Hello, and welcome to the Iliad Q3 2023 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. Today, we have Thomas Reynaud, Group CEO, and Nicolas Jaeger, Delegate CEO and Group CFO, as our presenters. I will now hand you over to your host, Thomas Reynaud, to begin today's conference. Thank you. Hi, this is Thomas Reynaud. Good afternoon, everyone. Good morning for those listening from the U.S. Good night from those listening from Asia. I'm here in Paris with part of the team, and we have plenty of our key people all over Europe, in Milano, in Warsaw, and in Paris, and especially Jean-Marc Harion and Benedetto Levi, our country managers in Poland and in Italy. Today I will present you our Q3 numbers, a really, a good set of results, at many levels. In France, we achieved our best performance in mobile net adds in six years, and the best top line growth in nine years. In Italy, we had the best quarter in three years, and in Poland, we remain the leader in terms of net adds. Clearly, there is no magic in this strong performance. Four years ago, we unveiled our 2024 Odyssey plan, and we laid the foundation of what we see as a virtuous business model. One pillar has been to keep the innovation at the heart of our strategy. I know that plenty of telecom operators tell you that innovation is part of our DNA. Clearly, this is the case for us. We design some of our telecom equipment. We have a different approach on different topics, and our latest initiative in artificial intelligence, announced a few weeks ago, is a clear illustration of our mindset. We are ready to invest significant amounts to build something totally different from the rest of the industry, and we will leverage on our public cloud on hyperscale expertise to play our part at what we see as an industrial revolution, and we will have an amazing, press conference at Station F on Friday morning. This focus for growth on innovation is not coming at the expense of our profitability or of our financial discipline. If you look at the operating free cash flow, it is growing by 10%, and our financial leverage stood at 3x EBITDA at the end of September. Based on our estimates, Iliad Group is by far the lever of the revenue growth in Europe, at least among the top 15 European telcos. We are reaching this position for the sixth or seventh quarter in a row, and this is thanks to some bold decisions, such as launching from scratch a mobile new entrant in Italy five years ago, expanding in Central Europe, in Poland, with two large acquisition, and keep investing in France, not only in our networks, not only in our people, but also into new business line, like B2B, which is a great success so far. As I've mentioned several times, we manage our telecom assets the Iliad way, and I believe that we have managed to develop a sustainable growth mobile. We are committed to simplicity, innovation, and investment, and I just want to spend just a few seconds on some of our specific singularities. One of them is what we call Frapolita for France, Poland, and Italia, and it is an agile, practical way to share best practices across all the countries. But we don't want to impose any group methods blindly. No, clearly it's a case by case, and we have defined 12 different work streams covering plenty of different topics, and we really encourage our managers from the three countries to share their idea, their experience, their failure, too, in order to have a concrete impact on business. In a nutshell, and we want to keep the entrepreneurial mindset of Iliad in an organization of about 20,000 people. And I can tell you, as a CEO of the group, this is my number one challenge: to keep the entrepreneurial mindset, to kill the complexity in our organization, and to win the battle of simplicity and innovation. This is very easy to say, this is very difficult to implement, and this is clearly the number one challenge of the executive team of the group, and on which the key managers are incentivized. The second one is nothing new, keeping investing in infra. We have never been shy of investing in 5G, in mobile, as we believe it increase one more time, our singularity. And that's why we will have a specific effort also in our data center business, in a unit that we call OpCore. The third example of what is the Iliad way is our focus on innovation. I just mentioned it. Finally, the Iliad way is also about believing in the strong convergence between broadband and mobile, but also between B2C and B2C and B2B, and we see very strong synergies in terms of convergence. So, if we make a big dive in our different countries, the sales performance this quarter was even better than in the previous one. We gained 845,000 net adds across our three countries, and we are the net add leader in each country when we combine broadband and mobile. Moving to France now, this quarter has been an outstanding performance. I mentioned best performance in six years in terms of mobile Net Adds, best top-line growth in nine years, and we succeed to gain market share, but not at the expense of the ARPU. This is really the interesting part of our French business. Our broadband and mobile ARPU are both up by 5%, and at the same time, we manage to have a really great commercial momentum. This good performance in France is not only thanks to B2C, but also B2B. We get a great traction in terms of revenue growth on B2B, almost 50% over the last quarters. Let's move now to Poland on slide 12. Mobile postpaid performance improved sequentially to more than 100,000 net addition. We also noticed a rebound of the prepaid segment after a few quarters of decline, and the ARPU in Q3 is up by 4%, reflecting our focus on value growth with the more for more strategy. It's super important in Poland, in light of the very high inflation in excess of 12% since the beginning of the year. In broadband, we continue to gain market share, but the volumes are not yet reflecting our full potential. We're still in the middle of the integration between UPC and Play, and we will go full steam in terms of broadband net adds, sometimes in Q2 2024. Last trip to Europe, Italy, with a great performance this quarter in Italy. The best mobile net adds in three years, in spite of the counterproductive win back offers from Telecom Italia and Vodafone that really target constantly the Iliad Italia customer base. But instead of, in spite of those win back offer, we managed to have a great performance in Italy. 360,000 new net adds, really the best performance since Q4. And on broadband, we keep the rhythm, which is good news. We'll see if we manage to accelerate our fiber net adds beginning of next year. So, as a conclusion, if I look at what we achieved so far this year, but also what we achieved since we took the company private in 2021, we managed, and this is super important, we managed to combine growth and financial discipline. And these good results ensure that we can prepare for the future with confidence. And what we are doing collectively at Iliad, the management team, the 18,000 employees, step by step, we are going to continue to build a European telecom group at the cutting edge of connectivity. This is our core business, telecom business, but also cloud and AI. So with this, I let the mic to my friend, Nicolas Jaeger, who will, discuss more in details about our financial performance. Thank you, Thomas. Good afternoon, everyone. Let's move to slide 17. As indicated by Thomas, the group continues to be the European leader in terms of revenue. We achieved 10% growth on a reported basis, and 8% growth on an organic pro forma basis. So we talked a lot about growth, but this is the key in a fixed cost industry. Despite our three geographies being in different phases in terms of maturity, in terms of market position, we share a common pattern, market share gain, ARPU increase, and constant investment in our networks. So if we look country by country, in Q3, Italy's double-digit growth, 13%, improving sequentially. France growing almost 10%, best quarter in terms of revenue over the last nine years. Poland is growing by 2.2% organic pro forma, but actually accelerating if we focus on the service revenue. Moving now on slide 18, the EBITDA performance. The reported EBITDA for the group stands at over EUR 2.5 billion. It's an increase of 5% on a reported basis, and 2.1 on a pro forma basis. We saw Q3, and this is an important milestone, an acceleration of the growth of the EBITDA, growing to 5.6% after a slight drop in Q2. This is excellent performance as we continue to experience, of course, inflationary headwinds on the energy, mostly. If we look country by country, France EBITDA grew by 4% over the first nine months.... 8% on the Q3, despite the energy. So the year-on-year energy impact is phasing down. Poland grew by 2.4% on a reported basis, but declined by 6% on organic pro forma basis, mechanically, with the implementation and the full impact of the MSA with towerco or Fiberco, and in a lesser extent, with the inflation impact. If we exclude all those factors, the EBITDA would have grown by 4%. Italy, very strong performance, improving by almost 30% over the period, despite a lower contribution of BTS on the third quarter. As we said during the previous call, we were very confident the headwinds from energy will progressively fade, and we start to see a bit of that on the Q3. We now move to slide 19, covering CapEx and operating free cash flow. Group CapEx was up 1.6%, to EUR 1.6 billion. CapEx intensity is up by 13%. It's mainly driven by success with the new Freebox, the new connection, and the strong rollout that we made over the period. And on top of that, we made a strategic move on AI that we announced a few weeks ago. It's a significant move of EUR 50 million that include the acquisition of a NVIDIA SuperPOD, installed in our data center in the northwest of Paris. Italy, CapEx are down 36%, as we front-loaded last year, some 5G equipment. On the other side, we have also now the benefit of the RAN sharing area through Zefiro, the RAN sharing that we have with Wind Tre in the more rural area. The CapEx down by 10% in Poland on an organic pro forma basis. When you compute all of that, that leads to an increase on the operating free cash flow for the first nine months of almost 10% and reaching EUR 900 million over the period. That strong increase relies mostly and mainly, I would say, on the Italy swing. Last year, it was a negative contribution of EUR 155 million. This year, it's almost at zero, with a contribution of only -EUR 5 million. Let's move to slide 20. So we already touched base on the group operating free cash flow at EUR 903 million. So let's now focus on the remaining items, and there are quite a few. Working capital outflow almost no impact, EUR 9 million over the period. That exclude, and it's what's reported on a separate B point the one-off with Bouygues Telecom. Financial interest for the period is EUR 300 million. They have significantly increased year-on-year for two reasons: the increase of the total debt of the group with the acquisition of UPC on one side, and on the other side the increase of interest rates, especially in Poland. Cash tax EUR 464 million, lower than last year. But last year we had a one-off exceptional item with the OTP disposal. Point C, an important bar, which is the other one. So that block is of almost EUR 900 million. It's composed of different factors: the cash proceeds of the sale of the 30% of OTP to Cellnex in Poland, the proceeds of Fiberco in Poland, and also the cash outflow relating to the first tranche of payment of the JV in Italy with Wind Tre. Spectrum contribution is EUR 133 million, and distribution to the holding company is just below EUR 500 million. Taking all that into account, allow the group to deleverage by almost EUR 600 million. So let's move now on the net debt and the liquidity position of the group. During the first nine months of 2023, Iliad leverage declined or improved by 0.2 turn to reaching 3x EBITDA. Both, that improvement is linked to, of course, the profitability increase, but also the decrease of the total net debt over the period. Iliad Holding leverage declined also in parallel, reaching 4x end of September, with one turn difference between the Iliad Holding and the Iliad Group as targeted. We are now back to the high end of the leverage ambition of the group, that was at 3x for Iliad S.A. and 4x for Iliad Holding. Let's now move to the liquidity position. On a consolidated basis, the average maturity is almost 3.5 years of the debt of the group. It bears a weighted average cost of 4.6%, and 80% of the total group debt is hedged and fixed. If you move to the next slide, the liquidity profile. The group's debt is very diversified. We have bond, bank loans, EIB financing, and other specific line like Truist. In July, we extended and renegotiated about EUR 3 billion of banking lines. ... that allow us to have a full visibility on our next two years maturity and to fully finance our development plan and in all our three geographies. As you can see, we're in a strong liquidity position, and we cover all maturities at the group level also. We will, of course, remain very opportunistic in the quarters to come, regarding market conditions in order to roll over some of our bond positions. This concludes my presentation, and I'm now happy to open the floor to questions. Thank you. Ladies and gentlemen, as a reminder, 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 Vivek Khanna at Deutsche Bank. Your line is open. Please go ahead. Hi, good afternoon, everyone, and thank you very much for the presentation and another great set of numbers across the board. I just had a couple of three questions, if I may. The first one is in France. Just wondering if you think that you know the above market performance that you're delivering, that you have delivered in 2023, whether you think you can continue with that sort of performance in 2024, or is it a factor that you thought that there were some easy market share gains that you wanted to capture in 2023, which will not be repeated in 2024? So that's one quick question on France, if I may. The second two questions are linked to M&A and potential transactions. So the first one is in Italy. If I recall, you know, there was a potential process a while ago that was avoided, that was then sort of that didn't lead to anything. I'm just wondering how you're thinking about the market today. Clearly, you know, from a cash flow perspective, you've clearly reached inflection point. You know, what do you see as the opportunities in Italy? And I think more importantly, also, you know, on the back of your iliad way and how you run your business is different to other well-established operators, and which is clearly a differentiating fact. Does that mean that, you know, sort of 50/50 JV situations with large operators is probably not something that's that fits your your plate because of the operational challenges to bring the culture and the innovation that you have in your group to the JV or partner? And then the final question is just on Eircom, if there's any any talk or any thoughts about moving the stake between NJJ and iliad? Thank you very much. Thank you so much for your questions. I will start with France. I do hope that we will be in a position to keep on gaining market share in France. It's quite challenging on the B2C market that is still very competitive, and we still have some promotional activities. But, we really improved our distribution platform, the quality of our mobile and broadband networks over the last few years, and especially over the last few quarters. We worked a lot on the proximity concept. We're gonna open one additional store per week, till the end of the year, and we're gonna reach 240 stores by the end of the year. And we also push our new customer care setup, which is Free Proxi, where this is more at the end of the very centralized call centers that are replaced by small teams in the heart of the city, and quite near to our customers. So we hope that we will be in a position to continue that commercial momentum on B2C, but still uncertainty due to the high level of competition. On B2B, I'm very confident that we will keep on gaining market share, and we will also benefit from the difficulties of one of the three players. On M&A in Italy, what I can tell you is that we made an attempt 18 months ago that was rejected by the board of directors of Vodafone. Now, we are fully concentrated on operations. We significantly increased our customer base and our revenue base over the last 12 months, and at the same time, as you mentioned, we reached the inflection point in terms of cash flow generation. So everything is moving in the right direction in Italy. Now, if you look at the situation, you have three competitors that want and need consolidation, and if there is an opportunity for us to take part into that consolidation, of course, we will seize that opportunity. But clearly, we are in Italy for the years to come. We are long-term investors in Italy. After, what is the best transaction method to achieve a potential consolidation? Keep in mind that in order to keep our financial discipline, 18 months ago, when we made that offer on Vodafone Italia, it was a 50/50 JV with a private equity firm in order to keep our financial discipline. On Eircom, I will not make any comments. Just on Eircom, what we said, and we have an option, and the option has to be- ... discussed at the board level and voted by the independent board member of iliad, and that will be done before the end of this year. So nothing new. You put your 25% stake to NJJ, is that correct? We have 32% stake, and NJJ has a 33% stake. Yes, the option is on 80%, I think, of- The thirty-three. Exactly. Thank you. Thank you. We'll now move on to our next question from Nicolas Cote-Colisson at HSBC. Your line is open. Please go ahead. Oh, hi, everyone. Two questions, please. Regarding fiber in France, if you can comment on market share dynamics and where you are gaining pace, is it in the medium dense area, the rural areas, the city centers? Eventually, I'm interested in your views on whether the different architectures, whether it's overbuild, co-investment, and access to third party networks, makes any difference in the market dynamics. And, and my second one, on the Xavier Niel's investment in Belgium, can you tell us whether Iliad has been presented with the option to invest in Proximus? Because a statement from talks about cooperating and partnering with, so with Proximus. So I, I wonder if it was just about Eircom or if this could involve Iliad, too. Thank you. Okay. Thank you, Nicola, for your question. We will not disclose in details because it's sensitive information where do we take market share from and where we take that market share. But what I can tell you, it's true that there could be some different dynamics in terms of market share gain, depending on the architecture of the network and the ownership of the network. And clearly, on some vertical player, where at the same time, commercial player and owner of the architecture, it's something strange, but sometimes we have a hard time to get a higher penetration rate. And this is super important from a regulatory perspective that everybody is on the same page. So we will be very cautious about that topic. On the investment through Carraun in Proximus, I will not make any comment, Nicola. Okay, fair enough. And if I may, just a short follow-up on fiber. Now, the market is getting more mature. Are you seeing churn normalizing towards the churn prevailing in ADSL? And I was also wondering whether a new box is important to maintain the commercial dynamics and the churn at a low level, and whether you have seen any impact from an Orange new box in France yet, and you will notice I would not ask if you are preparing a new box for now. So, clearly, we see improving trends in terms of churn on the broadband market, thanks to fiber. But the churn level is not yet at an acceptable level, and we consider that we still have to make a lot of progress on our churn rate. Regarding Freebox, Freebox is part of our DNA. Do we need a new Freebox to maintain our commercial momentum? I don't know, but clearly we want a new Freebox because it's part of our DNA, it's part of our innovation. It pushes us to really think about what kind of connectivity our customer, our subscriber want. So it's a very important recurring exercise internally and a very exciting one. So far, we have not seen any impact from the launch of the new Bbox of Orange, but clearly I will never, ever underestimate one of our competitors, so we will be very careful. And I can tell you that, we are monitoring this in a very close way. Perfect. Thank you so much. Thank you. We'll now take our next question from Giorgio at Citi. Your line is open. Please go ahead. Good afternoon, and thank you for taking my questions. A few short ones around France. Firstly, around the promotional period, we've seen a few of your competitors moving to six months promotions from 12. Is that something that you think makes sense, you could potentially follow? Also, in terms of the growth and upshare, you made the comment that B2B is a big growth driver as well. I wanted to focus a bit on B2C and whether there's any specific player in the market where you seem to be making the inroads from, or whether it's a bit more broad-based. And then the third question is around the football rights in France. There appears to be limited demand in the rounds we've seen so far, whether you'll be interested to participate. Then just a question on Italy, and the proposed changes around the Win Back Offers. You do mention that in your opening remarks as having an impact sometimes on your operational performance. Mind elaborating a bit as to how you might expect to see these change the dynamics in the market? Thank you. Okay. On market share gain in France, we get excellent momentum, and, yes, we benefit from the difficulties of one of the player. On promotion, we will not make any comment on our commercial strategy and either on the football, rights. On win back offer, Benedetto Levi will answer, but what I said is that we get strong momentum in spite of win back. Benedetto, on win back, probably you want to give a little bit more color? ... So, first of all, we have to say that, surprisingly, the amendment that was approved two weeks ago, yesterday, we saw a step back by the government on the topic. So, the final approval of the bill still requires, several passages, and we don't know yet what will happen. What I can say is that this was a joint decision which was involving the Italian Antitrust, the parliament, the government, and, as everyone basically highlighted from the press to consumer association, to also, financial institutions, this was really a long time needed measure, to put an end to a practice that exists only in Italy, and, which of course, created a great, distortion to the market. So we will see what happens from a legislative, perspective. Nevertheless, as Thomas said, we announce some very good results in Italy today, despite these irrational win-back offers. And maybe just to get a bit of an idea of the impact of these offers. Is it in the hundreds of thousands of subscribers every quarter that are being targeted and successfully moved into these offers in your view? Just put together an idea of the momentum change that you could enjoy if this practice ends. It's difficult to make a quantitative assessment of the impact. These are offers that are very, let's say, common in Italy, made by the three incumbents in order to target the customers of the small operators, but hard to make a precise, to give you figures. Thank you. Thank you. We'll now move on to our next question from Mathieu Robilliard at Barclays. Your line is open. Please go ahead. Good afternoon. Thank you for the presentation. I had some follow-up questions on the competitive environment in France. Focusing on mobile, where you've posted very strong net adds. I was wondering if that was also a result, besides the fact that you benefit from the weakness of another player, from lower churn. I think churn has been coming down, but if you could give us a bit of indication as to how it has behaved in the last quarter or two, it'd be helpful. And on B2B, you mentioned that you were very happy about your performance, and I don't know if you can share any KPIs to give us a sense of how things are moving there. The second question was on M&A. Following on one of the first questions about M&A in France. I mean, obviously there's nothing on the table as far as I know, but do you think that is a market that is can eventually consolidate or is or too many attempts have been done, and you think that's not likely? And lastly, on AI, you make some comments about all your initiatives there. And obviously, you know, taking a step back, we can understand how it can have a positive impact on marketing and commercial activity, network management. But maybe since you're very much into that topic, could you share a bit more quantitative or examples of things that AI can bring to your operations in France and abroad? Thank you. Okay. Thank you so much for your question. First of all, on commercial dynamic and mobile in France, the number one reason why we have a much better commercial dynamic is our commercial setup, and we totally changed the commercial setup over the last few years, and the improvement of the quality of our network. Two, lower churn on the Quad Play offer. Clearly, when you manage to get a Quad Play player, customer, you have a lower churn on the mobile part, and to a lesser extent, due to the dynamic of some of the players, of one of the three players. On B2B, today, we have more than 40,000 French companies that use our B2B capabilities. We have almost one third, I think exactly it's 28% of the CAC 40 company that are customers of Free Pro. And usually it's for quite high yearly revenues especially. And we're really good on especially two topics, hosting, direct connectivity, and to a lesser extent, cybersecurity. But clearly, we have unique capabilities in terms of hosting. Nicola on M&A philosophy. I think the question was on France. On France, you're right, Matthew, we tried seven times, none of them made any achievement. We don't think that there is room for consolidation, given the size of the player and given the complexity of the antitrust. It seems not an easy thing to look at, and we don't see a lot of room for French consolidation. On AI, I will just speak about the financial part and leave all the aspect to Thomas on the rest. So we invested so far up to EUR 50 million, basically to create a SuperPOD and all our technology. We have the largest super calculator in Europe, and this is a business that we want to sell and to leverage. So we have, of course, the capacity of compute, but we have also all the services associated to that, with Scaleway, which is inference, which is the storage, etc., etc. So we are building in our long-term B2B plan to be one of the big provider of AI. So we have, of course, internal AI usage, but here we are talking about external market that we want to tap and where we have innovation capabilities. Okay. I see, I see three dimensions when it comes to AI for iliad. The first one, it's true that it will transform the way we do business in terms of customer care, in terms of, network management, in terms of capabilities to push, the next best commercial offer to our customer. And if we're not prepared to that, we will disappear. So we have to integrate AI in all our, activities. Second dimension, the one that, Nicolas mentioned, AI could be at the heart of our business on our, cloud activities. Clearly, iliad, sorry, AI, is the logical extension of, everything we have done related to data, in terms of transport, in terms of storage, in terms of cybersecurity. Today, we have, in Europe, the largest computing power of cloud capabilities dedicated to AI, and we start to have many customers using that super pod. This is good news, which means that AI could be a source of revenue for us. Not in the sense that iliad will develop its own AI model, but iliad, through Scaleway, will put at the disposal of the European capabilities amazing computing capabilities to develop and to train some language model. There is a third dimension, and it's we have the strong conviction that AI will transform our societies. We have the strong conviction that Europe needs AI, but a European AI that is not subject to extra-European legislation, an open AI and a transparent AI with open source. And to do that, and it's a nonprofit, even it's if it's going to be financed by iliad at EUR 100 million, but every five, six years, we take that kind of initiative. Sometimes they are financed by Xavier, but this time we consider that it makes sense that it is financed by iliad. We're gonna create European laboratory, nonprofit, dedicated to AI, and we're gonna have an amazing event on Friday morning, and probably the most important event this year on AI in Europe, with an amazing lineup of people. We will have the CEO of NVIDIA, we will have... Can we announce it? Yes. Okay, it's public. Eric Schmidt will be on stage, and we will have plenty of other surprise. We will make public also the names of the people that we will work in the AI lab. It's gonna be an amazing moment, and if you get two hours to spare between 10:00 A.M. and 12:00 A.M. on Friday, you should be at Station F, or you should look at the broadcast. It's gonna be exciting. AIPulse. Yeah, AIPulse.com. Great. Thank you very much. Very exciting, opportunity for Europe. People from the marketing team are very excited. Thank you. As a final reminder, if you would like to ask a question, please press star one on your telephone keypad. We'll now move on to our next question from Peter Eurich at Tressis. Your line is open, please go ahead. Hey, guys. Thanks for taking my questions. Just three from me, please. The first one, apologies, I didn't quite fully understand the answer on the win back offer review in Italy. Could you just repeat? Is it? You were saying that there was a discussion today, and there is an imminent decision coming, if I understood that right? Then the second question is around and it's been asked a few different ways, the wins on mobile net adds. When you win a customer, you know, how do you get the information as to why they're moving to you? You know, you cited a couple things, but I was just wondering if that's a survey that you take, et cetera, because I'm wondering if one of the reasons why is simply, you know, you haven't really moved your prices. So is it simply a service for price calculation and Iliad just keeps getting better? And then... and this is in France, of course. And the third question is: you mentioned you would like to accelerate fiber adds in Italy at the beginning of next year. I'm just wondering how, what, how you intend to do that. Is it gonna be greater marketing spend or, or what is it? Because I do think Open Fiber already covers about 65% of premises. So it seems like the network that you have at your disposal is relatively large, so what will trigger the acceleration? Thank you. All right. I will answer on France, and Benedetto will give you the two answers on Italy. On France, when we recruit a mobile customer, usually through portability, we know exactly where it comes from, which operator it come from. We look at also at a second information, is it a Freebox broadband customer or not? And we look at the third information, geographically speaking, where this customer is, new customer is located. And it give us all the intelligence on the evolution of the subscriber base and the dynamics in the market. Now, why we have not increased our price in mobile? Because we pledge not to do it till 2027. That's why. Benedetto, in Italy. Yeah. Yes. So on winback, the situation is, there is a competition law, which is currently under discussion in the parliament. An amendment was approved, a couple of weeks ago to block the winback offers, then another one was presented yesterday to still allow them. So, there is this legislative process, which will take some more weeks, and which involves a possible ban on winback, which is not sure yet. On fiber, several reasons for potential acceleration in the future. First of all, the footprint is still expanding. We are not yet addressing the white areas, so the low density areas with Open Fiber. FiberCop is rolling out its network. So, as you know, we sell on Open Fiber, FiberCop and Fastweb footprint. So on one side, the footprint is enlarging. On the other side, we are of course optimizing day after day our marketing machine, and we see a general acceleration already in the past few weeks and months in terms of take up also at a market level. So we believe that since the supply will increase and the demand as well, we can see an acceleration, a strong acceleration in the next few months. Okay. And just to follow up to that, I wasn't asking why the price wasn't increasing in France. I was merely highlighting that it wasn't, and that that would suggest it's just better and better value versus competitors. And I guess that's why you're winning market share. But on the competition law in Italy, I guess that just suggests that there is no plan currently of you guys doing anything about that at a European level. Because my understanding is that this wouldn't necessarily be allowed under European competition rules, but there is no plan to address that there, it's just waiting for the Italian review. Today, it's under discussion by the Italian parliament. In the future, we will see. Okay. Thank you. Thank you. We'll now take our last question from Stéphane Beyazian at Oddo BHF. Your line is open. Please go ahead. Yes, thank you. Thank you for the opportunity. It's just a follow-up on the interesting AI initiative. I'm wondering whether you can say a little more on the target segments that you have in mind, and I'm thinking also geographies. I mean, are you planning actually to, since you seem to have a huge computer computing capacity to sell, not just in France, but actually on a more pan-European basis. And linked to that, how do you approach the financial outlook of that and the need for investment? What I have in mind is we've seen a company, OVHcloud, which I think you know well, that has invested quite a lot and actually even more than the earnings they are making from their customers, even if they are growing. So I was just wondering, you know, what sort of investments you still need to make ahead in order to continue, well, to grow in that space. Thank you. Stefan, which company did you mention? Oh, OVH. OVH. Okay. There are two different dynamics. There is dynamic on the pure hosting business, where we are putting all our activities under the same umbrella and trying to rationalize our Italian, French, Polish, and also in other geography hosting business under a name called OpCore. And clearly we want to triple the capacity of our hosting business over the next few years. And on the other side, we have a cloud business, not in its real estate dimension, but in its software dimension, where we have the largest computing capabilities. And this capability, of course, is at the disposal of any company in the world. Probably it's more dedicated to European companies, to local companies or subsidiary of Asian or U.S. player in Europe. But clearly we want to tap the full market. Now, if you want to get all the details, if I give you everything today, you will not come on Friday morning. Sure. See you on Friday, then. Thank you. Thank you. There are no further questions in queue. I will now hand it back to Thomas for closing remarks. Thank you. Thank you so much for your time. We still have so many things to do internally at iliad in our three geographies. We are very excited. We do believe that tomorrow will be better than today, and so see you next time. It will be, what? End of February, beginning of March. And, for those, we will be in Barcelona next week. No! No. No, we will be in Barcelona tomorrow. Sorry. We will be in Barcelona for the next three days. So see you there. Bye. Thank you. Ladies and gentlemen, this concludes today's call. Thank you for your participation. Stay safe. You may now disconnect.