Welcome to the Iliad 2025 third-quarter results presentation. Today's conference will be hosted by Thomas Reynaud, Chief Executive Officer, and Thomas Kienzi, Chief Financial Officer. For the first part of the conference call, the participants will be in listen-only mode. During the Q&A session, participants are able to ask questions by dialing #5 on their telephone keypad. Now I will hand the conference over to the speakers. Please go ahead. Hello everyone, this is Thomas Reynaud speaking from Paris. I'm in Paris with Thomas Kienzi, with Audurand, our Deputy CEO, with Nicolas Thomas, CEO of France, and we had the chance to have in Milano Benedetto Levi and in Warsaw Kienzi. In a nutshell, we have delivered a strong Q3. The group is solid. We're in good shape. We are Europe's fastest-growing telecom operator. The good news is that we will exceed our EUR 2 billion operational free cash flow target for 2025, which is really good news. This is essential for us to keep investing, to keep building, and to keep pushing the boundaries. We also have to be clear: yes, we had a slowdown in Q3 of our growth profile, even with a slight decline in revenues in France. The performance over nine months is excellent. Cash flow generation has never been so high. This is the reality of our industry. Telecom markets in Europe are becoming more and more saturated, more competitive, and we must be ready for that. I don't know if the answer is the consolidation. What I can tell you is that at Iliad, we do not rely on consolidation in order to fight back. Telecom is one of the most challenging industries, and we have the strong conviction that value creation will only come from customer satisfaction. This is how you build brand preference, and brand preference is everything in the telecom industry. In this context, the combination of cost discipline, of maintaining an entrepreneurial mindset, adoption of AI tools, or some specific initiatives such as the total revamp of our customer care from a super centralized approach to a decentralized approach are more important than ever. This is our conviction at Iliad. If we have a quick focus country per country, I will start with France. Q2 was disappointing from a commercial perspective, no need to hide it. Good news is that for Q3, we have a clear rebound, commercial rebound, with the best sales performance on mobile in a year. This is thanks to the initiative of Nicolas Thomas' team, especially on the management of the brand and on some smart initiatives. I will mention our mobile native VPN now included in all our mobile plans. I will mention also the launch of our new OTT app for TV. Clearly, it made a lot of noise in the French market. Just last week, we launched a limited edition of our Freebox with Netflix, with Stranger Things. All these initiatives clearly enable us to push our brand and to improve the brand preference. Let's face it, there was a slight decline of our revenue in Q3, but thanks to the good commercial momentum of Q3, we do expect a rebound of our revenue profile in France for Q4. In Italy, since day one, we've been number one. Congratulations to the Iliad Italia team. For 30 consecutive quarters, we've been number one in terms of mobile net adds. We even see an acceleration of the take-up of fiber. Now we are the number one in Italy, not only on mobile subscription, but also on fiber subscription. Clearly, 2025 is a turning point in terms of profitability and cash flow generation from our mobile activities. Poland, we've been number one for 11 quarters in a row in terms of MNP and in terms of net adds. We had a really good postpaid revenue up by 9%, which is super important because this is the core of the profitability of our Polish activities. When it comes to broadband, we had a better performance in Q3 than in Q2 or Q1, but we consider that we're not yet full steam regarding the performance of our broadband activities in Poland. We are in a super, super competitive market, probably the most competitive market in Europe when it comes to broadband. We consider that we have the right position. We are positioned at the same time on the retail business with Play, but also on the wholesale business at the level of the 50-50% joint venture that we have with one private equity firm that enables us to get a natural edge on the evolution of the Polish broadband market. In a nutshell, we stay fully aligned with Odyssey 2028 that we presented last year. There will be twists and turns, as always in life. What matters most is simple. We have to stay true to who we are: focused, resilient, cost-conscious, ambitious, and keep that entrepreneurial mindset that is super important in a very conservative telecom industry. Thomas. Good afternoon, everyone. I'm now pleased to walk you through the financial highlights of our third quarter for 2025, during which we continue to demonstrate a stronger momentum, combining solid revenue growth, profitability improvement, and an accelerated cash flow generation across all our three geographies. Let's begin with revenue. The Iliad Group delivered organic service revenue growth of 3.5% year on year, maintaining our position as the fastest-growing major European telco. This performance reflects our ability to grow in mature and extremely competitive markets while preserving value. Breaking it down by geography, in France, service revenue grew 1.8% organically. This is particularly strong in a market where Free is the only national operator to grow service revenues. In Italy, we continue to deliver the strong growth with 9.6% growth in service revenues, driven by continued strong subscriber momentum. In Poland, service revenue grew 6.1% in euro and 4.5% on a constant currency basis, reflecting Play's successful more-for-more strategy, notably in postpaid. Focusing now on Q3, group service revenue reached 2% since Q3 year on year, with Italy and Poland posting levels in line with the previous quarter, i.e., 4% in Poland and 10% in Italy, while France was stable organically in Q3. As Thomas pointed out earlier, we saw a commercial acceleration in Q3 in France that is not visible yet in our revenue, but it was our best commercial quarter in mobile since Q3 2024, and we expect growth to pick up in Q4. Turning now to consolidated revenue, total group revenue for the first nine months reached EUR 7 billion 69 million, an increase of 3.2% year on year. Service revenue went up by 3.5%, as I just said, and equipment revenues were stable compared to last year. In terms of profitability, Group EBITDA reached EUR 3.05 billion in the first nine months of 2025, a strong increase of 5.6% year on year, which is above revenue growth. The growth was driven by operating leverage and by our continued strict cost discipline across all our geographies. Our EBITDA margin improved by 0.9 percentage points to 39.7%. Breaking it down by geography, in France, EBITDA was up 1.4%, with a stable EBITDA margin at 40%. In Italy, EBITDA rose 26.9%, with margin expanding by 4.4 percentage points to 31.9%, thanks to scaled benefits, lower market cost, and cost discipline. In Poland, EBITDA went up by 10%, with margin reaching 42.7%, reflecting, again, continued cost efficiency. Let's turn to capital expenditures. Total CapEx, excluding spectrums, amounted to EUR 1.3 billion in the first nine months of the year, a decrease of 13% compared to last year. This reflects our disciplined investment strategies and also the maturity of our fiber and 5G rollouts in our key markets. By country, French CapEx went down by 14%, as most of our fiber and 5G investments are now behind us. In Poland, CapEx decreased by 16%, as Play normalizes investments following recent network upgrades. In Italy, our CapEx were broadly stable compared to last year at EUR 192 million, as we continue our network expansion and fiber build-out. This brings us to operating free cash flow, a key indicator of our financial performance. Our group operating free cash flow reached EUR 1.75 billion in the first nine months, a strong increase of 25% year on year, which was fueled by all our geography, as each of our geographies delivered more than 20% OFCF growth during these first nine months, which is a remarkable performance. In France, OFCF went up by 21%. In Poland, our operating free cash flow went up by 21.5%. In Italy, our operating free cash flow from mobile operations increased by 57% to slightly less than EUR 100 million, which is a sign of clear acceleration in cash flow generation in Italy. Looking at the broader trend, we are now on a clear upward trajectory in terms of cash flow, and we are pleased to not only confirm our full year target of EUR 2 billion of OFCF, but also to say that we will overachieve this target and be above this EUR 2 billion target. Looking at equity free cash flow, in the first nine months of the year, recurring equity free cash flow, excluding spectrum and financing activities, reached EUR 1.14 billion, up almost EUR 800 million compared to last year, which is a significant improvement. This strong performance was driven by a higher operating free cash flow, but also a good working capital discipline and a favorable phasing in terms of cash in and cash out relating to our BTS program. After adjusting for spectrum payment and taking into account OPCOR proceeds, total equity free cash flow reached EUR 1.33 billion, which is a very significant amount. Point to mention is that cash generation will be slightly negative in Q4, as it will be impacted by some one-offs, such as exceptional corporate taxes in France, IFR payments in France that is due mostly in December, and also some phasing of CapEx that we expect to be higher in Q4 compared to last year. Turning now to our financial position, at the end of September 2025, the group net debt stood at EUR 9.3 billion, down from EUR 10.3 billion at the end of 2024. Thanks to this strong cash flow generation, we were able to reduce our leverage ratio to 2.3 times, down from 2.7 times. We ended the period with more than EUR 2 billion in cash and EUR 2.5 billion in on-loan credit lines, ensuring strong liquidity and financial flexibility to cover well our debt maturities for the next 24 months. Finally, at Iliad Holding level, we have the same deleveraging trend with a leverage ratio at 3.4 times at the end of September 2025, compared to 3.8 at the end of December 2024. To conclude, we are executing our strategy with discipline. We continue to deliver solid revenue and EBITDA growth. We continue to improve our margin, and we were able to record a significant record level of free cash flow in the first nine months, and we will surpass our EUR 2 billion annual operating free cash flow target. That is it for the presentation, and we are now open for Q&A. Ladies and gentlemen, if you wish to ask a question, please dial # or #5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial #6 on your telephone keypad. The next question comes from Laura Hamzi from MFS. Please go ahead. Hi there, thanks for taking my question. Apologies, I missed the very start, so I'm not sure whether you mentioned this in your opening remarks, but just with regards to France and the EBITDA performance in Q3, the margin was quite a bit weaker. What were the main drivers? I understand you mentioned taxes and the competitive environment, but if you could just provide a bit more color around that, whether that is sort of the more normalized level we should expect going forward, or whether there was some phasing because Q2 was obviously very strong, and whether these taxes only hit in sort of Q3 versus Q2. Secondly, just with regards to the proceeds from the OPCOR sale, if you could remind me what the use of the proceeds are there, that would be helpful. Thank you. Okay, I will answer on the proceeds of OPCOR. OPCOR is the JV that we have with the private equity firm InfraVia. We've been in the data center business for now more than 15 years. We have 14 data centers across Europe. We have a big ambition when it comes to data centers. We want to become the number one European platform in Europe. We announced yesterday a super important new power plant, which will be a very important partnership with EDF in order to launch one of the largest data centers in Europe, more than 400 megawatts. What we did at the beginning of the year, we decided to sell 50% of OPCOR for almost EUR 500,000,000 because the big investment that we're going to make, roughly EUR 4,000,000,000 on OPCOR, we want this investment to be off balance sheet, the balance sheet of Iliad. It is a dedicated balance sheet, the one of OPCOR. What we're going to do with almost EUR 500,000,000 of proceeds from 50% of OPCOR, a little bit more than 50% will go to the deleveraging of the company. This is the reason why we will be not too far from 2.3 times net EBITDA at the end of the year. The rest, roughly a little bit more than EUR 200 million, will be distributed to the shareholder of Iliad in dividend. On the EBITDA? Yeah, on the EBITDA in France, effectively, EBITDA is between 6% and 7% down in Q3 in France. This is mostly due to cut-off effect, as you rightly pointed out. Reider, can you hear me? Oh, sorry, I think we just completely lost you. I did not hear much. Okay. I was with the €4 billion of investment should be off balance sheet, and then it stopped for some reason. The connection was lost. Oh, it was stopped one minute ago. We are going to invest EUR 4 billion for a data center platform. It will be off balance sheet. It will not be on the balance sheet of Iliad because it will be on the dedicated balance sheet of OPCOR, fully funded. Regarding the proceeds of the sale of 50% of OPCOR, roughly 60% will go to the deleveraging of the company. This is one of the reasons why we will have a low leverage at the end of the year. A little bit more than EUR 200 million will be paid in dividend to the shareholders of Iliad. Understood. That's separate from I previously, thank you, announced some sort of a part of the shareholder loan repayment. Was that going to be in 2026, or did that already happen? Was it like for I can't remember the amount. Was it EUR 300 million? Yeah. Will it be returned to? Yeah, we mentioned EUR 300 million for 2026, and it will be the amount by year-end. We have already paid the most part of it. That's on top, right? That's in addition. EUR 200 million from the proceeds and then EUR 300 million that you previously did. Exactly. It's 200 plus 300 million, yeah. Very clear. Thank you. If we could just talk a little bit about the margin development in Q3 in France, please. Thank you. Yeah, exactly. So the EBITDA is 7% down in Q3 for France. It's mostly due to some cut-off effects. As you rightly pointed out, we had a very strong growth in EBITDA in Q2 because EBITDA was up by more than 10%, and we expect EBITDA to be growing in Q4. So it's mostly due to some cut-off effects. Understood. Just in terms of margins, should we maybe just think about the sort of nine-month margin rather than the quarterly margins as a sort of normal level, as in like if we take into account phasing between Q2 and Q3? Yeah, exactly. You mean when you are looking at a quarterly number, for some costs, you have some cut-off effects, and you also have some costs that are recognized in some quarters, but not for every quarter. I think it's better to look at it over nine months, and the margin for France over nine months is stable. Okay. Maybe asking differently, in terms of going forward, do you expect margins to remain roughly stable, or do you expect to see margin weakness in France? Oh, we said that we expect revenue and margin to grow in Q4. We expect a stable margin. Great. Thank you so much. Very helpful. As a reminder, if you wish to ask a question, please dial #KEY5 or #5 on your telephone keypad. We will wait a few seconds to give you the time to participate. As a final reminder, if you wish to ask a question, please dial #KEY5 or #5 on your telephone keypad. The next question comes from Matthew Robillard from Barclays. Please go ahead. Yes, good afternoon. Apologies because I missed the first part of the presentation, so some of the questions I have been asked already. In any case, the first one was in regards to Italy. I think at the last results, you flagged that your strategy, the plan A, was organic growth, and indeed, you're delivering very strong growth in terms of revenues, EBITDA, and KPIs on mobile. There was some press speculation that you may be interested by some M&A again, I guess. I don't know if you want to comment on that and more generically about how you see the path of the Italian business in the next few quarters. Do you think this growth is sustainable? I had a question on France, probably was already asked, but if you could give a bit of color on the competitive environment on both fixed and mobile. I think what we've heard from some of your competitors is that some of the promotions have been removed or the price points have been increased, but most of them do not expect an improvement in revenue trends in the next few quarters as the previous prices are still making their way through the P&L. I do not know if the outlook for you is a bit more optimistic or you think it will remain where it is for the next few quarters. Thank you. Thank you, Matthew, for your question. Plan A in Italy is organic growth, and plan B is organic growth. Clearly, since day one, we've been number one in Italy in terms of net adds. I know that some of our competitors consider that this is the end of Iliad Italia, that there are some rumors that in order to finance French consolidation, we need to sell our Italian assets. It's just fake news. We will stay in Italy. We have an amazing team, probably the best telecom management team in Europe. We have a love brand. We have the most loved brand. We have the most loved brand in Italy with Iliad Italia. For 30 quarters in a row, we've been number one. Clearly, the central scenario is organic growth, a four-player market. We are quite pragmatic people. If one day there is an opportunity to consolidate, we will do it, but only according to our terms. On France, Nicolas Thomas will answer. Yes, sure. Hello everyone. In France, what we see is that the competition on the market is still very intense and maybe sometimes irrational at the low end of the mobile market and also in the fiber-only segment. What we want as Free and as Iliad is to behave rationally in this context, and that's what we do. We do not want to fight for volumes at all costs. We keep being disciplined, and we consider that we keep striking the right balance between volumes and value. Typically, since 2024, we have decided to review our distribution channel strategy. We are managing pretty well our acquisition costs. What we monitor, in fact, at Free is the customer lifetime value. That's what we aim at. That is also what's reflected in the P&L. Q3 has shown some improvements in the commercial dynamic that we start to see in the figures, and Q4 is so far doing pretty well. We expect Q4 revenue growth in France to improve. Thank you. If I may follow up with the last one, obviously, we've seen your offer together with Orange and Bouygues for the assets of SFR, and we've seen the discipline in responding to the refusal. What are the next steps? I mean, are you guys having discussions? Are you waiting for Altice maybe to move or to give you more data? I understand you don't have a lot of data about their current financials. Anything that you could clarify would be great. Of course. We submitted an offer mid-October with Orange and Bouygues Telecom. It was a really good offer, well-structured, well-prepared, especially in light of the complexity of breakdown of SFR into three pieces. It was a generous one with an EBITDA multiple of seven times EBITDA 2025. We consider that the consortium Orange, Bouygues, and Free is the only solution in order to have a global solution for Altice for this asset. Now, Matthew, you'll understand that for that kind of transaction negotiation to move on, we need some kind of confidentiality, so I will not make any comments. That makes sense. Thank you very much. We have no more questions in the queue for the moment. As a reminder, if you wish to ask a question, please dial #KEY5 or #5 on your telephone keypad. The next question comes from Jean-Yves Guibert from Bluebay Asset Management LLP. Please go ahead. Yes, a very quick follow-up question on the back of your answer. You indicated that the combined offer valued Altice, I mean, the perimeter of Altice France assets at seven times. Is that a rounded-up figure? Because there was in the press at the time a 6.6 times 2025 EBITDA figures mentioned. Is the seven times a rounded-up figure? It's based on our 2025 expected EBITDA and if you took into account global Altice France. Is that 7.0 then? This is our assumption based on the trend that we saw. It is a ballpark, but it is our assumption based on the data that we had at the public data that we had at the end of June. Okay. I assume that's the same assumption being shared by Orange and Bouygues Telecom. Yes. Okay. Thank you, Roger. There are no more questions at this time, so I hand the conference back to the speakers for any closing remarks. Thank you. We had a really solid Q3. We do not underestimate the challenges of the European telecom industry. Clearly, it's becoming more and more competitive, but we consider that we have a super agile organization and that we have good visibility on Q4 and also good visibility on the cash flow generation of 2026. We see a lot of opportunities, opportunities in each of our three main markets, opportunities also in terms of data center, computing power, and also sovereign cloud. We are super optimistic and happy to see you at the beginning of 2026 for our annual results. Thank you so much.