Hello to all of you. Welcome to Orange first half 2026 results conference. For your information, this conference is being recorded. The call today will be hosted by Christel Heydemann, our CEO, and Laurent Martinez, our CFO, with other members of Orange Executive Committee for the Q&A session that will start just after the presentation. Let me hand over the floor to Christel Heydemann. Good morning. Thank you for joining our H1 results presentation. This semester, we achieve record revenue and EBITDA growth thanks to very robust retail performance across the board and continued efficiency efforts fueling both top line and EBITDA uplift. Beside strong execution, we achieved key strategic steps in Q2. We acquired the full ownership of MasOrange, the leading operator in Spain, now fully consolidated in our group's results from early June, and we reached a historic milestone for Orange and for the French telecom market, signing a memorandum of understanding alongside Bouygues Telecom and the Free-Iliad group for the acquisition of SFR, reinforcing our leadership in France. We delivered strong retail services performance at +3.3%, fueled by Europe 6, Africa, Middle East, and France. Based on these excellent results, we're increasing our full year EBITDA guidance from above 3% to above 4%, driven by a solid performance in France, and impressive Europe 6 and record Africa, Middle East results. This, combined with the accretive cash contribution from MasOrange consolidation, allows us to upgrade as well our full year 2026 organic cash flow guidance from [Non-English content] EUR 4 billion to [Non-English content] EUR 4.3 billion. On the financial side, we delivered record revenues of EUR 20.9 billion, up +3.5%, driven by strong services growth of +3.3% and exceptional performance in Africa, Middle East. EBITDA reached EUR 6.1 billion, up +5%, with a margin improvement of 0.4 points. This performance was driven by MEA remarkable double-digit growth, Europe 6 solid growth, and France supported by positive non-recurring wholesale items. We maintained our disciplined CapEx policy with an eCAPEX sales ratio of 15.2%, in line with our full-year target. Organic cash flow reached EUR 2.2 billion, up by EUR 0.5 billion year-on-year. Our net debt to EBITDA ratio stands at 2.4, reflecting the impact of the full acquisition of MasOrange with an unchanged medium-term target of [Non-English content] 2x. Let's focus on some of the strategic initiatives launched in Q2 to foster our Trust the Future ambitions. First, on customer intimacy. In six months, Middle East and Africa gained 10 million new mobile data customers. In France, we achieved a record loyalty rate since 2020, further strengthening our leadership in customer satisfaction. In Europe 6, we now exceed 3 million FTTH customers, and we launched Orange Marketplace in Poland. On innovative growth, Orange Cyberdefense expanded into Spain in collaboration with MasOrange, and we announced yesterday a project to develop a sovereign data center platform in France. Third, on excellence at scale. Satellite, in addition to our first service launched in France and our trial in Spain, we started in Europe a partnership on Direct-to-Device connectivity with AST. We see satellite connectivity as a core complement to our terrestrial network to provide coverage, completeness, and resilience. We are running tests to develop a seamless customer experience between satellite and terrestrial networks. We are developing multiple partnerships as part of this strategy. Finally, we are fully on track with our efficiency program powered by AI. In June, we announced the signing of the MoU to acquire SFR along with Bouygues and Iliad. This deal will strengthen our network and customer relationship in France through the acquisition of approximately 5 million subscribers, which represent EUR 1.7 billion of revenues in 2025, and 47 MHz spectrum, which represent 31% of SFR spectrum. What are the next steps? The antitrust process led by the French Authority is expected to run through the second half of 2026 and into 2027. Consultation phase with employee representative bodies has started. We expect to sign the share purchase agreement in the second half of 2026. Closing is expected in the second half of 2027. We will keep you updated as we progress through each of these milestones. As part of our Trust the Future execution, we are unlocking the full potential of our five major data centers in France by creating a co-controlled joint venture with Morrison, as announced yesterday. This project aims at developing a sovereign data center platform in France with the ambition to reach 400 MW of capacity, combining Morrison track record in strategic infrastructure investments and Orange expertise and market reach to secure sovereign data center capacity for our customers. The deconsolidated entity would invest around EUR 3 billion leveraging Orange existing assets, Morrison equity contribution, and debt. Orange Business will leverage this platform for its customers to accelerate its trusted AI and trusted cloud business ambitions. The value creation for Orange will therefore materialize through revenues upsides and dividends inflows. Closing, subject to relevant approvals, is expected in Q1 2027. Regarding our sustainable performance, we are accelerating. On digital trust, we now offer digital usage protection in more than 70% of our countries. On digital inclusion, we extended Middle East and Africa 4G coverage by 2 points, reaching 80% of the population. To develop international connectivity, we signed an MoU alongside an investor consortium to deploy a new subsea cable between Europe and Africa. We also made progress on our net zero carbon ambition by 2040, decreasing our greenhouse gas emission on Scope 1, 2, and 3 by 32% in H1, compared with 2020, in line with our roadmap, with a continuous acceleration in site solarization in Africa, reaching 31% of total sites in H1 2026. I now leave the floor to Laurent for the financial overview. Thank you, Christel, and good morning, everyone. Let's start with revenues up 3.5% in the first half, fueled by strong services growth of 3.3%, along with wholesale benefiting from non-recurring items in Q1. From a division perspective, revenue growth is driven by continued double-digit momentum in Africa, Middle East, as well as a solid performance in our European countries and in France. Orange Business is still in transition from legacy business in a changing market. Moving to EBITDA, the growth is fueled by a record double-digit growth of Africa, Middle East, the highest semester since 2021. Europe CX is also demonstrating a strong performance with 6% year-on-year. France is up 2%, including wholesale positive non-recurring items. Excluding the positive impact of wholesale in France, the total group EBITDA growth is around 3.7%. Overall, EBITDA margin is up by 40 basis points, notably led by continued efficiency initiatives. This very strong result gives us confidence in upgrading our full-year 2026 EBITDA guidance to above 4%. Adjusted net income, growing by 12% at EUR 1.3 billion in H1. This is in line with our 2025-2028 CAGR ambition and is mainly driven by EBITDA growth and improvement of income tax, notably due to one-off, partly offset by an increase in our financial interest. Net income amounts to EUR 3.6 billion and is primarily adjusted for the revaluation of MasOrange participation at fair value and the expected depreciation of copper dismantling asset in France. Let's move to eCAPEX. With our discipline policy reflecting into a 15% eCAPEX to sales ratio in line with our full-year guidance. We pursue our investment in Africa, Middle East to support our strong revenues and decrease CapEx in all other divisions. Excluding Africa, Middle East, our group eCAPEX decreased by 2.4% year-on-year, reaching 14% of eCAPEX to sales. On cash, H1 organic cash flow is strong at EUR 2.2 billion, up half a billion euro year-on-year, mainly fueled by our sound EBITDA minus eCAPEX uplift. Free cash flow all-in reach EUR 1.9 billion, up EUR 800 million versus last year. Moving to the net debt, our net debt increased in H1 by EUR 13.2 billion, essentially due to MasOrange acquisition price and net debt reconsolidation, leading to a leverage ratio of 2.4 x. Our [Non-English content] 2 x medium target remains unchanged, supported by our strong cash flow growth target, notably thanks to MasOrange cash acquisition. Rating agencies reaffirmed in June our credit rating post MasOrange closing and SFR announcement among the best in the sector. Let's get into the business review and starting with France. Over the second quarters, as we see, we continue to see a very positive market momentum. Thanks to our targeted commercial strategy, we delivered solid commercial performance. Our effective retention program, boosted with AI, are now running at full industrial pace, resulting in best-in-class churn rate, well below our competitors and at historical lows since more than five years. Fixed broadband net add have reached their highest level since 2021 at 62,000. On FTTH, our acquisition market share has remained the best of the market and is well above 40%. Once again, we stand out for the remarkable result in FTTH deployment quality as per recent ARCEP survey outcome. Mobile net add is up to 84,000, driven by a positive mix both on Orange and Sosh, along with positive portability activity against all operators. Supported by our multi-services strategy, convergent ARPU is up by EUR 0.2 year-on-year and fixed broadband ARPU return to growth at EUR 0.6 year-on-year. Mobile ARPU stabilized on a quarter-over-quarter, but continue to decrease on a year-on-year basis by EUR 0.9, still reflecting competition on low-end. Let's turn to the financial result for France in the first half of 2026, with revenues up by 1.2%. Retail, excluding PSTN, is up 1.2%, reflecting our solid commercial momentum with robust trend on convergence and fixed broadband, supported by multi-services momentum compensating PSTN decline. Looking ahead, we are confident in achieving stable plus retail revenues, excluding PSTN, for the full year 2026. Customer satisfaction remains a key differentiator. NPS increased by almost two point quarter-over-quarter, well above our closest competitors, confirming our leadership position. Overall, EBITDA is up 2.4% year-on-year, sustained by retail services, the positive impact of EUR 75 million wholesale non-recurring anticipated COFI missing item booked in Q1, and our continued focus on operational efficiency program. These strong results give us confidence to confirm our target of stable plus EBITDA growth in 2026. Let's turn to MasOrange result, fully consolidated since June 1st. In H1 2026, revenues is up 1.3% year-on-year, supported by solid growth in B2B and wholesale, which more than offset a decline in B2C retail services revenue resulting from the highly competitive Spanish market environment, particularly in the entry-level and mid-market segment. The trajectories improved progressively through the first half. Service revenues are now stabilizing in June, demonstrating a continuously improving trend. We also delivered positive net add addition in second quarters, while materially expanding our customer base across new services and adjacent growth verticals. Moving to H2, our priority is to further stabilize retail services revenues through disciplined value management and selective pricing action while accelerating on B2B and new business. Overall, EBITDA minus eCAPEX is growing at 1.8% as the reduction in capital expenditures more than offset the 3.1% decline in EBITDA. EBITDA evolution was impacted by the anticipated non-cash IFRS headwinds associated with the price purchase allocation expected to amount to EUR 200 million over 2026-2028, as we indicated in our Capital Markets Day. Within 2026, this impact is expected to be front-loaded in the first half. Looking ahead, we expect EBITDA to reach low single-digit in the second half 2026 and to deliver over EUR 430 million of cumulative synergies. Let's turn to Africa and Middle East with double-digit growth over the quarters for the 13th consecutive quarters, achieving our best ever top-line growth. This record performance was driven by growth across all countries within our footprint. EBITDA growth is up by an impressive 16%, a level not seen since 2021. Finally, we continue to increase CapEx spend in the region to fully capitalize on the strong growth potential ahead. This performance enable us to upgrade our EBITDA guidance to a comfortable double-digit growth in the second half. Let's turn to Europe 6, with very positive revenue up by 4%, reaching EUR 3.6 billion in the first half. This growth is driven by services up by 1.3%, reflecting our effective volume and value strategy across the region. This quarter, we achieved a key milestone, reaching an FTTH customer base above 3 million. IT and IS surged by 25%, driven by exceptional performance in Poland and in Romania. EBITDA growth of 6% outpace revenue growth, demonstrating operational efficiencies improvement. Additionally, we maintain our disciplined eCAPEX strategy, leading to an impressive EBITDA minus CapEx growth of close to 16%. Based on this strong H1 performance, we have upgraded our 2026 growth outlook for Europe 6 to mid-single digits in H2. Let's move to conclude on Orange Business. Revenues is up, reach EUR 1.8 billion in the quarters, reflecting a decline of -3.5% year-over-year, primarily impacted by legacy technology transition and competitive market dynamics. Despite this, we sequentially improved the EBITDA trend thanks to cost efficiency. Orange Cyberdefense delivered double-digit revenues and order intake growth in H1 2026 and expanded into Spain with the creation of Orange Cyberdefense Spain with MasOrange. Orange Business transformation remains a strategic priority for the group, and we are making progress toward greater operational efficiency, notably with the partnership recently closed with Tech Mahindra. Looking ahead, our ambition is to continue EBITDA trend improvement for full-year in a challenging market. With this, I turn back to you, Christel, for the conclusion. Thank you, Laurent. We are proud of this record H1. Building on these solid results, we are raising our 2026 guidance, now including MasOrange for seven months. We are increasing our EBITDA guidance to above 4%, driven by a solid performance in France and improved outlooks for Europe and Africa, Middle East. This, combined with the accretive cash contribution from MasOrange, allows us to upgrade our organic cash flow guidance to [Non-English content] EUR 4.3 billion. Laurent, the full ExCom and I are now ready for your questions. Hello. Now it's time for questions. We have plenty of questions. Please just ask one or two questions because we have a lot of questions. As a reminder, the journalists will have a separate Q&A in French at 10:1 0 A.M. The first question is coming from Akhil Dattani. Akhil, the floor is yours. Hi. Hello, Akhil. Yeah, can you hear me? Yes. Great. Thanks for taking the questions. Maybe I can ask the first one on French consolidation. Christel, you outlined obviously the transaction and some of the key terms that we've been given. I guess what I was hoping for was a little bit of commentary around the review process. We now have confirmation the French authorities will lead the entire process. One of the comments that they made, which raised a few questions, was the comment that they think it will take them at least 18 months to complete the review. I just wondered how that sits versus your expectation of H2 next year. Is that consistent? Is it a little bit different? Maybe you can just give us a bit of color on your engagement with them and what you're hearing. Just as a little add-on to that, obviously, you've mentioned the EBITDA accretion from the deal for you is EUR 900 million. Can you maybe comment on the cash flow accretion? Because I assume the incremental CapEx is low, but maybe I'm wrong. That would be helpful. The second question was just around the data center project that you've announced today. I'd just love to understand a little bit better how you're thinking about the industrial logic over the long term. It sounds like you will not need to contribute any equity. Morrison will contribute the equity, and then you'll debt raise against that. If you could just clarify if that's right. But longer term, how are you thinking about extracting, delivering value from that? A project as big as 400 MW clearly is pretty sizable and could be very valuable. How should we think about the way of demonstrating the value to shareholders for that project over time? Thanks a lot. Thanks, Akhil. On the French consolidation, you're right. We got the confirmation a few weeks back that the French authority would review also the Iliad file. The project is now handled by the French authority. We started the early discussion and pre-notification. We are now receiving RFI from the authority. The comment in the media from the head of the French authority relating to 18 months was first very consistent with what he had said before, so was not a surprise. It's also a comment that was made actually before the confirmation that the authority in France would have the full ownership of the file. For us, it was no surprise and actually completely in line with what we can expect from the authority at this stage of the process, which is still very early. Really no color to detect from that interview and very consistent with what we're expecting and consistent with what we target, which is a closing in H2 next year. Of course, the faster somehow the better. We've learned through the Spanish transaction that sometimes you cannot be in a hurry if you want to make sure you get the best outcome in this type of review. Again, fully consistent, and we are working hard to make sure that we're moving as fast as we can. On the accretion of the transaction, EBITDA and cash flow. As we said, the EBITDA accretion would be immediate, and we expect the transaction to be low CapEx intensity because we're not acquiring customer network parts in that transaction. There will be, of course, some integration cost, and we're working on sizing that. We have, of course, some models, but again, it's going to be low CapEx intensity from a transaction standpoint. On the data center project that we announced yesterday, clearly we're unlocking potential from data centers that we have today that are hosting some of our, I would say, network and IT infrastructure. It's also an infrastructure that's used by Orange Business to serve customers for its cloud offers. We see not only, of course, the potential to upgrade those data centers, but also there's untapped potential with sizable and power and connectivity on those sites. That's why we decided that we wanted to unlock the potential. Also to create a specific entity to manage that because it's a very different business. Of course, it's infrastructure as we've done in the past. The carve out will also allow to professionalize and to accelerate the development. When it comes to value, actually, we want to keep some flexibility in the plan because we're not talking of building an AI gigafactory, but we're not excluding working in the context of a partnership that we have in place with other French players on AI, but also to make sure we can serve private cloud needs from our Orange Business customers. There is potential need we may have on our own AI need as well as AI solution for our B2B customers. For us, it's really a way to capture value, to unlock potential of an asset that was not managed to its full potential, as well as to create flexibility on potential upsides. When it comes to, of course, financial impact for Orange shareholders, as you said, we will not contribute equity in the transaction. We contribute assets as part of the transaction. Of course, it's going to be a co-control entity, equity consolidation from an accounting standpoint, and we expect dividends as a normal shareholder. That's the way it's going to be managed. Great. Thank you very much. Maybe I can just add a bit on colors on value creation. Dividends, as Christel said, number one. Second, we will have revenues and margin generated by Orange Business, which will be using this project as a platform to develop B2B activities. Third, we'll have as well higher efficiencies for this asset used by Orange France and less cost. Finally, of course, there is a value creation by developing and scaling up this asset multiple by 10 compared to the current capacity. We have, of course, 50% of the global value creation generated by the intrinsic value of the joint venture. That's clear. Thanks, Laurent. Thank you. The next question is from Ondrej Cabejsek from UBS. Ondrej, please go ahead. Yes, good morning, everyone. Thank you for the presentation. I have got two questions as well. More on your two biggest markets. Starting with Spain, where I think we have seen a pretty big improvement, where compared to the previous quarters things have improved in terms of the trend. I think in June, as you point out, the service revenue trends especially were neutral already with pretty good KPIs operationally speaking. The question was really, is this more of a market thing? Is this your execution or is it as you maybe, Meinrad, suggested in the past where you were open following the integration with MASMOVIL to losing, say, lower value parts of the subscriber base? If you could maybe comment on what is driving this stabilization and whether we can expect service revenues in Spain to be pretty stable going forward, which I guess your guidance for the second half of the year would suggest. Second question would be similar, but around France. I think we have all seen the pricing environment improve lately. I am just maybe a bit surprised that the improvement in terms of the service revenue trends came mostly in fixed, whereas I think on the pricing side, we have seen most of the improvement on mobile. Again, if you could please clarify from your perspective, what is going on in the market and if maybe there is potential for the mobile side of things to catch up in the second half in terms of performance, and then clarify also what drove the accelerated growth on fixed. Thank you very much. Thank you, Ondrej. On Spain, I'll start, and then I'll let Meinrad complement. You're right. Improvement is already now in the results in June. It remains a very competitive market, there's a lot of actions working on retention, working on low-cost customers. I don't think we deliberately accept to lose customers for the competition. Of course, we are value-driven, and more importantly, our objective is to make sure we decrease churn. Same strategy as everywhere in Europe through convergence and also other revenues. Meinrad. Thank you, Christel. Good morning, everybody from Paris. Yes. As you have seen, Ondrej, the service revenue trend is positive. We are growing semester on semester, and we are stabilizing service revenues in the month of June. Having said that, Spain is a complex market, especially in the retail telco segment. We have other growth levers. We are growing quite significantly in B2B. We are growing also in new businesses, and we are stabilizing ARPU. Overall, we are continuing with our commercial and efficiency playbook, and we are quite optimistic for the second half of the year. On the French market, you're right that the mobile market environment, and especially on the low end, has improved compared to what it was definitely last year. We've seen a bit less aggressive promotion. That being said, it's always a fragile environment and the commercial performance is good. The ARPU's improvement is actually the results of past quarters' performance. It's not just the last few months that have some impact. Despite the fact that the mobile market has improved on the low end, we still see a market that's putting pressure on our mobile-only revenue customers, which, as you know, is only a small part of our customer base. Our strategy is really, of course, to continue to migrate those customers to becoming convergent customers where we know the churn impact would be lower. As you can see, the churn reduction on mobile-only customers is also helping to stabilize our performance. Jérôme, I'm sure you want to comment as well. Yes. Thank you, Christel. I think you said it all. We had a strong commercial momentum first, which is important in all segments with 62,000 in net adds on fixed and 84,000 on mobile. As far as value is concerned, we managed to increase our ARPU on fixed broadband and convergence, thanks to a very good mix to our high-end offers, Livebox Max in particular, and the good performance as well for new services, adjacent services growing faster than the 5% growth target that we have on our strat plan. On mobile, you are right mentioning that there's been an improvement on the low entry prices of the market, which are more B brands, let's say, from EUR 1-EUR 2 for 100 GB packages. It's still under pressure on the high-end market. Let's say the gap of prices between the ARPU of the acquisition and the ARPU of the base is translating into a still slightly decreasing ARPU from mobile only. As Christel said, it's only 13% of our revenues on that segment, and we are managing it carefully. Thank you. Okay. Thank you. The next question is from Joshua Mills from BNP Paribas. Joshua, we are listening to you. Hi there. Hopefully, you can hear me. I had a couple of questions, one on Spain as a follow-up, and then one around satellite. On the Spanish numbers today, I think on the guidance, it looks like you've pushed out the EBITDA growth recovery to the second half. Meinrad, could you give us an update on where you expect EBITDA growth for Spain overall in FY 2026 to be? I'd guess around stable. How does that affect, if at all, the medium-term guidance for low to mid-single-digit EBITDA growth on MasOrange? Secondly, on the satellite side of things, you talk about trials, different initiatives. Could you give us an update on who you're speaking with and what kind of partnership models you're contemplating? Specifically, I think you've been clear on the European side that you don't want to offer MVNO deals, but is there any scenario in which you'd be open to doing MVNOs or deeper relationships with the satellite companies in your Africa and Middle East businesses? Thank you. Thank you. On the Spanish EBITDA performance, first, as we presented it, there's a non-cash EBITDA impact IFRS 3, which is mechanical from the acquisition, and this was fully anticipated in our Capital Markets Day. We have, as we said, a market that's under pressure, but we are recovering, and we expect to continue to improve in H2. We are full speed on the synergies as well of course. All in all, that's as per plan. Even though indeed the closing was early June and we didn't know that when we did the Capital Markets Day. We had no exact visibility on the closing. From a full year standpoint, it's absolutely in line. Of course, very importantly, we know that MasOrange is cash accretive to the group, and that's also contributing to our organic cash flow guidance raise for the full year. I don't know if, Meinrad, on EBITDA, you want to. No. Say something. I can fully confirm that we will meet the guidance from the moment of consolidation. From June until the end of the year. We are very much cash-focused now, and we are talking the EBITDA impact is due to non-cash items. Overall, as we mentioned, the business is growing. We continue with our strategy and we are optimistic to meet the low single-digit EBITDA growth in H2. On satellite partnerships, actually, of course, everyone is very much focused on satellite constellation when we talk satellite, but that's not the only area where we are building a partnership. As we said, we are testing several satellite constellation. We launched an offer with Skylo in France. We have a trial with Starlink in Spain, and we are working with AST more globally, but especially in Romania, as we announced a few months back. We are also building partnership on the devices side to make sure we can test and anticipate to bring the best customer experience. Also working on a terrestrial satellite network handover and interaction because that's also a key element of the customer experience when those solutions become available. Of course, we're following closely and working to anticipate the spectrum auction that will take place a bit more than two years down the road in Europe. Very important. In Africa and Middle East, we have already a partnership in place, especially for broadband with Eutelsat OneWeb, we launched offers in Ivory Coast or Senegal. We continue to monitor progress. That being said, our mobile solution, especially 4G and where available, 5G remains really a Really the best solution for customers where affordability remains a key criteria. Where also, of course, everything we're doing for Europe, which is more towards Direct-to-Device or mobile satellite, will one day also be available for Africa. That's really long down the road given the development of the solution and still the cost of those solution. Across the board, we want to make sure we master the technology and work with all available and all possible partners. At this stage, we remain very open. We don't want to be exclusive. That being said, as you said, we're not contemplating signing a simple MVNO transaction because we really think value comes from the customer experience and the direct to customer management, of course. Thank you. Okay, next question is coming from Nick Lyall from Berenberg. Nick, it's your turn. Don't forget to unmute. [crosstalk] Morning, guys. Sorry. Okay, yeah, I just did that. That's good. Thank you. Thank you. Now, I hope you can hear me. Just a quick one on Spain, just to come back to the Spanish question, please. All the growth still comes from the wholesale and B2B market, and DIGI is still relatively underdeveloped in Spain. Can you just remind us how you're going to try and protect yourself from DIGI as its tough pricing model expands with its fiber network, please? Secondly, just on the French numbers. There's a sense of sort of stabilization in some of the ARPU this quarter, and I know they're very seasonal, particularly in the second half for convergence. Is there a sense within France that you think the ARPU is starting to stabilize a bit, particularly given the adds numbers on the subscriber side are good? Thanks very much. Yeah. On the Spanish market, of course, DIGI pricing, first of all, it depends whether DIGI is offering different pricing depending whether they're on their own footprint for fiber or not. As you know, of course, now that they went for their IPO, they will provide the regular updates. Given their extremely aggressive pricing strategy, we don't see much value creation or cash generation opportunity for them, but that's more for them to comment. That being said, our MasOrange customer base is highly positioned on the premium and the medium market segments, so not just on the low cost. Of course, DIGI is hitting all low-cost brands, and actually even more some of the small players in Spain. Consolidation is happening on the low end of the market with a lot of small players who are positioned. Of course, we have a different strategy depending on the brands. When it comes to premium and medium brands, we're absolutely not competing with DIGI, per se. Meinrad, I don't want to talk more about DIGI. No, just to add. Overall, we have to look at the big picture. We are growing in revenues, and we are growing in clients, and what we said in a very competitive environment. What we also see is that the client acquisition volume of DIGI has been reduced. Quarter- on- quarter, it's around one-third down. That also demonstrated the ultra-low-cost segment is not infinite, meaning not all clients are looking for a low-cost offering with, let's say, some questions on service quality. We are betting on service quality, on value creation, on up- and cross-selling opportunities, and we are optimistic that this will continue to work. On the French market and the ARPU stabilization, as you can see now, convergence strategy as well as broadband, as Jérôme was saying, our premium offers are really working well. We continue to work on upselling to our customers and migrating them from, if they are on our low-cost offers to migrate up. This is done, of course, through the broadband offer themselves, but also through this multi-service strategy. As Jérôme was saying, we have this objective of growing above 5% for those multi-services strategy. Especially in the last quarter, for instance, we insisted a lot on our home security package together with our broadband solution. That's one example. We'll continue to work on upselling and on, of course, stabilizing, if not growing ARPU. That's great. Thanks very much. I leave the floor to Roshan Ranjit from Deutsche Bank. Roshan, it's your turn. Hello, Roshan. Great. Can you hear me now? Yes, very well. Great. Thank you. Morning, everyone. I've got two questions, please, and perhaps returning to France, and more so on the EBITDA trend. If we adjust for the wholesale one-off, I think the H1 growth was flat. Given the strong top-line performance, and I guess there is an element of the efficiency timing, how should we think about that trajectory going forward? I would have thought perhaps we should have seen a better underlying trend for the first half, [ex] that one-off. Secondly, Africa, Middle East, we have seen the guidance upgrade today. If I look at the ARPU growth trends, and we've seen a further acceleration there. What is driving that? Is that across, I think, Laurent, you mentioned across all markets performing well. Is it more the upselling? Is it underlying price increases? If you could give us a bit more around that dynamic, that would be super helpful. Thank you. Thank you. On France, you're right. The wholesale one-off is impacting our performance in H1. Beside that, we see our efficiency initiatives fully delivering, and we actually even expect them to accelerate in H2. That's why we are very confident on reaching our EBITDA soft guidance for the year of stable plus. I don't know if, Laurent, you want to. I think that what we can add, Roshan, is that looking at the H2, of course, we'll have the continuous headwind on PSTN and wholesale as expected, and the copper. We'll have an efficiency step-up in H2 versus H1, that will support as well. On this basis, and on the fact that, as Jérôme and Christel explained, the commercial playbook is well executed, and we are in control of our market, we are very comfortable on our stable plus full-year 2026 EBITDA guidance. On MEA, the growth is really coming from various market, various geographies. We have a number of country that are really accelerating, and it's the consequence of the CapEx investment we protected or we even accelerated, especially on 4G. It's really mobile data that's driving growth, and this is true in many geographies. Ivory Coast, Egypt. I won't name all of them. That's really the main engine growth driver. We also have Orange Money supporting growth, as well as fixed broadband as well, to a lesser extent. Really, a big part is mobile data, and that's helping fuel more CapEx investment because we still have network saturation because of the huge demand and sometime untapped demand for 4G data. Yasser, I don't know if you want to. Maybe just to clarify. I fully agree, of course, Christel. Maybe on the traffic side, we are growing this year 25% more traffic compared to last year. This explains the CapEx and the data part. Also on Orange Money, we are growing 50% more on customer base of Orange Money on the net adds compared to last year. This also comparing the performance we are having on Orange Money compared to last year. We believe this growth, as explained, is coming from many countries, driven mainly by the mobile data. That's great. Thanks all. Next question is from Andrew Lee, Goldman Sachs. Andrew, please, we are listening to you. Good morning. Thanks for the questions. I had two. The first was just coming back to the French consolidation process. Could you give us a bit of an insight into how you see the timeline on that process in terms of specific points over the 18-month period? We understand that under EU antitrust processes now there is an extended pre-notification period, which basically allows all parties to understand where all parties are coming from and is typically now the first sign of how the antitrust authorities or French Competition Authority are thinking about things. Do you think the same thing will happen in the French process? Can you give us a sense of the timeline of when the pre-notification period comes to an end and phase I begins? Then second question, sorry to come back to Spain again. Just trying to understand or make sure I understand what is changing in terms of that improved performance in telco retail expectation into the second half. Meinrad, you mentioned that DIGI's client acquisition volume quarter-on-quarter is down by a third. Clearly there's a bit of a change there. What other changes are you seeing in Spain that are giving you the confidence to do tactical price rises? Is it macro, or is there anything else on the micro side that we're seeing? Thank you. On the French consolidation and the process with the French Competition Authority, we started the pre-notification process on end of June. As you highlighted, it's a similar process than the one that Brussels has, where we will have RFI exchanges and dialogue, which we expect to last in the next month before we can formally notify. Normally we would do that when indeed this pre-notification has allowed us to clarify a number and to make sure that then we enter into a clocked, I would say, process for phase one. Normally we expect to have active discussion in the next weeks, and especially September, October. Again, when we move into formal notification later this year, there can still be stop the clock phase from the authority. It's not a mechanical timing, the next month will be key to make sure we provide all the data available and we have the dialogue, and there will be also a market survey from the authority, which we expect to happen in September, October. On the Spanish market. Meinrad, pricing. Yes. You asked if it's a macro or micro effect. I would say both, no? On a big picture, the Spanish market is still growing in clients, that's positive for us. We can participate in this growth, as you saw also with the numbers of this quarter. On what we are doing concretely as a company, I think we are advancing in churn management quite significantly. Q1 was difficult because it was the moment of service upgrades, we had our competitors quite aggressively acting during this period. Not only DIGI, but also especially Vodafone. Zegona in Spain was and is very active on outbound calling. Our clients receive more than 1 million commercial calls a month, which is quite crazy to be honest. We are learning to act on that. Churn year-on-year is down. That's very positive. With this combination of churn management, defending ourselves better against low-cost offering, and advancing also in customer value management, we see quite positive results. Thank you. We still have four question in the list and only six minutes, I propose to extend a bit since the press is only joining at 10:10 A.M. Next is David Wright from Bank of America. David, please go ahead. Don't forget to unmute. I hope you can hear me now. Is that okay? Yes. That's good. Sorry for taking some of that time away. Two questions. Spain, B2B this time, please. You've obviously got some good momentum there. I just wondered is it again organic growth, Meinrad? Perhaps you talk about SOHOs and SMEs. Are you winning organic share, I assume from the incumbent as the dominant force? I guess my question will be how are you winning share? Are you able to be a little more agile or can you offer better price terms? Maybe, Christel, just a question for you on the wider satellite debate, which was touched on before. It feels like the telcos are, and these are my views, are rushing to partner with some of these satellite operators, even though we might consider them structurally competitors down the line. How do you think about that strategy? Is it good to keep enemies close? Are you at risk here of an element of Trojan horse and that you're actually branding competitors to the customer, you're selling their services to the customer, and this could actually come back to ultimately take share away from you? Just some thoughts there. Thank you. Thank you, David. On the Spanish B2B market, Meinrad will complement, this is organic growth we're talking about, we're gaining share. It's not just against Telefónica, it's also against Zegona. Of course, depending on what type of deal and customer base. We have a number of large accounts, public accounts as well. We have also our new Orange Cyberdefense Spain unit. Meinrad? Yes. Thank you. Just to reflect, two and a half years ago, B2B Orange, MasOrange Spain, was having a share of only 1%-2% of digital services. We were very much focused on connectivity only. Now we have been evolving in amplifying our service portfolio significantly. We are winning on a technical level most of the processes we present ourselves. A few examples, we have won the first major cybersecurity deal, together with [OCT] España. We have won the very relevant 5G private network agreement or deal with Aena that manages the main airports in Spain. We won it for Madrid, Barcelona, Palma de Mallorca. We have won SD-WAN solutions with a major construction company, FCC, in Spain. We have won a major contract with Lidl, the supermarket retailer in Spain. Broad service portfolio, broad client base. We win most of these processes on technical level because we have a very well-prepared team. On satellite, I think I would not qualify a satellite constellation as enemies because I really see, we've been claiming that satellite connectivity really complements our mobile and fixed network. Again, mastering this combination, I think everyone underestimates the complexity of doing a handover on a mobile phone between terrestrial network and satellite networks. The customer experience of being only on the satellite constellation would not be great because of spectrum and physical limitation, unless you're in a pure rural area without any connectivity. We also see satellite connectivity as a great way to lower pressure on our CapEx investment in very rural areas. Again, we're not rushing to building partnership because not all technology are available. There's a lot of question on spectrum devices as we said. We are really convinced of the value for backup solution as well as, of course, complementing our network. We don't like this one-size-fits-all type of partnership. We're not going to announce any exclusive thing. Again, making sure we master the experience for our customer between these different technology is very important for us. Thank you, for your answers. Thank you. Now I leave the floor to, I assume it's Emmet Kelly, because I don't read the entire name. Emmet, if it's you, please go ahead. Emmet Kelly. Don't forget to unmute. You are still muted. Yes. Good morning. I hope you can hear me. Yeah. Very well. You're right, it is. It's Emmet from Morgan Stanley. I've got two quick questions, please. The first question, I guess it's for Laurent. Could you please just give us a quick update on the acquisition of Scorefit in France? I'm just thinking in terms of timing, how you see the industrial logic of this transaction, and how me and my fellow analysts should be thinking about how much EBITDA and CapEx we should be layering on, say for 2027. The second question, Christel, could you maybe say a few words on the really tragic wildfires and events we're seeing in La Gironde near Bordeaux? Obviously, it's a major disaster with a big impact on a lot of people. What is Orange doing, and what is Orange seeing on the ground? Laurent, Scorefit? Yep. Good morning, Emmet. You know the Scorefit, the initial objective was to create a structure to develop and monetize co-finance lines. That's what we have been building over time. Over the years, we are now the sole client, and that's why it makes full industrial sense that we re-internalize these activities so that we can basically better monetize the Scorefit asset by ourself. The closing has been done in July, Emmet. The financial impact as we announced, is an increase of debt of €1.3 billion on IFRS. No change on S&P because it was already considered by the rating agencies. It makes industrial and commercial sense with the setup. To your point on positive EBITDA impact, this has been fully included, of course, in the trajectories that we have announced in the Capital Markets Day. That's part of our efficiency effort and our global above EUR 600 million target we have from 2025 - 2028. Emmet, thank you for your question on the tragic wildfires that are happening in the Bordeaux region as well as north of Madrid as well, and in Tunisia. Unfortunately in many geographies, but of course in France, very hard and to a scale that's really unprecedented. Of course, our focus has been on the safety of our teams and protecting our teams, our employees, and some of them have been evacuated. Making sure that they are safe with their families. Of course, monitoring the continuity of service of our network. Our networks are working, and we work hand in hand with, of course, the power and energy company together with the authorities to make sure that that continues, and it's been the case. Of course, that's critical. On top of that, we also announced that we've given some data packages to all of our customers in the region to make sure that they can, with unlimited voice and SMS and of course, 200 GB of data to make sure that they could. Especially many of them have been evacuated from their homes, so they could stay in touch with their families without concern, I would say, on the connectivity. Again, working hand in hand. I must add on top of that, we have a number of our employees who are volunteer firemen and that are fighting on the front, not just in the Bordeaux area, but everywhere. That's been a commitment for Orange to support volunteering of our employees. We have, many of them are really at the forefront of fighting, and this is, of course, needed given the size of this. It's too early to say what's going to be then the repair and the consequence. Of course, we will work in the next weeks and months. Of course, priority is business continuity and, of course, safety of our teams. Okay. [audio distortion] Oh, sorry, Emmet. Is it okay for you? Yeah. It's perfect. Thank you for the answers. Okay. We still have two question. Let's manage to take them in the six coming minutes. The first one is from Mathieu Robilliard, Barclays. Mathieu? Yes. Good morning. Thank you for the presentation. I can follow up on the Scorefit question. I think the company was reporting an EBITDA close to EUR 100 million. Is that the kind of magnitude of positive impact it could have on your accounts? The second one was on Spain. I see that wholesale revenues are growing very quickly over the last two quarters. Can you give us the reason for that trajectory and whether that is something that is going to be sustained for this year or the following years? If it is a one-off element. Thank you. Laurent, Scorefit? Yep. Good morning, Mathieu. This impact is what has been, I think, published in some of the notes so that it's a fair estimate on a full year basis, of course. We have, as I said, only half of this for 2026, closing being in July. Thank you. Meinrad on the wholesale. On wholesale, yes. We don't see any significant one-off. What we see especially positive is the roaming in revenues. Spain is a tourism country and we are evolving very well also because we have a more densified network now after the merge between MASMOVIL and Orange. Just to say, because we were talking about the wildfires, we are also affected in Spain. The region around Madrid especially is affected, here also thank you to the Orange Group because we have been collaborating very well to provide connectivity services also with mobile units from group. We have both Wi-Fi and mobile connectivity service in trucks provided to the affected areas and all the public authorities and services, firefighters, et cetera. We're very grateful for that, thank you. Thank you. Last question from Stéphane Beyazian. Stéphane, we are listening to you. You are still muted, Stéphane. Yes, sorry about that. Thank you. Very quickly, two questions. The first one on data centers. Is it possible to have an idea of what percentage of your cloud traffic you think you'll migrate eventually on that joint venture and therefore whether you'll have to stop sell, close down some existing data centers that could be perhaps getting old now? Regarding Africa, I was just wondering whether you feel any need as you're growing very nicely in fixed broadband to invest more in fiber and how do you see the need to do that versus potentially the competition from Starlink in Africa. Thank you. On our data center for the Orange needs, actually part of the work has started already to consolidate our data center footprint in France and the five data centers that are considered in the JV are actually the one that were future-proof. We have other smaller sites that are still for some of them operational, but that will be progressively decommissioned. We will see what we want to do. They were typically very small enterprise data center type of sites. Those five data centers were already the one where even without the JV, we were consolidating our private cloud traffic internally. On Africa, our CapEx plan is of course very much on mobile networks, but we also invest on fixed broadband. We track, of course, progress of Starlink, but that's not significant compared to the volume of customers that we have, both on fixed broadband as well as mobile. Yesser. [audio distortion] Yes, maybe a quick comment. First of all, of course on fiber, we're planning, as we announced, to double our fiber base in the next coming three years. Of course, we're going to be investing heavily in fiber and mainly in our four principal markets, Côte d'Ivoire, Senegal, Jordan, and Morocco. We're also opening new markets like DRC and Burkina. We're also deploying fiber. Concerning, of course, the satellite. Again, our ARPU in our markets, it's [one over tenth], the ARPU of satellite. It's not the same really market compared to satellite. We believe this is already a point. We're not only deploying fiber but also deploying there is a big part of people who are already covered and not affording to be connecting. However, we're also deploying a huge amount of number of sites. As stated, we did this year 50% more rolling of sites compared to last year. We're growing and we're investing heavily in mobile and in fiber. [audio distortion] Very good. Thank you Sorry. Concluding remark. We will leave three minutes before starting the press session. Thank you. Again, we're very happy with our strong results demonstrating our focus on execution and driving our key strategic priorities. Based on these strong results, we're very confident to meet our upgraded targets for full year. We will keep you, of course, updated as we progress through our key inorganic initiatives, the SFR acquisition and our French sovereign data center platform project. Thank you all. I wish you a very good summer.