Good afternoon, everyone. Good morning for those listening from the U.S. I am Thomas Reynaud, I am the CEO of Iliad. I have the chance to be here in Paris in our head office with Aude Durand, our Deputy CEO, with Thomas Kienzi, our CFO, with Nicolas Thomas, the head of France. We have also in Warsaw, Ken Campbell, CEO of Play, and we have Benedetto Levi from Roma. This is a unique opportunity to look back at what happened since the beginning of the year. The first thing that came to my mind is that the Iliad model works. It works across our three geographies, France, Poland, Italy. It works in mature and very highly competitive market. It works also through our equity investment. I am taking the example of our 24% stake in the Swedish operator Tele2, and it works over the long term because for the fifth year in a row, we have been number one in terms of growth in the European telecom market. I can tell you this is not luck. This is not a cyclical effect. It is the result of our long-term strategy: invest, innovate, try to keep things simple. Simple in our offers, but also in our organization, keeping that entrepreneurial mindset. Clearly, we remain a group apart in our sector. We are at the same time growing, profitable, but we also investing in new businesses, and we will come back to it on our data center and cloud initiatives. We try at the same time to remain true to our DNA. I think that from this long-term perspective, our shareholder structure is a big asset. The fact that we decided to exit the stock market, at the same time, our founder, Xavier Niel, is still the owner at 100%. If I take a look at the group level, we have a good momentum. Three things to keep in mind. First thing, it is true that we continue to add new subscribers in each of our three geographies, but really what matters to me is the trust of our subscribers. Our satisfaction levels are at record highs in France and Italy and remain quite high also in Poland. That trust is probably our most valuable asset, especially in mature markets. The second thing is that this good momentum translate into good economic performance. Revenues are up by more than 3%. Thomas Kienzi will come back to this in detail, but our operating free cash flow up by 10%. Above all, our free cash flow is up 32%, close to EUR 700 million. The third topic that I would like to highlight at the group level, for me, this is a strong signal that we have the right strategy. All three rating agencies, Moody's, Fitch, and S&P, in July decided to upgrade our rating. Iliad is now considered an investment grade company. This is clearly the recognition of the fact that we have the right strategy. Also the fact that our leverage is going down. If we reviewed country per country in France, which remain our largest geography, accounting for close to 60% of group revenues, what I can tell you is that the underlying trend is good. We continue to add subscribers and the mix of our customer base is improving. What is super important for this semester is the fact that the churn is declining in both broadband and mobile. We have a good organic growth of 1.5%. What is important is that the momentum improved between the first and the second quarter, and we remain the only French operator growing in a market where our competitors are either declining or stable. One very important KPI for us, and this is clearly a key milestone, and this is the proof that our long-term investment policy continue to pay off. We have today, and for the first time, more than 90% of our broadband customer on fiber. Another important milestone, this is the quality of our French mobile network. We were the first one to launch 5G+. Today, we are now ranked number one in Europe for 5G+ quality by Opensignal. Poland, that has become a pillar of the group, and this first half confirm it once again. We continue to pursue a balanced strategy between volume and value. Service revenue are up by 5%, operating cash flow by 7%. What is really important for us is to continue to expand our fiber footprint. We cover now more than 50% of Polish homes. Clearly, Play today is a very high-quality telecom asset. What is even more important, we consider that there is a significant further upside potential thanks to the implementation of our convergence policy. We are just at the beginning of the story on that topic. Italy, this is probably the highlight of the first six months of 2026. I do not say that slightly. Iliad Italia continues to deliver a very strong momentum, commercially speaking, financially speaking. As I said, the brand has reached record satisfaction, and this confirms the exceptional strength of the Iliad brand in Italy, which now, and it must be highlighted, we have now more mobile customers under the Iliad Italian brand than the Telecom Italia brand. This is quite an achievement. At the same time, we continue to build our fixed business with a subscriber base of more than 500,000 subscribers today. We can see that the commercial strength is now translating very clearly into economic performance, with net operating free cash flow up by 75%. Italy is therefore now contributing fully to the group cash generation. This is new, and this is important to us. Maybe a few words on consolidation in France. I am not going to give you back the old story, but what I can tell you is that this summer was quite busy in terms of moving forward on the antitrust process. The case was sent back from Brussels to Paris, and I think it is important that the three cases, the one of Bouygues, Orange, and Iliad, are managed by one central antitrust authority, either Brussels or Paris. We did not care, but we wanted to be sure that it was handled only by one entity, and it will be Paris. So we started the pre-notification process, and we had also on the social side, a lot of discussion, and we answered to more than 500 questions to the SFR employee representative. You know that we are investing in a unique setup in Europe, when you put together our cloud business, Scaleway, our data center business, OpCore, and also when you take into account Kyutai. What I can tell you that the first half has been a turning point. We had a very strong commercial momentum at the level of Scaleway. We have won a major contract with Airbus for the European Trusted Cloud. Scaleway has also been selected to host France's Health Data Hub and also by the European Commission in order to provide a sovereign public cloud platform. We sign also plenty of other contracts with important organizations, and also with the European Central Bank. What these contracts say is that European Sovereign Cloud is moving from words to reality, and Scaleway is now recognized as one of the leading player in Europe in terms of being a provider of European cloud services. At the level of OpCore, our data center platform, we had good news. We managed to secure totally 400 MW of additional capacity in two locations. I think that the main issue today is no longer our ambition or our ability to invest or to deliver the speed of administrative procedures and approval. It's going to take between 12 and 24 months to get all the administrative red tape in order to start building these two very important projects for the rollout of cloud and AI in France. In conclusion, I think that we had a good H1 with a good trajectory, growth in our three countries, customer satisfaction at record levels, strong financial performance, and this is the reason why we decided to upgrade our guidance in terms of free cash flow for 2026. We have the ambition now to be above EUR 1 billion in 2026, compared with roughly EUR 850 million in 2025. What I can tell you is that the Iliad adventure continues, and I hand over to Thomas Kienzi for the financial part. Thank you, Thomas, and good afternoon, everyone. As Thomas said, I'm very pleased to walk you through a solid set of results for this first semester across all our geographies, showing that we continue to outperform our markets, that we continue to generate strong and accelerating cash flow, and that we continue to strengthen our balance sheet quarter after quarter. Starting with revenue. Group revenue in the first half reached EUR 5.24 billion, up 3% year-on-year. By quarter, we saw a slight acceleration of growth in Q2 versus Q1, with a 3.2% growth in Q2. The growth was driven by service revenues, thanks to a healthy and sustained commercial momentum with approximately 500,000 new customers across the different geographies of the group. Also thanks to our continued focus on finding the right balance between volume and value across all our markets. Let me give you some color by geography. In France, revenue grew 1.5%, EUR 3.32 billion, with an acceleration in Q2 at 1.8% revenue growth. In Italy, the growth continued to be spectacular, with revenue up 10.2% to EUR 665 million. In Poland, we continue to have a sustained growth with revenue at 3.5%, thanks to a good balance between volume and value and a growing convergence of our customer base. Moving now to profitability. Group EBITDA grew 2.2% to EUR 2.1 billion, with an acceleration of growth of our profitability in Q2 at 3%. This growth reflects very strong performance in Italy and Poland, which more than offset the decline which was anticipated in France, and which is largely explained by phasing in well-identified seasonal factors in Q1. In Italy, our EBITDA jumped 20%, with the margin expanding nearly 3 points to almost 35%. This shows that our operating model is maturing in Italy, and that we are benefiting from the operating leverage of our growing mobile and fiber subscriber base in the country. In Poland, EBITDA grew 6%, with a margin reaching close to 46%, thanks to cost discipline, ARPU improvement, and operating leverage from revenue growth. In France, EBITDA declined 1.9% in H1. This is due to Q1, which was down because of phasing and seasonal factors that we discussed during our last results release. The important point to mention is that France EBITDA turned positive in Q2 and was up 1.4%. We expect, as we said in May, on a full-year basis to have a France EBITDA broadly flat compared to last year. Turning now to CapEx. Group CapEx, excluding spectrum, reached EUR 804 million in H1, down 8% year-on-year and representing 15% of our revenues. This is the continuation of the normalization trend we are observing in terms of CapEx as our major fiber and 5G investment cycle reach maturity in all our geographies. One important point on CapEx to mention is that we expect to have slightly more CapEx in H2 than in H1, unlike in 2025. Therefore, you shouldn't expect to see the same trend in terms of the decrease of CapEx for H2. Even though we anticipate to have a CapEx level on a full-year basis slightly down compared to last year. Moving now to cash flow generation, which is really the metric we are the most focused on. Our operating free cash flow reached EUR 1.29 billion in H1, up 10% compared to last year, with every single geography contributing positively, thanks to EBITDA growth and controlled CapEx. In France, our OFCF grew 6.4%. In Poland, our OFCF grew 7%. In Italy, our OFCF grew 75%, which is a very strong figure. Turning now to equity free cash flow. In H1, the group generated EUR 661 million in equity free cash flow. If we compare that to last year, excluding the disposal proceed from [inaudible], this represents a 32% increase, and an increase in absolute term of close to EUR 160 million. This is a very strong underlying improvement of our cash flow generation, with 75% of the increase driven by the improvement in OFCF, i.e., by recurring operational improvement. Thanks to this strong H1 performance in terms of cash flow generation, we have decided to revise up our annual equity free cash flow guidance, as we are now on track to deliver, on a full-year basis, more than EUR 1 billion of equity free cash flow for the full-year. Thanks to our strong cash flow generation, our balance sheet structure has continued to strengthen materially. Our leverage continued to decrease to 2.2 x EBITDA, the lowest level since 2019, continuing a trajectory that has taken up from 3.2 x in 2022 to where we are today. Our liquidity position is also extremely solid, with EUR 1.3 billion in cash and EUR 3.5 billion in available credit line, covering all our debt maturities comfortably through 2028 and beyond. At Iliad Holding level, the improving trend is equally strong. The leverage ratio stands at 3x at the end of June 2026, down from 3.2 x at year-end 2025. This is also the lowest level of leverage since the company was taken public. Finally, a few words on rating. This is probably the most powerful validation of everything we have just described before. In the first half of the year, all the three major rating agencies decided to upgrade Iliad rating by one notch. Even more noteworthy, Iliad S.A. standalone credit profile has been upgraded to investment grade with a BB- rating by Fitch and S&P. This is really a landmark milestone for the group. It reflects the fundamental strength of our operating business, our track record of profitable growth, our cash generation capacity, but also our disciplined deleveraging. It enabled us to secure financing at good conditions as we did over the past few months, with more than EUR 10 billion of financing secured, both for the SFR deal and the extension of our term loan and RCF maturities. This is it for the H1 result, and we are now happy to take any question you may have. Ladies and gentlemen, if you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Akhil Dattani from JP Morgan. Please go ahead. Hi. Good afternoon. Thanks for taking the questions. I have a couple, please. The first is just on French commercial trends. I was reading your comments around churn declining quarter-on-quarter in both broadband and mobile. I just wonder if you can give us a bit more color on exactly what you are seeing is going on. You may have heard from SFR's call yesterday. They are also indicating they think ARPU trends will improve as we get into H2, suggesting some of the more irrational behavior we have seen in the market is starting to abate. A ny sort of color helping us understand exactly what you are seeing, and whether the market is starting to at least stabilize a little bit, that would be helpful. The second one was on French consolidation. You obviously talked about the value of the deal, but I guess one of the things that from the outside we're maybe slightly struggling to grapple with is how we should think about the timeline here and then ultimately what you're buying. If we reference SFR's results yesterday, their EBITDA in H1 is down 13% year-over-year. How do we think about the protection you and the bidding consortium have over the quality of financials you ultimately buy by the time this deal concludes in 2028? How do we get comfortable that irrespective of however we think about that company's financials, there's still substantial value creation for the bidding parties? Thanks a lot. Yes, I will answer the first question on churn trend in France. What we see is that on one hand, you have a more mature market with lower volumes, and on the other hand, we keep focus on convergence. So, we have a convergence ratio which keeps improving and this mechanically drives significant lower churn. O ur lower churn is independent on what you saw yesterday in SFR Altice results. Okay, r egarding your question on consolidation, first, what I can tell you that the trajectory of SFR didn't surprise us, the results that were published yesterday, because they were, in fact, quite in line with the trend that we saw in Q4 2024, 2025 and during Q1. Two, we have some protection in our agreement. Of course, protection and also protection in terms of level of investment from SFR in the network to make sure to keep the quality. My last comment is that what we're buying, we're not buying EBITDA, even if it's an important metric. What we're buying is subscriber base with revenues attached, synergies and spectrum. Great. Thank you. The next question comes from Abhilash Mohapatra from BNP Paribas. Please go ahead. Yeah. Good afternoon, and thanks for taking my questions. I've got two, please. Firstly, just a question on Poland, where we recently saw Deutsche Telekom make an acquisition in the fiber open access network space. Obviously, you have a lot of experience here. So maybe could you just give us an update on how your JV within InfraVia is progressing in terms of the fiber rollout and the upgrade of cable to fiber? Just related to that, is the upgrade from cable to fiber, is that more specific to Poland or do you see it to markets elsewhere in Europe as well? Then just a second quick question, one on Italy, where there's a consultation running on the spectrum renewal process. Any thoughts that you're able to share on your approach there? That would be very helpful as well. Thank you. Okay. Regarding the acquisition of Fiberhost by T-Mobile, this is mainly the recognition of the validity of our strategy that we put in place four, five years ago to have a dedicated fiber venture. We look at that acquisition, we decided not to move on it, but I can tell you that today, it's still a very fragmented market. You have two main players, Orange and Play. Now you have a third one, but with less footprint, which is T-Mobile and plenty of small players. Clearly, as I mentioned during my introduction, we do believe that there is a huge potential to accelerate convergence in the Polish market. That it's at a very early stage, and I think this is the reason of the move of Deutsche Telekom on that asset. Regarding the spectrum in Italy, there is right now consultation from the AGCOM on the renewal of the spectrum. Of course, we will answer to this consultation. Our view is that a full renewal of the existing situation, which is in a certain way a status quo, is in total contrast with the national and the European regulation and mindset. This is what we will say in our answer, and we are fully backed by some expert and some legal opinion on the topic. Okay. Thank you. The next question comes from Nick Lyall from Berenberg. Please go ahead. Hello, guys. Just a couple on the deal, please, if that's okay. Could you give us the restructuring charges, please, that you expect for the SFR deal? Secondly, on timing, what's next for you and the French authorities, do you think? Could you just update us on what comes over the next few months? Are you still happy with an end 2027 target for the deal to complete, please? Thanks very much. The next very concrete step on the one side, on the social aspect, we need to have an opinion from the representative of the employee of SFR. We do hope to have that opinion before the end of November. On the other side, we know that we started a long process that could last 18 months on the antitrust, with back and forth consultation from the antitrust state of play and plenty of questions on our operations and on the French market. I do hope that we will be in a situation to close that very important transaction for us before the end of 2027. That's great. Was there any comment at all on the restructuring charges? On the restructuring charges, I think we announced that we are targeting EUR 500 million of synergies for our parameters, with 80% of the synergies coming from OpEx and 20% from CapEx. We anticipate EUR 1.4 billion of implementation costs attached to these synergies. The vast majority of these restructuring costs should occur in the first three years post-closing, with the remaining part being implemented progressively with the synergy, which should be delivered over three to five years. That's super. Thank you very much. The next question comes from Oba Agboola from UBS. Please go ahead. Hey, thanks for the presentation today. I just had a question on the French mobile service revenue trend. You saw an acceleration in the quarter, and I just wanted to understand what's driven the acceleration. On SFR's call yesterday, they mentioned that since the deal or since the MOU was signed, they've been kind of donating subscribers to other players in the market. Is the improvement in mobile as a result of that, or is it kind of market environment improving independently of the SFR deal? Any more color would be good. Thanks. I think it's mainly due to our strategy in terms of volume and value. Nicolas, the CEO of Free, will answer. No. Fully agree. It's mainly due to market environment. As you see, the market remains competitive with low volumes on one hand, but there is no deterioration and even a small, in fact, increase on the low end of the mobile market. We consider that you have nothing structural at this point, but it's still an improvement. Then, as I said earlier, the key focus is convergence. We are good at this. We keep improving. We have high convergence and then lower churn. Then I guess it's also only the beginning, but we also have a better quality of service that we deliver on the mobile aspect that is illustrated by two reports that have been published in the past few months. The first one is in June, we had the best 5G+ in Europe, in fact. It's Opensignal report. What we saw this summer is that we have been number one on the nPerf scoring for the first time, in fact, in our story. We keep improving the quality of service, and this starts to have some effect, but will keep having a stronger effect in the coming quarters. Okay. Just to confirm, you said slight improvement in the low end you've seen this quarter. Yes, there is a slight increase on the low end. We also have a stronger sub-base of the 5G+ plan, which have a higher price point. Okay, perfect. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Peter Jurik from Tresidor. Please go ahead. Hey, guys. Thanks for taking my questions. I would have two, and I think they are in a similar vein to the other ones. I guess on French trends, you guys provide millions with one decimal point. W e do not see the exact detail, but it looks like your French subs in mobile were flat, whereas your competitors were gaining, and then, of course, SFR was losing. Historically, the position of Iliad has been more at the, you guys have that balance of value versus performance and good NPS. T he slowdown, is that a change in strategy? Is that fair to say that it is a slowdown of subs acquisition on the mobile side from you guys? Or do you think it is just a matter of maybe the competitors are winning it at the lower end and you guys are just not as aggressive? It would be great to get a decomposition of the trends a little bit on mobile specifically. No, I think that we have the right strategy when it comes to mobile. It is to focus on volume. The name of the game is- On value. S orry, on value. The name of the game is not any longer to, in a very mature market and really fully penetrated. The name of the game is not any longer to take million and million of subs, but really to upgrade our existing mobile subscriber base to improve the mix. This is exactly what we did over the last 12 months. You see the positive trend over the last two quarters on our ARPU. At the same time, to go full steam on the convergence strategy. I think that you have the result. Today, we are the number one on the French market in terms of growth, with a better sequence between the Q2 and Q1. I do hope that we will see an acceleration on Q3 in terms of revenue growth. This is really about value management. Okay. Thank you. I think that is clear. It links a little bit to the second question that has been asked a little bit as well. You mentioned some protections on the SFR transaction. From what we can see, I think the disclosure on a break fee is EUR 100 million to EUR 2 billion, depending on circumstance. I think it moves to the higher numbers once you guys sign sort of a specific agreement by end 2027 or early 2028. Are you referring to any is it just CapEx investment protections that you have, or is there a value ratchet down if EBITDA continues to be quite poor, or is that locked in place? I will not get into details, but when you are signing a EUR 21 billion transaction, of course, you have many protection. We have protection on the fact that the network will be up and running, that we will have some customers. Of course, we have some protection due to the size of the transaction. What we see in terms of Q2 momentum from SFR is in line with our expectations so far. I cannot get into details without breaking our confidentiality agreement. Okay, understood. Thank you very much then. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. Thank you. I think that we answered all of your question. We are quite excited by the next few quarters. We have many things to deliver on, and we will have the opportunity to talk to you during Q3 results. Thank you. Thanks for participating in today's call. You may now disconnect.