Welcome to the Iliad Group third quarter 2024 results presentation. My name is Alan, and I'll be your coordinator for today's event. Please note this call is being recorded, and for the duration, your lines will be on listen-only. However, you will have the opportunity to ask questions at the end. This can be done by pressing star one on your telephone keypad. If you require assistance at any time, please press star zero, and you'll be connected to an operator. I'll now hand you over to your host, Thomas Reynaud, CEO of Iliad Group, to begin today's conference. Thank you. Good afternoon, everyone, and good morning for those listening from the U.S. this morning. I'm here in Paris, in our head office in Paris, with Aude Durand, our Deputy CEO. Thomas Kienzi, our new Group CFO. Welcome on board, Thomas. With Nicolas Thomas, our French CEO; Benedetto Levi, the CEO of Iliad Italia; and Ken Campbell, our new CEO of Play in Poland. So this morning, we announced a very strong set of results for Q3. Congratulations to all the Iliad team. Clearly, we're gaining market share across our three countries, and for the first time, we are surpassing the symbolic threshold of 50 million subscribers. Clearly, we have a unique growth model in Europe. Let me remind you that our model is based on the strengths of our brands, on the quality of our network, and also our capacity to innovate. Clearly, what is super important for me is to keep that entrepreneurial mindset within the organization, which is quite complex when you grow and you have an organization of almost 18,000 people. But what is important is to keep that singularity, and one proof of that singularity is our growth rate, almost 10% for the nine first months of 2024. Clearly, we are leading the pack in the European telecom industry. The key takeaways, and Thomas will give you all the details of these Q3 numbers, are, of course, revenue growth, but also a strong performance in terms of profitability, in terms of EBITDA, plus 14%, but also in terms of cash profitability, with an operating free cash flow growing by 44% quarter on quarter. It enabled us to strengthen our financial balance sheet with a better leverage ratio, both at the level of the Opco Iliad Group, but also at the level of Iliad Holding. You will get the full details in a minute, but clearly, we stick to our financial discipline. In France, if we're looking at country by country, the sales performance has been strong in the first nine months, supported by the successful launch of the Freebox Ultra at the beginning of the year, and also due to our convergence strategy. During the third quarter, sorry, we are the number two. Clearly, the market is becoming more competitive, but we decided to stick to our commercial and pricing strategy, holding up our price steady, and at the same time, being more selective in some distribution channels. This approach allows us to strike the right balance between volume and value, and we're still the number one in terms of revenue growth rate. In Poland, our main focus is also on combining value and volume. We've been number one in terms of net adds for the last seven quarters, with a good Q3 performance and a strong increase of our mobile RPU by more than 7%, which shows the quality of our offers and of our upgrade strategy. On broadband, I consider that we should do better. Depending on the different footprints, we are either number one or number two in terms of local recruitment. Clearly, the challenge in Poland is, on the one side, to accelerate our convergence strategy, and on the other side, to manage the inflation. But when we look at the results of Q3, and especially at the evolution of the revenue base, we see a strong acceleration of that revenue base. So I consider that we got the right strategy. In Italy, we've been number one for 26 consecutive quarters, which is quite an achievement. The market is becoming more challenging. Clearly, there are some very promotional offers, with offers as low as €3.99 for more than 50 gigs. But at the same time, and this is the proof of the strength of our strategy, even if we're not, even if we have some competitors that have very, very aggressive offers in terms of pricing, we manage to be the number one in terms of net adds, thanks to the strength of the brand name Iliad Italia, the efficiency of our distribution platform that is kind of unique with our SIM card distributor, and at the same time, the quality of our network. The DNA of the group, as I said, is entrepreneurial mindset, but also our capability to innovate. And we have very concrete accomplishments since the start of the year, the launch of the Freebox Ultra that has been designed 100% in-house. We were also the first French telecom operator to launch 5G standalone, and we took a lot of initiatives with Scaleway. We had last week the second edition of our AI Pulse conference, which was a huge success. And we are still the leader in Europe in terms of computing power dedicated to AI, with additional GPUs. And by the beginning of next month, we will have more than 5,000 GPUs. And in Italy, to the best of my knowledge, we are still the only telecom operator to provide Wi-Fi 7 to our subscribers. This year was also very important with new faces. Aude, that was named Deputy CEO at the beginning of the year. Thomas Kienzi, that just joined the group one month ago, is our Group CFO. And we have also the pleasure to get a new CEO in Poland with the nomination of Ken Campbell. Maybe a few words on some evolution at Iliad Holding. Very positive evolution at Iliad Holding with some transactions. Iliad Holding is now the 100% shareholder of Atlas Investment, which manages the 40% stake in Millicom. By the end of the year, Iliad Holding will take a 50% stake from NJJ on Freya Investment that manages the 20% stake in the Swedish telecom operator Tele2. These transactions were done on a cashless basis due to an offset against historic shareholder loan between Iliad Holding and NJJ Holding. These are good news for Iliad Holding. Why that? Because Millicom and Tele2 are two very good assets. They are cash-generative, strong balance sheet, strong rating with the public agencies, and ever better than the one of Iliad Holding. In the case of Tele2, there is also a high dividend yield from which Iliad Holding will benefit. Clearly, there is no negative impact, and even a slight positive impact on Iliad Holding's credit profile. And from a bondholder perspective, there will be no impact at all, as Atlas, which means Millicom, were recognized as unrestricted subsidiary. So that's it for the operational part at the level of Iliad and some clarification at Iliad Holding. And I get the pleasure for the first time to leave the floor to Thomas Kienzi. Thank you, Thomas, and hello, everyone. I'm very pleased to be here today. It's my first quarterly earnings presentation. Iliad is a unique and aspirational group that I have always admired, and I feel privileged to be part of this exciting journey alongside such talented and dedicated teams and leaders. Moving on now to the results, as Thomas said, the group has maintained its high growth dynamic and its leadership in Europe in terms of revenue growth over the past nine months, with a reported 9.7% revenue growth and an 8.1% organic revenue growth if we exclude the tailwind from the Polish zloty appreciation. In Q3, the revenue growth stood at 8.5%. As you can see on the slide, the growth in the first nine months of the year was fueled by our three geographies, and I will come back to that in detail in the following slides. As you know, our revenue numbers were impacted in all our geographies by the 50% drop from January 1st of the mobile termination rate, which cost us circa 1% of revenue growth at group level year to date. Our growth dynamic before this effect would be even stronger if we just look at Q8 revenue. On the next slide, you can see that our revenue reached EUR 7.5 billion at the end of Q3, up EUR 6.6 million versus last year. By geography, France's revenue year to date reached EUR 4.9 billion, up 9.2% versus last year. Service revenue billed to subscribers grew at 10.5% for our fixed activities and at 7.8% for mobile activities. Poland revenue reached EUR 1.8 billion, up EUR 170 million or 11% compared to last year. Excluding FX, the growth stood at 4%. At constant currency, service revenue billed to customers grew at 7.7% because, as I mentioned, the revenue was impacted by the drop in the termination rate. When it comes to Italy, it reported revenue of EUR 0.8 billion, up 10%, driven by a 12.8% revenue growth for mobile service revenue billed to subscribers. On the right-hand side, you can see our profitability with a group reported EBITDA of EUR 2.9 billion, up 13.6% versus last year, which means significantly above the revenue growth, and which led to a significant EBITDA margin improvement of 130 basis points versus last year. EBITDA grew faster than our revenues in all our geographies, with a 23% growth year on year in Italy, a 50% growth in Poland, and a 12% growth in France, and this was the result of several things. First of all, our strong operating leverage and the efficiency of our operation, as illustrated by COGS and external charges going up respectively by 6% and 5% year on year, way below our revenue growth. We also benefited from lower energy costs, and all that enabled us to continue to invest in our distribution network and customer care operation, which explains the increase in our payroll costs over the period. Looking at CapEx, our group CapEx, excluding payment for frequency, reached a bit less than EUR 1.5 billion year to date, down 9% compared to last year. The CapEx in France reached EUR 1.1 billion, down 40%, thanks to the lower spend on Freebox as we built up inventory last year before the launch of the Freebox Ultra, and also thanks to the non-core asset disposal we made in Q1. Excluding the disposal, CapEx in France will be down by roughly 5% compared to last year, reflecting a normalization of our CapEx level in France. In Italy, our CapEx was broadly stable versus last year, with the higher spend from the rollout of Zefiro Net being offset by lower RAN spending in the entire area. In Poland, CapEx was up by 10% in local currency and 17% in euros as we continue our mobile network rollout and due to 5G upgrades. On the right-hand side, you can see that the combination of a strong EBITDA growth coupled with CapEx down 9% resulted in a strong cash flow generation. As you can see, our operating free cash flow in the first nine months of the year was up by 55% and by 44% just in Q3, which represents an increase of EUR 500 million versus last year, with a positive contribution from our three countries. As you can see, France contributed by almost EUR 400 million to the increase in operating free cash flow, and Poland and Italy contributed respectively to EUR 50 million and EUR 60 million in terms of increase of operating free cash flow. The last point to mention is that you can see that our mobile, the cash flow generation of our mobile activities in Italy is reinvested into the expansion of our fixed activities in Italy. On the next slide, you have our bridge from operating free cash flow to equity free cash flow. Our operating free cash flow plus working capital is up by 268 million EUR versus last year, which represents a 30% increase. Financial interest amounted to 319 million EUR, up 19 million compared to last year, and reflecting the slight increase in the cost of debt versus last year. We paid 319 million EUR of taxes year on year, down versus last year, which was impacted by one-off costs linked to the tax integration implementation within Iliad Holding. Our lease interest increased by 15% to 105 million EUR, in line with the increase in our lease liabilities. All that led to an equity free cash flow pre-spectrum of 401 million EUR and after spectrum of 254 million EUR. On the next slide, you can see that thanks to our strong cash generation and the EBITDA increase, our leverage ratio has significantly reduced since the beginning of the year. The Iliad Group leverage ratio has declined by 0.3 turns of EBITDA to 2.7 times, with a relatively stable net debt in absolute terms. And at Iliad Holding, the leverage declined by 0.1 turn at 3.8 times EBITDA, as it includes some financing to Freya related to the transaction on Tele2 earlier this year. On the next slide, you can see the liquidity profile of the group at the end of September for both Iliad and Iliad Holding. The level of liquidity remains excellent at EUR 4 billion at Iliad Group and EUR 0.5 billion at Iliad Holding, which is more than twice the level of our 2024 and 2025 debt maturities. These numbers do not take into account our recent EUR 500 million inaugural green bond with a five-year maturity, which was a great success, and it does not include neither the tender offer we made, the EUR 300 million tender offer we made at the same time on our 2025 and 2026 bond maturities. On the last slide, you have an update on our ratings. Nothing changed compared to the previous presentation. We have all the agencies which have confirmed the current rating of the group at both Iliad and Iliad Holding level. So I will not pause and leave the floor to questions. Thank you. If you'd like to ask a question or make a contribution on today's call, please press Star 1 on your telephone keypad. To withdraw your question, please press Star 2. You'll be advised when to ask your question. We will take our first question from Mathieu Robilliard. Barclays, your line is open. Please go ahead. Yes, good afternoon. Thank you for the presentation. I had a question on France first. Thomas Reynaud, I have now to say. You mentioned that you were taking kind of a more balanced approach between volume and value in France, which I was curious to maybe understand a bit better because it seems so far you've been quite focused on volume, notably on mobile, to reach a good scale. Does that suggest, this comment now suggests you think you have kind of the right market share in terms of volume, and that's why you're becoming more balanced, or you're more worried about further fueling the deterioration or the competitive environment in France, and you're trying to calm down the game? So that's the first question. The second question is on Italy, and in a previous conference, one of your competitors said that you were trying to ban, yeah, to ban below-the-line promotions, win-back offers, and that suggested that your churn was going high, your market share of gross adds was coming down, so I don't know how much you want to comment on that. I mean, certainly, we don't have your churn, so if there's anything you want to say there, that would be helpful, but also in terms of how you see this comment around what you want to achieve in terms of promotional activity from some of your competitors, then maybe a third one, if I could very quickly. Opco leverage is now below three times. I think, historically, you've said that below three times was a good place to be. At the pace at which you're growing, you're going to be way below 2.7 very quickly. And I was wondering if you wanted to further deleverage maybe because you want to have a higher debt rating, or is there something else you could do upstream through dividends, or you want to keep flexibility for M&A? So really thinking about your capital allocation priorities now that you've delivered so much. Thank you. Thank you, Matthew, for your question. I will start with Italy. I saw the comment from one of our competitors, and I think that that competitor wanted to self-reassure himself about the trend of the Italian market. And we need to have a look at the data in an objective way. First, Iliad Italia is number one in terms of net adds for the 26th quarter in a row. In a specific context of the Q3, probably Q3 2024 has been one of the most competitive quarters in the last five years since we got in Italy. Telecom Italia, for example, offers 200 gigs for EUR 5.99. Wind Tre offers 200 gigs for EUR 3.99. And those two players keep on losing customers. At the same time, by sticking to our commercial strategy, by sticking to our pricing strategy, we keep on getting market share in a very important way. So this is the reason why I'm very optimistic about the future of our Italian activities. And as Thomas just mentioned, what we see is the significant increase of our mobile Italian activities. Our mobile Italian activities are now cash-generative, and we took the strategic decision to reinvest a big part of that cash into the rollout of a broadband activity. And today, by far, we are the number one in terms of broadband net adds. So yes, we're going to accelerate our broadband recruitment. Yes, we're going to keep a high level of recruitment on mobile. And at the same time, there is something the team of Benedetto has done an amazing job, but we need now to address the B2B market in a very tough way. When it comes to the question of the win-back offer, we consider that we have a legal perspective, and some of that win-back offer are anti-competitive ones, especially when these win-back offers of the three players target only one player, one M&O, which is Iliad Italia. When the win-back offer of Telecom Italia does not target Vodafone or Hutchison, or the one of Hutchison is not targeting Telecom Italia or Vodafone, clearly, there is a case. On France, what I can tell you is that we've always, over the last two to three years, had a focus on volume and value. Look at our broadband ARPU up by 4% this quarter, and look at our revenue services since the beginning of the year in France, plus 9%. Clearly, of course, we prefer to be the number one in terms of net adds, but what is important for us is to keep that growth profile in France. Finally, regarding capital allocation, what I can tell you is that we are quite happy with the deleveraging of the balance sheet of our Opco. We are an industrial player. We will never do an M&A transaction just in order to releverage the company because we get some free leeway. We will do it only if it makes sense, and right now, we consider that we get the right setup. We took a very important initiative at the beginning of the year with Tele2, and we still have a lot to deliver in our three countries, so we will concentrate on our existing footprint. Thank you very much. Once again, if you'd like to ask a question, please press Star 1 on your telephone keypad now. We will take our next question from Nicolas Collison, HSBC. Your line is open. Please go ahead. Oh, thanks. Hi, everyone. Thomas, you said earlier that you were more selective on distribution, and back to what was the question just before, focusing more on value than volumes, but can you give us a bit more color on this? Because at the same time, on page 18, you are explaining that distribution costs are actually up, so what do you mean by more selective on distribution, and maybe a follow-up on the EBITDA margin in France. I'm just trying to reconcile this with the strong increase in fiber adoption. Is it fair to say that fiber is margin dilutive and that the higher margin is essentially from upselling on the mobile side? Okay, so clearly, Nicolas, thank you for your two questions. On the first one, Nicolas Thomas, our CEO of Free, will answer, but we're not going to give you all the secret sauce of commercial performance. But Nicolas. Yes, hello, everyone. On one hand, indeed, we have a higher distribution cost because we keep rolling out our shops in France. We opened 25 shops, and we have now more than 250 shops in France. This is part of a proximity plan that we have, the shops on one hand, but also what we call Free Proxi on the other hand, which are smaller customer relationship teams. We have now everywhere in France. But to come back to the acquisition cost, what we do is that we have a higher focus on customer lifetime value of the subs that we recruit. So we strike the right balance between volume and value. And so that's why you see, on one hand, lower volumes in Q3 with regard to Q2 and Q1, but in the end, we keep generating more value, and that's what is also reflected in the EBITDA and revenues we display on Q3. When it comes to your comments on page 18 regarding distribution cost, we have continued to expand our Free Proxi and our distribution networks, and all that explains the increase of the payroll cost associated with the staff we have in this distribution network. That was the reason of this comment. Okay, got it. And then on the dynamics for the EBITDA margin in terms of, I agree, you can't tell everything, but I think it's quite obvious to say that fiber can be much more dilutive. And given you are increasing the proportion of fiber within the base by almost 10 percentage points a year, how should we see the margins looking forward? Once again, if you'd like to ask a question, please press Star 1 on your telephone keypad now. We will pause for a quick moment to allow everyone an opportunity to signal for questions. Yes, Nicolas, to your question regarding the evolution of the French profitability, I do hope that we will have that kind of performance again next year because our EBITDA is up in France by 14%, and our operating free cash flow is up in France by more than 75%, which means that we have a very efficient growth model. Thanks. As a final reminder, if you'd like to ask a question, please press Star 1 on your telephone keypad now. We'll pause for another quick moment to allow everyone an opportunity to signal for questions. Okay, there is no more question. Thank you so much for being here this afternoon with us for these Q3 results. Clearly, a good set of results, getting market share everywhere, strong improvement of the cash profitability of the group, great management of our balance sheet with great visibility. And what is super important for us is to still be grounded, keep that entrepreneurial mindset within a growing organization, which is quite challenging. And clearly, we need to keep that unique capability to differentiate ourselves from competition thanks to innovation. Thank you so much, and see you next time. Bye. Thank you for joining today's call. You may now.