Hello, welcome to the Iliad full year 2022 results call. My name is Laura, and I will be your coordinator for today's event. Please note this call is being recorded, and for the duration of the call, your lines will be on listen only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any point, please press star zero and you will be connected to an operator. I will now hand you over to your host, Thomas Reynaud, the CEO, and Nicolas Jaeger, Delegate CEO, Executive Finance, to begin today's conference. Thank you. Good afternoon, everyone. Good morning for those listening from the US. I'm here in Paris with Nicolas Jaeger, our Deputy CEO, with Nicolas Didiot, Head of Investor Relations, and also for the first time, and I'm very happy to welcome Nicolas Thomas, our Country Manager for France, for our brand Free. We have also in Warsaw, for Poland, Jean-Marc Harion, and in Milano for Iliad Italia, Benedetto Levi. I will start right away the presentation. I think that the number one key message is that 2022 was a year of very strong growth. Our like for like revenue was up 6.9%. When I say revenue, it's organic growth, meaning that we are the number one in terms of the revenue growth among the top 15 European telcos. We outperform our peers. The number two Proximus was at 2%, and we are doing three times better than the number two. This outperformance, I think, set the tone for 2023. These results do not come out of nowhere. They come from the really good execution of our strategic plan, Odyssey 2024. This strategic plan has been the blueprint for our priorities in the last four years, with revival of our innovation spirit, with the commitment to excellence across our network, with massive investment in fiber, in 4G, and in 5G of course, and also a total transformation of our distribution platform in France. The good news is that we achieved most of our objectives two years in advance. In fact, in 2022, our group has moved into another dimension as we became the number six European player in Europe in terms of size, in terms of number of subscribers. We have now 46 million subscribers, or just over 10% of the European population. I can tell you that all the employees of Iliad are quite proud of the recent journey of our company. We've gone from being the late entrant in the French market to the number six in Europe, with a strong presence in three countries, Poland, Italy, and France, with three strong brands and an amazing job done in terms of quality of our infrastructure. 2022 was also a year of very important changes because we became a convergent player in our three countries. It has always been the goal in Italy from day one. We launched the iliadbox at the beginning of 2022. That's clearly a game changer for us in Italy, and we're gonna accelerate in 2023. In Poland, we made a very important strategic move buying UPC Polska, the number two internet service provider of the country. Now we have the ambition to become the leader, the B2C leader in Italy. We think that convergence strategy that is now implemented in our three countries will fuel our 2023-2024 growth, broadband plus mobile. We also have the strong conviction that there is a convergence B2C and B2B. We launched B2C in France two years ago. We're gonna generate more than EUR 200 million of revenues this year. We're gonna launch B2B in Italy in the next few months. Clearly, B2B is also on the agenda in Poland. Looking more closely at the commercial performance, we've been the number one operator in terms of net adds in our three countries across both broadband and mobile. This is demonstrated by the fact that in France, we delivered our best sales performance in the past decade. In Poland, we began to reap the benefits of synergies between Play and UPC. In Italy, we are still the leader of the pack for the fifth year running in terms of market share gain. This good commercial performance translate into the economic performance, Nicolas will come back on it, with an EBITDA up by 8% and operating free cash flow up by 75%. Maybe a few words on our singularity because these good results do not come from nowhere. Of course, from the good execution of our Odyssey plan, but also what we call internally the X factor or our singularity, where we're trying to do things in a different way. We put on those two slides different example. For example, I know that there was a lot of skepticism about our capability to have a nationwide commercial coverage in Italy. Thanks to our SIM card distributor, we managed to get, at the same time, a light footprint, but nationwide with more than 2,000 SIM card dispenser. Clearly, we look at our industry, we look at doing things in a very different way. For example, with the Free Proxi, where we reinvent or we should do customer care in the telecom sector, being less centralized with a smaller team of 10 people in the heart of all the French, cities. I get plenty of examples like this one in our organization or, for example, the launch of our payment solution, for corporate that has been quite successful, or even last week, the launch of our AVOD product. Of course, we do not forget that the key topic for us is also the rollout of our network. That's super important. We invest a lot in our network with a very good positive consequence in terms of quality of service. Today in France, we are ranked number one in terms of quality of our fiber, and we address more than 80% of the French home, with also significant progress on our mobile business, mobile network. In Italy, we signed a very important partnership with Wind Tre, with a rent sharing agreement on the low density zone. In Poland, of course, the key milestone in 2022 was the acquisition of UPC Polska, which is a cable operator. Our ambition is to turn that cable operator into a fiber operator. We're gonna roll out, thanks to the partnership with OVHcloud, fiber to 50% of the French home. Clearly also in 2023, we took important decision for the future. We had a very intense corporate activity. We have made significant progress to strengthen our financial position. The delisting in 2021 was the first step. In 2022, we completed a series of financing deals that were super important, and specifically during H1 2022, where we raised more than EUR 5 billion. We also made important partnership that I just mentioned, important M&A transaction, of course, UPC Polska, but also smaller company like SferaNET or like Redge, which is the leader of the streaming technology in Eastern and Central Europe, or the launch of our payment platform, Stancer. A lot of things are going on, a lot of operational success, and those operational success explain the really good financial performance. Nicolas? Thank you, Thomas. Hello, everyone. Good afternoon and good morning, yeah, for the U.S. Let's move now to slide 25. As highlighted by Thomas, the group recorded a very strong growth at all levels in 2022. You can see the performance overall in our each geographies. Total revenue were up 7.7% and on an organic basis, almost 7%. If we break it down, France grew by 6.9% in 2022. Italy, it's still a strong growth. Poland, generating almost 4% organic growth and of course, 7% with the acquisition of UPC. If we now move on to the slide 26, you'll get the usual split of revenues and the EBITDA. Total revenue were up almost 10% in 2022, generating EUR 8.4 billion for the group. That growth is driven, of course, by the acquisition of UPC, and that started to kick in 1st of April. If you retrieve that, the organic growth is at 7%. What is very interesting is that most of the growth relies on a good mix between volume and value, specifically on France and in Poland, where we have achieved to be number one in terms of recruitment, but also moving up or approved by pushing the more for more and pushing our customer base on higher tariff and higher service packages. In Italy, it's a slightly different story. We are still in a very competitive environment. Price pressure coming from our competitor with their secondary brand. Most of the growth rely on the volume, and we grew the base by a bit more than 1 million customer. The goal is to cross the 10 million bar some point in time in 2023. What we don't show here is the B2B. B2B is part of the French activity. It's not split anymore, but it's clearly, we are delivering as expected. It's almost EUR 200 million already of revenue base, and we have very, very strong growth, double-digit growth on that part. On the right hand of the slide, profitability, EBITDA, which is the main KPI that we all track. Strong growth on that part, clearly showing that investment are paying, moving from to almost a fully fixed cost structure, where each point of revenue turns in a very, very profitable EBITDA. It's 3.3 billion mark that has been crossed with a very strong growth in Italy. Italy now is generating EUR 200 million more at the group level, which is over 22% EBITDA margin on that asset. If we move to investment, we are still investing significantly in our networks, mostly in our fiber networks in France and a bit in Poland and in our wireless networks all over the three geography. Pushing 4G, of course, but more and more 5G deployment in Italy and in France. Total CapEx have been slightly down, start to normalize from EUR 1.7 billion almost in 2021 to EUR 1.5 billion in 2022. Decrease is mainly based on the French investment, which as you remember, had a spike in 2021 with a big 5G push and some inventory built on the Freebox. More profitability, normalizing CapEx profile mechanically leads to a significant increase on the operating free cash flow level. We are almost at EUR 1.2 billion of operating free cash flow. With Poland that is generating significant cash flow. France growing mechanically with the profile that we've just seen on the CapEx and on the profitability. Italy drag going down quarter after quarter. We are almost at equilibrium in terms of wireless free cash flow in Q4 because it was EUR 15 million negative only on Q4. Now let's move to the yearly bridge. You can see the gray bar at EUR 1.2 billion, which is the operating free cash flow that we just looked at. Limited impact of working cap this year with a bit of negative impact from the Free Flex offer, where people in France pay all the time their handsets. That has a very positive impact on the commercial side. Financial debt interest increasing with the volume of debt that has slightly increased over the period with the acquisition of UPC on one side and the payment of the spectrum in Italy on the other side. Of course, a bit of impact of the rise of interest rates with the renewal of some bonds at a higher yield than the one that we had in the past. Tax, we had a big one-off for the TowerCo deal in Poland. Remember we had a big cash in 2021, the tax impact is a year after. You find that in the EUR 500 million tax reported. Big acquisition is the UPC, we had EUR 1.1 billion of disposal to Cellnex beginning of the year. All in all, taking into account the spectrum in Italy, it's an increase of EUR 1.5 billion year-on-year off the total net debt of the group. If we move now the structure of the group, as expected, after deleveraging in 2021, the group slightly deleveraged to 3.2 times at Iliad level, taking into account the acquisition of UPC, the 5G license that we've just seen. At the total level, so including Iliad Holding equity, debt that has been raised to buy back the equity of Iliad back in 2021, the leverage is stable at 4.4 thanks to the dividend, the stream coming from Iliad SA. Average maturity is around four year. Average cost of debt is just below 4%. We have almost three quarter of the debt that is hedged currently. Very important slide, especially given the current environment. We have extensive liquidity on the balance sheet, so very solid financial structure on one side, but also a very solid liquidity position. The liquidity position is a mix of undrawn facility and of cash available. And we've secured back in 2022 significant amount with our bank pool, and we've been quite successful back in December and early February issuing bonds with a 5 and 7-year maturity. At the holding level, there has been no change. We still have two bonds, four bonds actually, 2-2. Twin EUR, twin USD, maturing in 2026 and 2028. We confirm the rating that we have with the rating agency at all the levels, which are the Iliad SA level and the Iliad Holding level. Thank you so much for this presentation. We can now open the Q&A session, and happy to answer all your question with the teams. Thank you. As a reminder, ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. Thank you. We'll now take our first question from Mathieu Robilliard at Barclays. Your line is open. Please go ahead. Yes, good morning. Good afternoon. Thank you for the presentation. I had three questions, please. The first one is on the French commercial trends. You flagged good output progression, but you're also doing very well on your volumes. I wanted to know if you could share a bit of color in terms of understanding where you were gaining customers. Is it a certain segment, certain geography or from specific operators both on fixed and mobile? The second question was about CapEx in France. You talk about the beginning of a normalization, I was trying to understand exactly what you meant by that. Are you indicating that this kind of level in absolute terms is kind of a normalized level? Should we think about it in terms of CapEx to sales? I know that some of your competitors, which are clearly growing much less, are now guiding for CapEx well below 20% of CapEx to sales. I was wondering if you could give a bit of color in terms of what kind of trajectory we could expect from you. Very lastly, taking a bit of a step back, you have now expanded in different countries, obviously Italy and Poland, and you're doing well in all of these countries. I was wondering if you're finding that there are some cross-border synergies between the different countries, and if that's the case, if that would be a good reason to try to expand further. Thank you. Thank you, Mathieu, for your question. I will start with the last question, the question mark of the cross-border synergies. It's a very intense debate in the telecom industry. What I can tell you is that we have massive cross-border synergies. Is it because we move from being one country group to a three countries group, but clearly the first countries bring a lot of synergies. Synergies with our telecom equipment suppliers, synergies in terms of relationship with the big U.S. platform and no whole synergies. The question mark, moving from a group with 20 countries to a group with 30 countries, do you have exactly the same momentum in terms of cross-border synergy? I don't know. Clearly moving from being just on one country to three countries create a lot of synergies. I do believe that's just the beginning of the story for the synergies between our three countries. On French commercial momentum, what I can tell you that the French market is still very competitive. We get an amazing improvement of our NPS over the year 2022, thanks to the improvement of the quality of our network and of our customer care. That's why I'm confident that we will maintain a good commercial momentum. We're looking at volume, of course, but also at value, as you can tell by the evolution of the profitability of our French activity. Nicolas, CapEx. Just to finish on that point, volume of net add doesn't mean necessarily that we gain also a lot on our competitor. We are also, thanks to better network, improving our churn, which mechanically is better in terms of net add. Do not underestimate all the impact of the quality on the network and the positive impact on the customer base. CapEx France. Beginning of normalization, you're right. There's still a bit of things to be done. We are not yet at a normalized level. We were at a very high level back in 2021, given the big push that we did on the, for 700 MHz 5G rollout. Clearly, we have, I would say, two years of still strong investment, migrating our customer base to fiber, but we are already at 66%. When that job will be done mechanically, the volume of CapEx will go down. You have two things to take into account. One is a normalization in terms of percentage of sales over time, and a bigger step down with the end of the last mile plugin with fibers. That's very clear. Thank you very much. Thank you. We'll move on to our next question from Jakob Bluestone at Credit Suisse. Your line is open. Please go ahead. Hi. Thanks for taking the questions. I had a couple questions. Maybe just firstly, following on from your comments on cross-border synergies and the size of what you're seeing. Could you maybe just comment around any appetite you have at present for cross-border synergies, and I guess particularly in the context of your balance sheet, you know, what is your level of appetite if anything comes up? Secondly, on Italy, you've mentioned that your B2B launch is imminent. Can you maybe just remind us just kind of how do you look at the B2B market and the opportunity within that? Just finally, on the Wind Tre RAN share, can you maybe just help us on the economics? How big a savings should we see, once that comes in and what's the payment we need to make? Thank you. I will start with your question on cross border synergy. At least this is what we saw at our level. The really short term priority is organic growth in our three countries, thanks to the convergence mobile and broadband, but also thanks to the launch of our B2B activity. What will be the end game for our B2B activities? I'm not in a position to tell you. I can tell you that for sure it will be short term incremental revenues with significant incremental margin. We reuse the same spectrum, the same network, the same fiber, but we need to have some dedicated offer, a little bit of IT and commercial people on the ground. It's an incremental investment, but at the end of the day, quite minimum in light of the size of the three B2B market. Our priority is that organic growth. After, as usual, we will be quite pragmatic if there are some transactions that make sense. Hi, can you hear me? Hello? Yes, we can hear you. One moment please. Of Wind Tre RAN sharing. It has been closed early this year. It's EUR 300 million roughly total amount to acquire the 50% of the company because most of the assets within that company have been contributed by Wind Tre. The payment are scattered over four years, and the first has been made. In terms of savings, we do not expect big savings in the first two years. We do not expect negative impact on the first two years because what we save on one side, we reinvest it on the other side, and it's relatively neutral. Beyond that, we expect clearly to have some savings, not 50% savings, because it doesn't work like that. Mechanically you have to build a bit more site, et cetera, et cetera. But given the energy price, given the cost of equipment, clearly it will have a very long-lasting saving profile, years after years, both in terms of CapEx and in terms of OpEx. Thank you. unfortunately the line I think died for all the participants for a couple of minutes. I think we caught all the comments around the RAN Share and Italian B2B, I don't know if there was anything around cross border. Sorry to make you repeat that. Unfortunately I think the conference call died for a little bit. The cross border, clearly what we said with Thomas is that, the focus is on organic growth on our key countries. We will be very pragmatic if there is any in-market consolidation, 'cause it makes tons of sense, in terms of potential value creation. We will never look at any opportunity if it doesn't fit our DNA and our capability and of transformation on one side, and on the other side, if it doesn't fit with our financial policy that is very strict with the goal to come back below three times the EBITDA and below four times at the holding level. Very clear. Thanks, and sorry to make you repeat that. Thank you. We'll move on to our next question from Sam McHugh at BNP Paribas. Your line is open. Please go ahead. Awesome. Thanks guys. Quick one on Italy. You mentioned the priority of accelerating broadband growth in 2023. Without giving away any commercial plans, you know, what do you think you need to do to accelerate? Obviously you're somewhat constrained by the footprint and churn in the market. You know, are there any other things you're planning to help accelerate that? Do you have a target market share in mind that you'd like to get to in broadband? Thanks very much. In the long run, I consider that, we should get exactly the same market share on broadband that we have on mobile. This is where we end up in France. We started in the broadband market with a 20% market share. We launched mobile. It took us 10 years, but after 10 years, we managed to get exactly the same mark. We're not too far in terms of market share on mobile and on the broadband. You're totally right. We opened FiberCop at the end of last year. We increased our footprint. We know that the two infrastructure company plan also to increase their footprint. We took a very strong decision when we decided to launch broadband. We didn't want to launch any DSL offer, but just to focus on fiber, which is more in line with the DNA of the brand. You know that Iliad Italia is a love brand in Italy with a strong focus of innovation. Clearly the limited footprint is a kind of limitation to our market share. That the plan is going according to our initial thought, and you will see a ramp up during Q1, Q2 of our activity on broadband. Fantastic. Cheers, Thomas. Thank you. We'll move on to our next question from Andrew Webb at JP Morgan. Your line is open. Please go ahead. Hi. Thanks for the call. Maybe just a high level one. Interested in how you're looking at the price versus volume considerations in France. It, you know, it obviously appears that the combination of recent network improvements and relative pricing continues to drive good volume growth for Iliad. Based on recent comments from the other three national operators, you know, they at least appear hopeful for the potential for, you know, more meaningful price increases in the near term. I guess this appears to at least to some extent be limited potentially by your participation. Alternatively, obviously, there could be some significant improved volume prospects given the potential for churn in the French market, which lacks inflation-linked contracts. Just interested in how you see this balance in France as we go through 2023. Look at the performance of the company in 2022, where we have a good mix in terms of volume and in terms of value. I'm sorry, I'm not gonna be quite innovative. It has been the same story for the last 10 years. We keep on gaining market share, and at the same time we have the migration from the EUR 2 to the EUR 20. It creates value with a significant increase in terms of ARPU. For the time being, we consider that we have the right commercial strategy. Clearly we always try to push, and this is also the case on our broadband activity, to push our customers to the high-end offer. This is the way we monitor the mix between the volume and value. Thank you. Thank you. We'll move on to our next question from Peter Jorrick at Tracey Door. Your line is open. Please go ahead. Hey, guys. Thanks for taking my questions. I apologize, my line did not come back to be able to hear the answer on Italy and your B2B strategy there. Apologies. I know you might be repeating, but could you give us a little bit of color as to what the strategy is there? Kinda when you intend to launch, what the focus is? Kinda what cities are you focusing on first? Is it just Rome and Milan, or is it a lot more broad-based? That would be my first question. Second question would be around the fiber footprints in Italy. Are you now able to actually use FiberCop's footprints? I know there were some issues previously, and I just wonder if the technical limitations there have now been fixed. What kind of incremental footprint does that access give you over your current deal with Open Fiber? Just staying on the fiber question here in Italy, I mean, you said you wanna accelerate in Q1 and Q2. I mean, what range of acceleration should we be thinking about? You know, if I look at France, your net adds were 250K. Is that kind of what you think you'll be able to achieve in Italy per year? Is it more, you know, slow and steady like what we see from Salt in Switzerland? Obviously a much smaller country, also, you know, somewhat of a similar strategy. Between those two, where would you say it kinda lands or at least the potential there would land? Thank you. Okay. I will answer to the first part of the question, and I will hand it over to Benedetto in Milano. Regarding our B2B activity in Italy, for strategic reason, we will not disclose today what we're gonna do. Clearly you will be more than welcome to our launch in few months. What I can tell you is that the launch of that activity will not consume any cash. We don't have to do any massive additional CapEx because we're gonna rely on our existing infrastructure, on our existing spectrum, on our existing brand. It will be just an add-on and a very nice add-on from a financial perspective. Regarding broadband and our footprint, Benedetto? Yeah, sure. On fiber, we launched one year ago, as Thomas mentioned, we made a very strong choice to only offer FTTH, which of course limited our potential footprint. At the beginning, it was around seven and something million households. Now it's increasing. We already launched on the FiberCop footprint, and we plan to launch soon also on the Fastweb footprint on top of the Open Fiber one. The goal is to have more than 10 million households in the next few months that we will be able to sell. We are only talking about dense areas. Of course, there is potential in gray and the so-called white areas, the footprint is still expanding. We have definitely bigger ambition than what we did so far, even though we are already at a 3.4% of market share in FTTH in Italy because the take up has been quite slow so far. We have a much bigger ambition, and we believe that with the increase of the footprint and the increase of also of our commercial operation on broadband, we can definitely grow much more than where we are today. I guess just a final clarification there in terms of the pace of potential adds, you know, if you were to place it between what you've achieved in France and, you know, what, the Xavier Niel empire achieves in Switzerland, where do you think you can land could it realistically per year on fiber add in Italy? Realistically, we're not gonna give you some short of guidance on what we're gonna do over Q1, Q2. As I mentioned, in the long term, we don't see any reason why we should not have market share, broaden market share and not in line with our mobile market share. Okay. I'll take that. Thank you very much. Thank you. Once again, ladies and gentlemen, if you would like to ask a question, please press star 1 on your telephone keypad. Thank you. We'll move on to our next question from Marko Watts at Citi. Your line is open. Please go ahead. Hi, guys. Just a couple of questions here. One, in terms of liquidity, you guys obviously have EUR 4.3 billion. Is that the sort of amount that you look to keep near term? Like how would you, or how does that compare to history in terms of, you know, the suitable level for you? The other question, just on that Italian market, what is the current market share on mobile? Just as a reminder, 'cause it cut me off, and I wasn't entirely sure as well, I got cut off on how that footprint works exactly. You're running through, is it FiberCop at the moment? How does it work? Benedetto, will come back on the fiber footprint, as you already mentioned, and about the mobile churn. Benedetto? As I said, we initially launched one year ago on the Open Fiber footprint. A couple of months ago, we added the FiberCop one, and we will add in the next few months also the Fastweb one with the goal to reach more than 10 million households sellable in the next few months. About the churn. The market in Italy is still extremely aggressive, as you probably know, with the low cost brands and targeted offer still being extremely aggressive. Despite that, we are pretty happy about the satisfaction rate of our customer, which is by far the highest on the market. Thanks, of course, to the quality of our networks in Italy as well as our offer. We are quite happy about satisfaction. Churn, even though, the competition is still extremely aggressive. Okay. Just to clarify there as well, so you're saying that in terms of your overall strategy, you don't wanna waver from that, so the focus would be purely on FTTH. Hypothetically, you know, if you had peers that were still involved in DSL or coaxial, that wouldn't be of interest, or would you be considered waiving or looking at purchasing costs as a little... We made the choice one year ago to only offer the future-proof technology. We are sticking to that choice. Sorry, on liquidity side. Yeah, yeah, I'm coming on it. Sorry about that. In terms of liquidity, clearly, the philosophy is very, very clear. We don't want to tread our agility, and we prefer to be over-liquid and have some cost of carry, rather than take any risk on the balance sheet. That's the way we've been driving the financial policy of the company over the last 10 years. We will keep doing so. We don't have an absolute number in mind. It also depends on the volatility of the market, et cetera, et cetera. When we saw, that the markets were very volatile and tougher back in June, July, we raised a significant amount on our bank call, renewing our existing line, putting a term loan and having a mid-trench of two to three years in order to potentially backstop any shortage of liquidity on the bond market, which didn't came. We were a good issuer back in December and back in February. That show that the management team and the board is fully supportive of accepting to have a bit of cost of carry of some over liquidity to make sure that we can always finance our investments and or repayment of debt at least of the next 24 months. Okay. Just, sorry, an extra add on there. The 24 maturity was about EUR 1.5 billion. Is the intention to potentially come and refi end of the year to address that? The second part to that question as well on leverage. Your sub-seniors obviously difference, the delta's about one turn. Are you happy with that? I heard, I think at the end of the initial comments, less than three, less than four across the OpCo, HoldCo. Are you happy with that differential as it stands now? In terms of for bond maturity, we always look at it very widely. Being said that, we were only rated for the last 18 months. We've been a not a rated company which mechanically has pushed us at being able to raise liquidity on various pools. We raised a lot of liquidity on the bank pool. We raised the liquidity on the Schuldschein. We raised liquidity on the EIB market, we will keep continue doing so. Each year we renew and we issue some new debt either on the bond market, on the Schuldschein market, on the bank market, depending of the opportunity, the length. We will, of course, be doing that job this year, trying to manage the liquidity in the best shape also in terms of maturity. The second part of the question Sorry. I think it should cover all your questions. No? yes, sorry. It was just on sub, the sub senior differential. At the moment it's about a turn. It's about a turn. You're right. To be frank, it's much more a question for our bondholders and the one that support us. We understood that structure came from the history of the tech private. It was the only corporate structure that could be down, and we had 1.4- 1.5 turns on top, on the holding level. We understood from the market that it was more normalized between 0.8 and 1 turn. We should be quite close to that in the years to come. If our bondholders are like that kind of structure, that kind of level, we'll be happy to stay at that level. There are no further questions in queue. I will now hand it back to your host for closing remarks. Thank you. Thank you so much. Clearly 2022 was a year of record. We are quite pleased with the strong rollout of our network, with the commercial performance and the economic performance. It's too soon to say what 2023 will look like. Clearly, we see right now still a good commercial momentum, and we know that we have all the assets to keep on growing in our free market, thanks to the strength of our brand, thanks to the level of customer satisfaction in our three countries, and thanks mainly to the constant improvement of our infrastructure. Thank you so much for today, and we are available with the full team to answer your potential question in the coming days, and we will do some roadshow. Thank you so much. Bye. Ladies and gentlemen, this concludes today's call. Thank you for your participation. Stay safe. You may now disconnect.