Welcome to the Iliad 2025 full year 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 questions and answers session, participants are able to ask questions by dialing hashtag five on their telephone keypad. Now, I will hand the conference over to the speakers. Please go ahead. Good afternoon everyone, and thank you for joining us today. I'm in Paris with Thomas Kienzi, as just mentioned, but also with Aude Durand, our Deputy CEO, Nicolas Thomas, CEO of Free in France. We have in Milan, Benedetto Levi, the CEO of Iliad Italia. In Warsaw, Ken Campbell, the CEO of Play. I would like to start with a very simple message. 2025 was a strong year for Iliad. We remain the clear leader of organic Europe across all our countries, for the fourth consecutive year in a row. It's quite an achievement in a European telecom market that is more mature and more competitive than ever. This year, we added more than 1.5 million subscribers across our markets. This performance is not temporary. This is a result of a long-term strategy in terms of innovation and investment. The second key topic I'd like to cover is the fact that brand perceptions continue to increase, to improve everywhere. That's super important. As you can see, we are number one in terms of NPS in France and in Italy. We have our highest score in Poland over the last three years. Clearly, we're not only gaining new subscribers, we are gaining trust. In a mature telecom market, trust is probably the most valuable asset that you can build with customer loyalty. This KPI, in my mind, is probably one of the most important of 2025. Let me review all the different geographies. There were three main geography. I will start with France. That represent more or less 60% of Iliad and 33% of Iliad Holding. France is now an extremely mature telecom market. Revenues for our three competitors were down, and Free remained the only operator still growing in France. This is not a surprise. This is the result of our innovation policy. We launched, for example, in 2025, a new TV application. We launched also a mobile VPN for certain subscribers. Clearly we are leading the pack in terms of innovation, and we are also leading the pack in terms of investment. Today we have more than 30,000 radio station in the country, more than SFR. We have the number one 5G network. We're also leading the pack in terms of penetration rate of fiber with 88% of our broadband subscriber base that moved from DSL to fiber. Today we have more than four million homes connected to fiber. On top of that, clearly, and Thomas Kienzi will come back on it, we managed to increase our profitability in France by 19%. Let me turn to Poland. Poland is our second market. Over the last five years, clearly, Play has become a key pillar for the group, generating almost EUR 400 million of recurring equity free cash flow before spectrum. This year we celebrated five years since the acquisition of Play, and we have transformed Play from the number three to the number one player in the B2C telecom Polish market. We've been number one in terms of MNP in 2025. On top of that, we made some strategic move. We bought for EUR 270 million the fiber asset of Vectra. Let's move to Italy. That continues to confirm the strength of its model. For eight consecutive years, Iliad Italia has been number one in mobile growth. Our mobile activities are now generating strong cash flow, almost EUR 200 million in 2025. We decided to reinvest that cash flow into broadband activity. We've been number one in terms of fiber net adds for the last five years in a row. Clearly, in Italy, we managed to put in place a very virtuous circle. Thomas Kienzi will comment in a minute the financial results. My two key messages, we managed to improve profitability by 23% at the group level. At the same time, as you can see on this slide, we managed to significantly deleverage the balance sheet. When you look at the last 5 years, not only we managed to take strategic initiatives, we became the number one, the reference shareholder of Tele2, of Millicom. We had a very important move in our data center activity. At the same time, we managed to deleverage the balance sheet of Iliad. Today, with the ratio at 2.3 times EBITDA, clearly we have a lot of strategic flexibility. We are accelerating in our businesses, new businesses, cloud data center and computing power. Clearly our ambition when it comes to data center is to exceed 300 MW of capacity by 2034. We currently have two important projects, one in the Paris region for 120 MW. The first capacity will be expected in 2027. We've already had advanced discussions with some players in order to commercialize these first capacities. Clearly the data center in the new data center in the Paris region will be a big success. We, at the same time, have another project which could be one of the largest, if not the largest data center dedicated to AI with a capacity between 250-300 MW that is under discussion. We are waiting for all the regulatory approvals. Finally, I'd like to say a few words about our different stakes. We took important initiatives over the last two years. We became the number one shareholder of Millicom, the number one shareholder of Tele2, the Swedish player. At the same time, we have plenty of stakes in different infra co. If you take a step back, what you see is that these investments have been very good for Iliad and Iliad Holding. If I just look at Tele2 and Millicom, we have increased the value of our participation by almost EUR 5 billion. When you take the stake in Eir in the FiberCo in France, in Poland, our data center JV Tele2 and Millicom, it represent in 2025 an upstream dividend around half a billion euros in terms of cash. Clearly, these assets are now generating significant upstream dividend, which will give us a lot of flexibility and visibility for the years to come. For 2026, we have three priorities. Strong organic growth, increase the recurring equity free cash flow, and yes, we want to play a central role in the European consolidation in the telecom sector. To conclude, clearly 2025 was a strong year. Today, we are in 19 countries with a strong position across all our markets. We are the number two in Latin America with Millicom, the number five in Europe, and clearly the journey continues. Thank you very much for your attention. I hand over to Thomas Kienzi, that should be named CFO of the Year in light of the strong cash flow of Iliad in 2025. Thank you, Thomas. Good afternoon, everyone. We effectively delivered record financial results this year, driven by solid revenue growth, improved profitability and an unprecedented cash flow generation. I will go into the detail in the coming slides. Starting with revenue, the group achieved consolidated revenue growth% in 2025, reaching EUR 10.35 billion. This marks the fourth consecutive year that Iliad is the fastest growing major European telco in terms of revenue. The growth was driven by service revenue, which increased by 3.4%, reflecting in mature market a continued positive commercial momentum and a good balance between volume and value in each of our markets, which are very competitive. Breaking it down by country, France grew by 1.4%. As Thomas said, we are the only large French operator which was able to display revenue growth this year. We were also the fastest growing company in Italy, with revenue which surged by 9% in 2025. We continue to have a very strong dynamic in Poland, with revenue which rose by 5.1%, supported by strong service growth and a good mix between volume and value. The annual revenue growth in absolute terms corresponds to an increase of EUR 325 million, to which each of our three geographies contributed evenly, as you can see it on the right of the slide. Looking at the performance by quarter, Q4 marked a rebound versus previous quarter with a 3.4% revenue growth at group level. If I look at the breakdown of the performance in Q4 by country, we had France growing at 1.1%, Poland at 7.2%, and Italy at 7.8%. The year was solid in terms of revenue growth, but it was also a strong year in terms of improvement of our profitability. In 2025, our EBITDA grew by 5% YoY, from EUR 3.85 billion to EUR 4.04 billion. The EBITDA margin improved by 70 basis points to 39.1%, reflecting both a strong operating leverage and a cost discipline, as illustrated by flat staff cost and stable external charges during the year. This improvement in profitability was driven and fueled by all our geographies, with France EBITDA increasing by 1.2%, with a stable margin, despite a EUR 60 million headwind in terms of IFER taxes in France, that we were able to offset by cost discipline and growth. In Italy, EBITDA jumped to EUR 390 million, up 27% compared to, like, to last year, driven by scale benefits and lower marketing cost. In Poland, EBITDA rose by 8.3%, with a margin up 10 basis points, reflecting again cost efficiency and organic growth. Now looking at CapEx. Capital discipline remains a key strength of the group. The total group CapEx, excluding spectrum, reached slightly less than EUR 1.8 billion, down 11.5% YoY. This decrease reflect the fact that we have the peak of our CapEx cycle behind us, and it reflects now the maturity of our fiber and 5G rollout, particularly in France and Poland. Focusing now at the CapEx evolution by country. In France, CapEx decreased by 13% as we complete major network investment with 95% 5G coverage of population and 94% fiber coverage of FTTH footprint at the end of 2025 in France. In Poland, CapEx fell 16% following recent network upgrades and integration of UPC. In Italy, our CapEx remains stable at EUR 271 million, supporting mobile and fiber expansion in Italy. As a result, our CapEx as a percentage of sales dropped to 17%, down from 20% in 2024, making a clear shift from a high investment to a high cash generation phase. This strong EBITDA growth, combined with a lower CapEx, drove record operating free cash flow. In 2025, our operating free cash flow reached EUR 225 billion, up 23%. Here again, fueled by all our geography with France OCF up 19%, Poland OCF up 20%, and our OpFCF in Italy from our mobile operation reaching EUR 176 million, up 64%. Thanks to this performance, we were able not only to meet our annual target of a EUR 2 billion operating free cash flow, but to significantly exceed it, as you can see it on the slide. Looking now at equity free cash flow, the cash available for shareholder and strategic investment. 2025 was a record year in terms of equity free cash flow with EUR 1.4 billion generated during the year. This represent an increase of more than EUR 1 billion YoY, despite a significant increase in our corporate tax in France, due to EUR 122 million of exceptional corporate taxes that we had to pay in 2025. This one billion growth was driven mostly by three elements. First of all, OCF growth for EUR 0.4 billion. Secondly, the dividend we received from our joint venture and favorable working capital movements. Thirdly, the proceeds from the disposal of our 50% stake in OpCore to InfraVia, which brought EUR 440 million to the group. Excluding one-off item, equity free cash flow of the group reached EUR 865 million, more than 2.4 times than last year, which demonstrates the strong underlying cash generation of the group. For the year to come, we expect the level of recurring equity free cash flow to continue to increase. On the next slide, you have our financial position. Thanks to the strong equity free cash flow generation, we were able to reduce our debt and our leverage ratio. Our year-end 2025 net debt at Iliad Group reached EUR 9.4 billion, corresponding to a leverage ratio of 2.3x, down from 2.7x at the end of 2024. This level of leverage corresponds to the lowest level of leverage of the group since 2019. We also ended the year with a significant level of cash, EUR 1.8 billion in cash and a lot of undrawn credit facility, EUR 2.5 billion euro, which give us a good liquidity profile and provide us with a strategic flexibility. Looking at Iliad Holding level, we have the same trend of deleveraging with our leverage ratio going down from 3.8- 3.2 times EBITDA at the end of 2025, and also a good liquidity position with no debt maturities before 2028. To conclude, 2025 was a very good year for the group with a record financial performance, and we are well positioned for 2026 and beyond. Thanks a lot for your time and we are happy to take any question you may have. Ladies and gentlemen, if you wish to ask a question, please dial hashtag five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial hashtag six on your telephone keypad. The next question comes from Joshua Mills from BNP Paribas. Please go ahead. Hi, guys. Thank you for taking the questions. The first was just around consolidation. I understand there's probably not much you can say, but perhaps if you could just remind us regarding the SFR talks and the French consolidation deal that's on the table, what your priorities are. To the extent that you can maybe highlight where you've got on the due diligence process, that would be great. Secondly, related to consolidation, I wanted to ask about Italy. I think in the slides you're explicitly talking about consolidation in markets plural, and we've seen reports of potential interest there in a merger. Given the results we've seen today, while strong on the EBITDA growth and the cash conversion side, also showing that there's not much movement on subscriber growth. Do you think that the rationale for multiple parties to merge in the Italian market is growing? If not, do you think you have the assets and the spectrum in place to turn the business around organically? Perhaps if I could sneak a final one in, a third question. We've seen a lot of noise recently around telco contract renegotiation from some of your telco peers. Could you also remind us when your contracts are up for renewal, given the tower asset sales you've looked at in the past, if you see any scope for rationalization there? Thank you. Okay. Thank you, Joshua, for your questions. We jump right away into the consolidation topic. If I take a step back, the French telecom market is probably one of the most demanding one, with very high investment obligation on the one side, heavy taxation on the other side, and a super competitive market. In this context, Free is clearly an exception. We are the only one to grow our revenue base. Our three competitors have declining revenues. My personal feeling is that consolidation of the French market will happen sooner or later. The real question is not if it will happen, but how it will happen. What I can tell you is that for Iliad, it's not a necessity. It's not the end game consolidation. It's just a way to accelerate our business, accelerate our investment in data center, in AI, in our new business, Scaleway. Regarding the potential Italian consolidation, we were quite clear during the summer of 2025. Yes, in the past we had discussion with Telecom Italia about a potential partnership. We decided to put an end to this discussion during the summer of 2025. Clearly the main scenario for us is a scenario of organic growth. We've been number one in terms of mobile net add in continuity for the last eight years, number one on fiber net adds. Clearly I see a bright future for Iliad Italia in Italy. Regarding the tower contract, what I can tell you is that I consider that consolidation could be good for the tower company, for the investment thesis. Thomas? Yeah, I think consolidation is good for investment. If it's good for investment, it's probably good for TowerCo as well. Your question was about the termination date of the contract. We signed the contract in 2019 in France and in 2020 in Italy, in 2022 in Poland with a 20-year tenure. We have a lot of time in front of us. Thank you. As a reminder, ladies and gentlemen, if you wish to ask a question, please dial hashtag five on your telephone keypad to enter the queue. The next question comes from Molly Whitcomb from Goldman Sachs. Please go ahead. Hi, guys. Thanks for taking my questions. I have three, please. Firstly, just on the competitive environment in France, it looks like Iliad is coming under a bit of pressure in mobile. So maybe just a little bit of color around that, and how you're seeing the pricing and promotional environment developing, as we're going into Q2. Then maybe just come back on Josh's question on consolidation in Italy. Yesterday, Poste Italiane made an offer to buy out TIM, and they said on the call that it would give significant distribution strength to TIM and potentially accelerate telco consolidation. Does your view on Italian consolidation change if this offer is accepted, and how are you thinking about potential implications? Then my third question is just on AI. It's obviously been a bit of a theme throughout the telco space in Europe. How are you thinking about the potential upside for EBITDA and then savings on CapEx as well, and ability to drive free cash flow with savings from AI? Thank you. Yes. Nicolas Thomas. I'm the CEO of Free. With regard to your first question on the French market trends. Yes, there is a lot of competition. There are some potentially rational pricing on the low end, on the low-cost brands. As always, in fact, as a business, we want to have a long-term approach. We strike the right balance between volume and value. That's what we do, and that's the result is that we are the only one with a positive growth of the revenues. When it comes to mobile specifically, you might see a slow decrease on the mobile and in Q4. In fact, we consider that we should not always look at the mobile separately from the fixed. As in fact, when you have a convergent offer, so when you are a Quad-play subscriber, the discount is on the mobile and on the fixed. In the end, what matters for us is the ARPU at the unique subscriber or household level. That's what we monitor when we do our CLM or CLV calculations. In the end, again, we have a long-term strategy. That's also the reason why we don't have a low-cost brand with low-cost offers. That's also the reason why we don't do back book repricing, unlike our competitors. So far, this strategy brings the appropriate results in our opinion. Nicolas, maybe, on the distribution topic attached to the bid of Poste on Telecom Italia, do you want to make a comment, Benedetto? Yeah, sure. As Thomas said, the results in 2025, both commercial and financially for Italia, were very strong. The scenario is, of course, the one of a four-player market. Concerning specifically the distribution, for sure, we will closely monitor what happens in order to make sure that any operation that could take place in the Italian market preserves a real level playing field among all the players. We will monitor closely what happens on that side. Okay. Regarding the last topic with AI, basically, AI will enable us to do our job of a telecom operator in a better way. Keep in mind that our founder, our main shareholder used to be is a software developer. So clearly the mindset is to in-house the tech stack within Iliad to develop our own tools. No, I will not comment, and I will not give you our secret sauce on the topic. Thank you very much. Bye for now. There are no more questions at this time. As a last reminder, if you wish to ask a question, please dial hashtag five on your telephone keypad now. We will wait a few seconds to give you the time to manifest yourself. The next question comes from Vivek Khanna from Deutsche Bank. Please go ahead. Hi, good afternoon. Thanks for taking my questions. Two, if I may. First, you mentioned distributions from your fiber NetCos in both Ireland and Poland. I was wondering if you could maybe give us a quantum as to how much was distributed in 2025 and how you see that evolving in 2026, please. The second thing is with regards to guidance. I mean, clearly last year you'd given us a guidance of an operating free cash flow of in excess of EUR 2 billion, which you have met. You know, it's clearly a softer guidance this year, where you just talk about increasing profitable growth. Just to reconcile, did you say that you expect to increase equity free cash flow in 2026 relative to 2025? Thank you very much. Thank you. Regarding the dividend stream. The dividend stream was fueled by our FiberCo in France, IFT. It was fueled by our stake in Eir in Ireland and our stake in SRR in La Réunion and Mayotte. We had no dividend coming from our FiberCo. Got it. In Poland. Regarding the increase in equity free cash flow, I mean, we had a very good performance this year, but our ambition for next year is to continue to have the recurring equity free cash flow increase. We expect to see some continued growth in terms of recurring equity free cash flow for 2026. Amazing. Thank you. Sorry, on with regards to the dividend from Eir, could you tell us what that quantum was last year, please? It was- Within fiber and Eir rather. It was for EUR 40 million. Is that the full dividend or your share? Our share. Thank you very much. The next question comes from Emmet Kelly, from Morgan Stanley. Please go ahead. Yes. Good afternoon, everybody. Thanks for taking my question. My question again is on, it's on OpCore, please. Can you just give a few kind of updates, please, on where you are in your data center rollout? I know you've signed a joint venture with InfraVia to expand the remit. Can you just give us a quick update as well, please, on the potential for the high-power data center in Montereau, Val de Seine, which is something I think you talked about a few months ago. Thank you. I put back the slide on OpCore. What we did with OpCore, we sold 50% of our stake in OpCore for EUR 440 million to InfraVia. At the same time, we secured long-term financing, debt financing. Today we have a good business with 15 data centers, but the two most promising initiatives are on the one side in the Paris region, a new data center, where we have almost all the administrative authorization, and that will represent more or less 120 MW. The first capacities are expected for 2027, and part of these capacities have already been sold, so they will start to generate revenue in 2027. We have a second data center where we're still waiting for some administrative authorization, that will be probably the largest data center dedicated to AI. It's in Saint-Mammès, on a ground of 24 acres. It's a former electric plant from EDF. The beauty of that power land is that we will have an accelerated access to the power grid, which will enable us to develop between 250 and 300 MW, starting for the first tranches, probably, in 2028, beginning of 2029. Clearly we have a clear visibility of, in terms of lineup of, new capabilities. There is right now a really high level of demand in France in light of the AI development, in light of the need for cloud services. Today in France, the data center market is quite limited. The total capacity, existing capacity is estimated at 1,300 MW today. Okay. Super. Merci, Thomas. Just a quick follow-up on that. I know the European Union is seeking tenders for five European AI gigafactories. I think Deutsche Telekom said a couple of weeks ago they might be interested in pursuing the opportunity. Is this something that you could look at in doing in France or maybe keep that separate from OpCore? Yes. We are a candidate to the gigafactory in Europe. We set up a consortium with the other players. The beauty is that we are an integrated player, with our data center business, with our connectivity business available at Iliad, and at the same time the Scaleway business. We've been the number one, in France, in terms of operation, in terms of managing a GPU. Clearly we want to play a role in this beauty contest. Great. Okay. Thank you very much. Great. Last reminder for questions. If you wish to ask a question, please dial hashtag five on your telephone keypad now. Thank you so much for your attention and see you in three months. Bye. Thank you. Bye.