Hello and welcome to the iliad 2024 full- year results conference call. Please note this conference is being recorded and for the duration of the call your lines will be on listen- only. However, you'll have the opportunity to ask questions. 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'll be connected to an operator. I will now hand you over to your host, Thomas Reynaud, Group CEO, to begin today's conference. Thank you. Hello everybody. Sorry for the short delay. I'm super happy to be here in Paris with [audio distortion] our Deputy CEO, Thomas Kienzi, our CFO, Nicolas Thomas, CEO of France. We have in Milan, Benedetto Levi, CEO of iliad Italia. In Warsaw, Ken Campbell, the CEO of our Polish operation Play. What I can tell you is that 2024 has been a great year. A year that confirmed that iliad is not just another telecom operator, but that we are truly unique in Europe. We are a growing group, a profitable one and one in constant transformation, but above all a group that is true to its DNA in terms of its innovation, independence and ambition. We went through an amazing transformation over the past few years where we've totally changed the dimension of the group from a French only company to become a European group in eight countries with more than 60 million subscribers. If you look at iliad today, there is a stake in Millicom, the number four telecom operator in Latin America. We are an international group with 112 million subscribers, 17 countries and more than EUR 18 billion of revenue. Clearly, as you can see on that slide number six, in 2024 we proved that our model works. We managed to combine growth and profitability. Revenues are up 8%, EBITDA is growing double digit and the operating free cash flow is up by 20%. At the same time we keep an exemplary financial. We are a family owned company, we have a long term vision and clearly we want to keep our leverage under control. All the objectives of 2024 have been met. We defined Odyssey 2024 plan back in 2018 and it was fully executed and I want to thank all the team for making it happen. At the same time, we became the number five telecom operator in Europe in terms of number of subscribers. For the first time we managed to reach a significant milestone by crossing EUR 10 billion revenue mark. The numbers speak for themselves. For the third year in a row, we are the fastest growing telecom operator in Europe. We are also leading the pack in terms of profitability growth and this is something that we are very proud of. Clearly we are gaining market share across all our geographies, adding an extra 2 million net adds in 2024. What you should keep in mind, in France we finished for the third year in a row as the leader in terms of market share gain. We kept our promise to maintain our mobile tariff and change. We launched a very successful new Freebox, the Freebox Ultra. We saw great financial performance, + 8% organic growth, and we grew our OFCF by 30%. In Poland, we moved from the number three to the number one position as B2C telecom operator. Clearly we managed to have the good combination between value and volume. For the years to come we will put a specific focus on one, acceleration of the rollout of our fiber network with PSO and two, improvement of our convergent strategy. In Italy, the commercial performance was super solid in a very competitive market. We managed for the seventh year in a row to be number one in terms of net adds with an additional 1 million subscribers. We manage that commercial performance with super aggressive competitors through their win back offer with price much lower than our price. Which tells you two things. One, the success of iliad Italia is due to its brand name and we are the most favored brand name in the Italian market and to the quality of our network. For the first time we generate significant cash flow from our mobile operations, more than EUR 100 million. Clearly these results are not chance, they are the fruit of our winning strategy in terms of investment. We invest with discipline, massively but smartly. We accelerated the rollout of fiber and 5G while reducing capital intensity. Thomas Kienzi will come back on it. At the same time, innovation is the very core of our success. I know that all the telecom operators are talking about innovation, but we were the first one in Italy as a world premier to launch at scale a box with Wi-Fi 7. At the same time we were the first telecom operator to launch 5G SA in Italy and in France. Innovation is not a buzzword for iliad. We are now investing into new areas of expertise. Clearly we consider that AI is a game- changer and we want to invest massively in digital infrastructures dedicated to AI with our data center platform. I will come back on it, but also with Scaleway that is becoming a major cloud player in Europe with over 5,000 GPU dedicated to computing power. On the R&D front, our Kyutai l ab is becoming a reference in the field with new product. We launched three products over the last 18 months. Clearly, telecom is no longer just about connectivity, it's about AI, cybersecurity, user experience, and we want to be the one shaping the telecoms of tomorrow. In 2024, we made two very important strategic transactions that will have a very positive impact for the years to come. The number one transaction is Tele2, the number two Swedish telecom operator. We became the reference shareholder, holding 27% of the voting rights and 20% of the capital. We supported a new governance at the Board of Directors, some important management changes, and at the same time we fully support the transformation agenda of Tele2. What I can tell you is that Tele2 is a very good investment for iliad. Our stake has gained value with the performance of Tele2 stock and it will generate recurring dividend for our group. The second important transaction is OpCore. OpCore has become a key player in the data center space in Europe. Today we operate 15 different data centers across Europe and we decided to put in place a strong partnership with InfraVia. InfraVia is already our partner on fiber, in France with IFT and in Poland with PŚO. We will accelerate our strategic roadmap with an investment of EUR 2.5 billion. The name of the game for us is to become the number one independent data center platform. Keep in mind that in Europe, all the other players are either U.S. or Chinese players. I do believe that Europe needs a strong European data platform. That is super important. These two strategic transactions were done without compromising our balance sheet. Looking ahead, our roadmap for the years to come is Odyssey 2028. Our ambition is simple. On the one hand, we want to remain Europe's growth leader and at the same time to improve our cash flow generation. On the other hand, we want to become a central player of digital infrastructure dedicated to AI. Clearly, we aim to keep growing in our core market and use our playbook in Sweden and in the Baltics. We want to strengthen our position in each of our geography and if needed, with some targeted acquisition. As I mentioned, we will accelerate on AI. As a conclusion, I would say that we're growing, but we stay true to our DNA. Our mission remains to bring the best technology, the best connectivity to as many people as possible at the best price. Everything is not just about numbers. It's also a question of mindset. I think that we've been a telecom operator for now 20 and the most important thing is to keep that passion, that energy and that maverick mindset. The one that we have since day one. Now I will hand it over to Thomas Ki enzi. Thank you, Thomas. Good afternoon everyone. I'm happy to share our key financial achievement for the full year 2024. As Thomas just said, this year has been truly memorable in the group, not only for the significant milestones we've reached, but also for our strong financial performance. We've seen remarkable revenue growth, improved profitability and accelerated cash flow generation both at group level and across all our geographies. We have once again maintained our growth leadership in Europe with a 8.5% revenue growth at group level which is outstanding taking into account our markets that are becoming more and more mature. These achievements were driven by outpacing the market in all our geographies with a good balance between volume and value growth and also thanks to market share gain in all our regions. In France, our revenue grew by 8.2% in 2024. Poland grew at 10% and at 4% at constant FX and Italy grew at 10%. After adjusting our 2023 number for EUR 20 million of one-off revenue booked in December last year, our growth was stronger in the first half of the year with a 10% growth, while the second half of the year saw a softening of the growth with 8.5% revenue growth in Q3 and 5.1% revenue growth in Q4. Due to competitive pressure from end of Q2, particularly in France and Italy, and also due to our willingness to find the right balance between volume and value growth. Thanks to the robust commercial performance, we have successfully reached the EUR 10 billion revenue target set last year. These represent a EUR 800 million increase over the years. France exceeded EUR 6.5 billion in revenue, up EUR 500 million versus last year, of which EUR 300 million was coming from fixed and EUR 200 million from mobile. Italy posted revenue of EUR 1.15 billion, up EUR 85 million versus last year, and Poland increased its revenue by almost EUR 200 million to reach close to EUR 2.4 billion in revenue. 2024 was not only a great year in terms of growth, it was also a great year in terms of profitability improvement. Our EBITDA increased by 12% to reach EUR 3.85 billion. This represents an increase of more than EUR 400 million. Thanks to this level of growth, our EBITDA margin increased by 110 basis points, reflecting our strong operating leverage from revenue growth, our operational efficiency, and our cost discipline. Profitability improved at group level but also in each of our single geographies with EBITDA growing faster than revenue both in Italy, in Poland and in France. In 2024 the group invested EUR 2 billion in CapEx, a stable amount compared with 2023 representing 20% of our revenues. The CapEx intensity is down 1.6 percentage points versus 2023. These levels of investment enable us to increase our ultra fast broadband offering with more than 7.6 million new households that can now benefit from our offering in our three markets. At the same time, we continue our 5G rollout efforts, activating nearly 6,000 new 5G sites over the past 12 months to reach a 5G coverage of 94% of the population in France, 95% in Italy and 77% in Poland. The combination of a strong growth of an improving EBITDA and stable CapEx resulting in a strong acceleration of our cash flow generation. Our operating free cash flow in 2023 thus increased by 28% to reach EUR 1.8 billion. This represents an increase of EUR 400 million versus last year with a positive contribution from our three countries with France operating free cash flow up EUR 270 million, Poland up almost EUR 100 million and Italia up EUR 30 million compared to last year. Another important point is the performance of our mobile activities in Italy with an operating free cash flow which exceeded EUR 100 million last year, the majority of which being reinvested into the expansion of our fiber activities in Italy. On the next slide you can see the bridge from operating free cash flow to adjusted equity free cash flow. Our operating free cash flow post working capital is up 20% or EUR 260 million versus last year. We had a negative working capital outflow of EUR 280 million, which is to be compared with EUR -143 million last year. The main moving factors being the phasing of [audio distortion] outflow, a change in accounting in the way we recognize BTS in Poland, and also the impact of Free Flex in France. Financial interest amounted to EUR 453 million, up EUR 70 million compared to last year and reflecting a slight increase in the cost of debt. Taxes went down year-on-year as last year we recorded tax on the 30% take sale of OTP to Cellnex. In Poland, lease interest increased by 24% to EUR 144 million in line with the increase in lease liabilities across all our geographies. After taking into account a spectrum spending of EUR 152 million, our equity- free cash flow amounted to per spectrum amounted to more than [audio distortion]. Our financial discipline remains a cornerstone of our strategy. Thanks to our strong cash flow generation we have reduced our leverage ratio to 2.7x from 3x at the end of 2023 with a net debt relatively stable in absolute terms at EUR 2.3 billion. This improvement is the result of our strong cash flow generation and of our present financial management. We have also proactively managed our debt maturities as you can see on the right hand side of the slide, with several transactions that have enabled us to extend our debt maturities and to benefit from a strong liquidity profile with EUR 1 billion in cash and EUR 2.7 billion of undrawn credit lines which enable to cover well our upcoming maturities for at least the next two years. At iliad Holding we have also reduced our leverage ratio to 3.8x from 3.9x at the end of 2023 and that despite the investment of Freya in Tele2 and here again our liquidity position is very strong with EUR 500 million of liquidity between our cash and undrawn credit line available at iliad Holding level and no debt maturities before 2027. Looking now ahead, our objective for 2025 is to continue to lead the industry in terms of revenue growth and to continue to improve our free cash flow generation. Our objective for 2025 is to achieve an operating free cash flow of EUR 2 billion, up 10% compared to last year. Finally, we will remain committed to maintaining a healthy balance sheet with a maximum leverage target unchanged of 3x at iliad and 4x at iliad Holding level. This is now the end of this presentation and we are available to address any question you may. Thank you. As a reminder, if you would like to ask a question or make a contribution on today's call, please press star one on your telephone keypad. If you change your mind and want to withdraw your question, please press star two. Please ensure your lines are unmuted locally as you'll be prompted when to ask your question. The first question comes from a line of Joshua Mills from BNP. Please go. Ahead. Hi guys, thank you for taking the question. I had a couple from my side. The first was just on the commentary around the French market environment and maybe there's been a slight shift in the balance between volume and value on the broadband side. Are you also happy with how you're delivering that mix of net adds and ARPU growth on the mobile side or do you see the need to take new commercial action? Any response to the Bouygues price cuts or any commentary that you're seeing in the market for Q1 would be helpful. Secondly, I'm sure this will come up again, but views on consolidation in Italy and France in particular, on the Italian side, there's been a number of reports and I won't ask you to comment on them explicitly, but perhaps if you could outline in principle how important it is for you to have operational control of the businesses which you merge with or partner with. In particular, if you were to merge your Italian business with someone else in the market, would you be happy to accept a minority position in a new larger company? Or is having a roots control, as was originally laid out in your proposal, the Vodafone, still a priority for you? Thank you. Okay, so I will start with a question on the Italian consolidation. It's true that a lot of things happened since the beginning of the year. A lot of discussions. What I can tell you today is that there is a sense that there is a strong consensus around the merits of consolidation from four to three players due to the specificity of the Italian market. It will make a lot of sense from an industrial perspective, but clearly we fear that the window to make it happen might close soon. Where do we stand at iliad Italia? We have an amazing brand, the most favored one. We managed to keep on taking market share in front of super aggressive win back offers. That tells you that we have really strong assets between our brand name, the quality of our distribution platform and our network. Clearly we will be super pragmatic. I do not think that we have much more to add when it comes to the French market. The French mobile market, super happy with the performance of 2024, including the performance of the last quarter. When you see our revenue growth, it is true that we see a strong deterioration of the French mobile market with the sub brand of our three competitors that are becoming more and more aggressive, it destroys some value. In the end, even if they have super promotive offers, we do believe in the strength of our brand and the fact that we do not change our commercial strategy every month. Every quarter with sub brand we have one brand. We took strong commitment in front of our subscribers and we are quite happy with the performance of 2024. We have the chance to have Nicolas Thomas, the CEO of France. That will give you a little bit more color on the topic. Yeah, thank you, Thomas. All in all we are very happy with the. Performance. In the last three years we've made more than 2 million net adds on both mobile and fixed in France. All in all we are very happy. As you saw, there is also an improvement of the revenues, the EBITDA. We have improving KPI at every level. Now, having said that, the market is becoming more mature on one hand and indeed competitors have been aggressive since June last year on mobile, but it's not improving as of today. In fact, in the last two months we've seen again deterioration on both mobile. As Thomas said, on the low cost brands of our competitors, but also on fixed broadband. Now, having said that, as you said, in fact we are making our own arbitration between volume and value. We are very happy with the value we generate and we stick to a long term view where we want to keep bringing the same values to the market, which are freedom on one hand. Offers without any commitment, simplicity. That is why we have few offers, three entry plus brands, three on mobiles, no local brands, and then generosity. When we improve one offer, we do it not only for gross adds and new acquisitions, but also for the existing sub base. This strategy has brought value in the last 25 years and we aim at keeping it. Thank you. Before proceeding to the next question, as a reminder, if you would like to ask a question, please press star one on your telephone keypad. The next question comes from the line of Mathieu Robillard from Barclays. Please go ahead. Yes, good afternoon and thank you for the presentation. I also had a couple of questions. If we can touch on Italy. Clearly, as you pointed out, rightly you're growing, you're adding customers faster than others, but there's a bit of a slower growth certainly on the net adds side. I guess the question is, do you think you can reach through organic growth, a level where you earn your cost of capital and is that something that can be achieved reasonably quickly or is that something that is very long term? Obviously the context for that question is how important is consolidation for you compared to the organic route? On France, I guess asking on M&A, obviously there's nothing in the press on that. Do you still think that consolidation in France is possible and do you think is it necessary also from your point of view, in order for the market to return to some form of rationality? Thank you. You. A lot of question and consolidation in Italy. What I can tell you is that of course consolidation could be a great opportunity for iliad Italia, but it's not a necessity. Look at the results of our mobile operations with OFCF above EUR 100 million, that will grow a lot in 2025. Even after seven years of operation we managed to stay the leader in terms of net adds, and I do hope that it will be the case for 2025. I am really optimistic. When it comes to our Italian operations in France, you know that the core of our business model is above all organic growth. It relies on innovation and investment. If we can accelerate our growth through the consolidation of the market, if we can have additional subscribers thanks to the consolidation, we will be pragmatic, but at the same time we will be loyal to our values and we do not want to change the DNA of the Free brand. In both cases we will be pragmatic. When I am looking at the performance of these two assets in 2024, I am quite. Relaxed. Thank you. Very much We currently have no questions coming through. As a final reminder, if you would like to ask a question, please press star one. The next question comes from a line of Nicolas Cote-Colisson from HSBC. Please go. Ahead. Hi. Unsurprisingly, a couple of questions on France. Just wondering, do you see any step change in market dynamics with the integration of La Poste Mobile by Bouygues? Second question is on broadband in the lower dense area. Can you give us some color about dynamics in terms of broadband market shares? And very last on OpCore. I'm not clear whether you will consolidate it or not, given the 50%-50% structure, but can you give us a sense of what kind of, if not revenue, but profit or dividend opportunity you can see in the long run. Just trying to figure out what size this operation can turn into in the future. Thank you. All right, I will answer on OpCore and Nicolas Thomas will answer on the two questions on France, on OpCore. We put in place a partnership with InfraVia, a 50%-50% partnership. We will sell 50% of OpCore and we will have net proceeds of a little bit more than EUR 400 million that we should receive in the course of H1 2025. Therefore, OpCore will no longer be consolidated within iliad account, but we will benefit in the years to come after a period of strong investment and we will invest EUR 2.5 billion. After a period of investment, we will receive upstream dividend from OpCore. I can tell you that if we invest EUR 2.5 billion, clearly we want to make a return on it and to get 50% of that. Return. Nicolas. O n market dynamics, with the merger between Bouygues and La Poste Mobile, no, we do not see any modification, substantial modification of the market dynamics. I am not sure that it does impact the behavior as of today of our competitors on their low cost brands on the broadband, we are pretty happy with our growth at this level because as you can see we now reach almost 7.6 million subs. We have a growth on the ARPU which is significant. We will be stopping EUR 37. We still have the highest penetration rate of the FTTH with 82% of our broadband subs in FTTH. The Ultra launch last year has been a great success, everything is very fine with that. I will not comment again about the market dynamics we see at the entry level of the local brands on both cities mobile, which are still pretty aggressive overall competitors. If I may just a follow, thank you for that. How do you see the impact of more move towards convergence? Obviously you have some sort of converging discounts. Do you feel that you need to do more around that? We are already doing a. Lot on that because we. Are in. The past maybe four, five years we've pushed very much in fact on convergence because we see lots of value added for the subscribers and for the brand. There is a huge impact on churn and also much better opportunity to then upsell and keep cross selling once you have a curve for pen. The move we made last year on this is three families. We were the first one launching this approach which is a sort of uniformization of the approach of convergence between fixed and mobile, where in fact you can have four mobile lines for EUR 9.99 during the first 12 months and then EUR 15.99, which is the 5G line with unlimited data. We are also very happy with this commercial move which is the right balance for us between volume and value. Okay, thanks. The next question comes from the line of Stéphane Beyazian from ODDO. Please go. Ahead. Thank you. Good afternoon. I've got three if that's possible. The first one, I was just wondering whether you can give some color on perhaps the outlook for CapEx, especially in France, regarding fiber versus mobile. My second question is just to have an idea where you are in term of growth for your French business operation, but excluding the cloud. I don't know if that's easy to strip out, but just wondering how the business telecom is doing at Free Pro. And finally regarding cloud, we've talked about, about the sovereign cloud and so on. I was just wondering whether you have any idea whether you think there's a chance to see some acceleration with everything that's been happening over the past couple of weeks in favor of European based cloud operations such as Yourself. Thank. On your last question, what we've seen in the recent weeks, it's too soon to say if it's going to be a consistent trend, but we saw some players, some companies that decided to relocate or to duplicate some of their data platforms that were previously hosted in the U.S. and to duplicate it in Europe. In that sense we benefit from that trend. It's too soon to say if it will be a profound trend, but clearly there are question marks for some players that decided to locate 100% of their data in the U.S. Thomas, on CapEx. Yeah, on CapEx. I think we had a stable CapEx this year compared, I mean 2024 compared to 2023 at EUR 2 billion. What we expect for 2025 is to have again the level of magnitude of CapEx. You can expect to have a stable CapEx in absolute terms with different dynamics between geographies. In France, as you may have seen, we had CapEx that decreased by 4% this year and we expect to continue to have a slight decrease in our CapEx this year for France and in Poland and Italy we expect CapEx to slightly increase. Regarding your question about B2B, we have a high ambition for B2B. It's performing very well. Our B2B activities grew by 30% this year overall. A good track and we have a lot of ambition for the year to come because, as you know, B2B activity are still relatively small compared to the size of the group and we have great potential to develop further this business. Thank you. Just a clarification. The + 30% is excluding Scaleway. We are just talking about the telecoms B2 Free Pro. Basically it's actually, it's a Scaleway plus Free Pro growth. So it's a good question but the dynamic is actually pretty close. Both are performing strongly. Scaleway is growing slightly above that and for Free Pro we are slightly lower than 30%. It's actually 25% growth. That's very clear. Thank you. The next question comes from the line of Mark Watts from Citi. Please go. Ahead. Guys. Do you mind just clarifying just what the working capital swing was, kind of the negative amount. I didn't quite follow what you were saying on the presentation. The second question just concerns just a clarification on the consolidated financial data you guys have on the right of use assets. It's a EUR 2 billion outflow on page three and then a little bit later on page 28, the right of use amount is EUR 1 billion. So I'm guessing some of that has been moved into the CapEx. I'm just trying to kind of triangulate what the differences are there and then I might follow up with a third after. Yes, sorry, can you please clarify the second question? In your group financials there's like consolidated financial data. You've got a little cash flow bridge at the bottom of the table that has right of use assets and interest expense on the lease liabilities of the. Then that's on page three. Then on 28 of the consolidated, it's a billion outflows. It's like a billion delta, which I gather is maybe related to something, but I can't quite follow what the difference is, why they aren't the same number. I am not sure if it's a typo or something I've missed. Okay, on the working capital, I said we had EUR 280 million outflow this year, which is to be compared to slightly less than EUR 150 million outflow last year. You have three elements that explain the delta. The first one is the timing of some BTS sales. As you know, during the construction phase, we keep it on the working capital before we sell the BTS to our partners like Cellnex or PTI. It has an impact on our working capital. Secondly, there was a change in accounting treatment of BTS in Poland. Up to the beginning of the year, BTS were accounted in CapEx and not through working capital. Therefore, the change in accounting policy had a technical impact on working capital. Thirdly, you have a third impact which is coming from the growth of our equipment revenue in France. As you may have seen, our equipment revenue increased by EUR 80 million. This is due to the success of Free Flex where we give the opportunity to our customers to pay their handset over 24 months plus an option to purchase it after 24 months. This has an impact on our working capital. Regarding the second question, I'm not sure I got it. We are not sure we got it totally right. The lease liability outflow, it's EUR 1.1 billion per year in total. This is the cash impact of the lease liability. When it comes to the other elements, and when it comes to the other element, this is related to the change in perimeter with the acquisition of Freya. Okay. Great. Tele2. Oh, with Tele2. Okay. This is the holding through which we have invested in Tele2 Okay. It is a consolidated amount. I guess you are presenting the other one, the 1 billion, assuming that is not consolidated then as you are going to do going. Forward. Okay. Exactly. Great. Sorry, the final one was just obviously you've set leverage target there through the kind of the total or the subordinated bonds at four turns. You're at 3.8 through that part of the structure. It seems like free cash flow is probably going to be the area that maybe is kind of weaker year-on-year because EBITDA growth continues to go higher. Is the assumption there that that's kind of more inorganic or dividend is going to be why that potentially would be 0.2 of a turn higher year-on-year, or how do we read why leverage will end next year a bit higher than where it is this. I think mechanically if we continue to have a good growth and an improvement in our free cash flow generation without M&A and at constant dividend policy, our leverage ratio will mechanically decrease. That said, our commitment is to maintain a healthy balancing structure with the two leverage targets that we mentioned. We are comfortable with a maximum leverage target of 3x at iliad Group and 4x at iliad Holding. Got it. Is it fair to say, is there any intention to come to the market later this year or you're happy with current capital structure and how it is? We are always opportunistic in the way we handle all that maturity. I think, you know, market conditions are changing every day currently. We will see. We did a lot last year in terms of proactive management of our debt maturities. I think the priority at group level would be probably to do a transaction in Poland because we have EUR 1.7 billion debt maturities next year. Apart from that we will be opportunistic depending on the market condition and if there are good opportunities we may look at it. As you know, as you can see based on our maturity profile we have no immediate. Got it. Given that if you printed a deal after the reporting period in Polish zloty, maybe more local, local Polish debt to fund those. Maturities. Yeah. Potentially. Thanks. The next question comes from the line of Jean-Yves Guibert from BlueBay Asset Management. Please go ahead. Yeah, good afternoon. I got three questions. First on OpCore, can you confirm that the forward-looking CapEx plan would be entirely funded directly at OpCore without the need of additional equity investment from the shareholders? If you can share with us, since the data center will no longer be contributed or contributed into iliad Group, if you can share with us some key metrics being sales, EBITDA, and CapEx. Second question on Freya, that's more housekeeping question. The debt of nearly EUR 700 million equivalent, could you please confirm that it does not share any of the collateral of the iliad Holding secured debts and what are the terms of these debts beyond the 2027 maturity in terms of cost please. I note that you slightly tweak your net leverage definition for the iliad [Holdco] including now the dividend from various holdings into the Adjusted EBITDA, which is not the case for the OpCore net leverage, which is still being based excluding those dividends. Could you share with us, because it's going to be a bit more tricky for us to guess, estimate, but what are your expectations for dividend payments? I mean, rough envelope we could expect going forward on an annual basis. Thank you very much. Okay, I will answer the first question, OpCore, why we decided to put in place that partnership with InfraVia. It's because it's true that the data center business is a super capital intensive business. If you want to upscale, you need to invest at least EUR 1 billion. We will invest EUR 2.5 billion. The funding will be done at the level of OpCore and without any impact on the balance sheet of iliad, and this is really the reason of that transaction. Thomas, the other topic. Yes. On your question on the EUR 700 million of debt at Freya level, the maturity is 2028 and I confirm that there is no access to the collateral at iliad Holding level. Regarding your last question, if I got it right, regarding the calculation of the leverage ratio at iliad Holding level, we are following the definition of the offering memorandum, which effectively includes in EBITDA the contribution from the dividend from associates. As you have rightly noticed, we have included in the Adjusted EBITDA at iliad Holding level for the purpose of the leverage ratio calculation the dividend from Tele2 plus the dividend from the associate, and we are talking in total of something for approximately EUR 100 million and you can expect a similar amount in the short term. Okay, thank. You. Quick follow up on OpCore. I mean the operating free cash flow guidance you gave for 2025, that's obviously pro forma deconsolidation of the data center. Shall we assume that the EBITDA CapEx was negative for the data center so far in 2024? SLightly negative. Yes. Okay. The Freya term loan, could you share with us the cost of it? Interest margin? Yeah, it's below 1.5%. Margin. Below. 1.5%. Okay. Thank you very much. Much. Maybe as a general comment, regarding our investment in Tele2 and Millicom, we can say almost two years and a half after the first investment in Millicom that this is a good investment with an amazing operational turnaround. It used to be an asset with zero cash flow generation. It generates now more than $700 million per year, which will secure a good stream of revenues for iliad Holding. At the same time we saw a good performance of the stock price of Millicom. A revaluation of our 40% stake in Millicom and rev. Regarding Tele2, what I can tell you so far is that we will have also access to upstream of dividend. We fully support the transformation agenda. Tele2. Deliver guidance for 2025 and if they deliver, there will be an improvement of the key metrics of Tele2. In a nutshell, just to say that these two investments have strengthened the risk profile of iliad and the credit profile of iliad and are two excellent. Investments. There is another question coming from a line of Joshua Mills from BNP. Please go. Hi there. Thank you. Sorry for the follow up, but just on Italy, I think you mentioned in the presentation deck that you saw peak competitive intensity in Q4. Should we take that as a sign that things have started to improve from a competitive standpoint in the last couple of months? If so, could you point perhaps to what's changing? Is it front book prices, back book prices? Any moves from your competitors would be helpful. Thank you. You. Benedetto, you're on the line if you want to take that. Sure. No, actually the market remains extremely competitive also in this beginning of 2025. What happened is at the end of last year that one competitor specifically invested tens of millions in advertising campaigns with those super aggressive offers. These advertising investments slightly went down at the beginning of the year, but still the offers, mainly the win-back offer, but not only in the Italian market, remain as aggressive as they have ever been. Thank you. There are no further questions. Handing over back to you to conclude today's. Call. Thank you so much for your attention. Clearly 2024 was a great year for iliad. We will keep that mindset for 2025 especially. The name of the game for 2025 is to combine growth and cash flow generation. Thank you so much. Bye. Thank you for joining today's call. You may now disconnect your lines.