement in front of you a few months ago. We currently have no more questions on the line. If you would like to ask a question, please press star one. The next question comes from the line of Avilash Bhatia of Berenberg. Please go ahead. Hi. Thank you. Thanks so much for taking my question, and sorry for coming back to this. Just wanted to clarify the answer on Belgium that you gave at the beginning. When you just said ecosystem, did you mean the sort of wider Xavier Niel ecosystem? I understand you're saying that Iliad S.A. is not looking at Belgium, but was that what you meant when you mentioned ecosystem? Thank you. Thank you for your question. My answer is Iliad will not bid for the 5G spectrum in Belgium. I got it. Thank you. Thanks. We currently have no more questions on the line. If you would like to ask a question, please press star one. There are no more questions on the line. I'll hand over to you to conclude today's call. Okay. Thank you so much for your time today. If you need to keep some stuff in your mind about the last 12 months, it's one, the great transformation of the group over the last four years, thanks to the execution of the Odyssey 2024 roadmap, and we stick to that ambition. Clearly, Italy is a winning bet. We still have a lot of things to do. The launch of our broadband offer is very promising. Play in Poland is a great acquisition. We did the job in terms of integration with the better KPIs, operational and financial KPIs. The next step is to put together UPC Poland and Play. The integration process will start at the end of next week. We finally get the approval from the EU Commission. Clearly, we will keep on focusing on two things, growing our subscriber base on our three geographies and at the same time, keep on improving the quality of our networks. Thank you so much for your time. Happy to see you, some of you in some one-on-one or some different meetings. Bye-bye. Thank you for joining today's call. You may now disconnect.