A very warm welcome here in Zurich to everybody in the room, and also a very warm welcome for our remote audience out there on your screens and on our stream. My name is André Krause, and I'm very proud to host our first Capital Markets Day as a coming standalone business, that also will be listed soon. Now, for me, it's the second time, to bring Sunrise public, and the first time was back in two thousand and fifteen. And what I can tell you is, today we are not only bigger, but we are also better. We have a lot of content compiled for today, which we will go through in the next three and a half hours. But before we get into that, the three key messages that I want you all to take away is the following ones: firstly, the Swiss telecoms market is an attractive place to operate in. Secondly, Sunrise is not only uniquely positioned, but also ready to tackle the existing and future pockets of growth in our market. And thirdly, that will enable robust free cash flows that will also drive attractive and progressive dividend returns for shareholders, while at the same time further delivering our business. Now, before we move in, let me also introduce my team, which are all here today. And as you can see from the slide, we have a wealth of experience in our top management team. We have, for each and everybody, between 11 and 31 years of industry experience, not only in Switzerland, but also outside of Switzerland, and not only within Sunrise, but also through a variety of telecom operators, in Europe. Now, if I quickly go through, you can see, next to myself, you see Jany, our CFO. Christoph, who is running flanker brands. thorsten, who recently joined us, and is running our business segment. Then Elmar, our CTO. Anna Maria, who is our CIO. And then also Tobias, who is our Chief People Officer. And Marcel, who is our General Counsel. I'm really happy to have such a great team next to me, because alone, of course, all of this is not possible. And when I mean alone, this is of course also not only our management team, but it's also talking about the two and a half thousand employees that on a day-by-day basis are with us to drive this business forward. I hope throughout the day we can actually show you the dedication and focus and commitment that we have as a team to actually deliver great results going forward. Before we actually get into it, let me show you the agenda of the day. We're gonna start with some reintroduction messages from myself. Then we're gonna go through the business overview, where we will show you all of our top-line segments. And then we're gonna have Q&A followed by a break. Then we have network and IT, sustainability and governance, followed by a second Q&A section. And then we're gonna talk about our financial overview and also about the transaction that is upcoming next, followed by a third and final Q&A, before we then have some closing remarks at the end of the day. Now, before we actually move on, I would also like to give you a message and show you a message that Mike Fries, our current Liberty Global CEO, and our coming chairman of Sunrise, had put together as an opening remark for today. Thanks, André, and I'm very excited to be kicking off this event with some brief remarks before handing it right back to you. It goes without saying that this is a big moment for Liberty Global and our shareholders. As most of you are probably aware, we've been operating in the Swiss market for nearly twenty years. Over that timeframe, we have a long track record of investment and innovation, culminating in our combination of Sunrise and UPC four years ago. Now, with access to the best fixed networks in the country and a world-class mobile platform, Sunrise is now the leading national challenger and a true convergence champion in one of Europe's best telecom markets. As you'll learn today, the company is extremely well-positioned for continued growth, free cash flow generation, a healthy dividend, and additional deleveraging over time, which is why the timing is right for this transaction to spin off 100% of the company to Liberty Global shareholders. Now, as we've discussed many times over the last six months, this is a key step in our strategy to unlock value by allowing Liberty Global shareholders and new investors to directly participate in the future growth and upside of the Sunrise business. John Malone and I are excited to be substantial investors in Sunrise moving forward, and I'm honored to chair a board of seven directors consisting of outstanding Swiss and European-based leaders from the telecom and media sectors, including two directors who previously sat on the Sunrise board, Thomas D. Meyer and Ingrid Deltenre; a former Swisscom board member, Catherine Mühlemann; McKinsey's Global Leader for Consumer Tech and Media, Adam Bird; the CEO of the U.K.'s largest mobile company and leading broadband provider, Lutz Schüler, and Liberty Global's CTO, Enrique Rodriguez. Their full bios were included in a press release on August twenty-sixth, and I encourage you to familiarize yourself with this group. One quick programming note before I hand it back over. The goal of today's presentation and Q&A is to dig deep into the strategic, operating, and financial drivers of the competitiveness and value creation for Sunrise. We realize that our Form F-4 filing has been public for a couple of weeks now, and we suspect many of you might have questions about the more technical and legal elements of this transaction. In order to keep the focus today squarely on Sunrise, we will be hosting a follow-up investor call tomorrow to review the legal, financial, and tax-related details of the spin-off itself and address any questions you may have on those topics. So if you can hold those questions for twenty-four hours, we'll be sure they're addressed in full. Now, it's my distinct pleasure to say a few words about André. André, who is familiar to many of you, has more than twenty-six years of experience in the telecom industry, including thirteen years at Sunrise, where he oversaw the company's IPO in 2015 as CFO and has served as CEO since 2020. There is no doubt that when we bought Sunrise, one of the key strategic benefits was bringing André into the group. Together with his team, he has led the company through the successful integration of Sunrise and UPC, delivering on synergies and setting the company up for continued success. So thank you for your attendance today in Zurich and virtually, and with that, I'll hand it back to you, André. Take care. Yeah. Thank you, Mike, and I have to say, I'm very pleased that John and Mike are very committed to the Sunrise story going forward, and I'm also very happy that Mike has decided to chair our board going forward, which will give us a lot of continuation and also a lot of experience into our board. Now, I talked about three things, and I would like to, in my opening remarks, now also talk about why is it an attractive market that we're operating in? How are we uniquely positioned, and also, how will that drive attractive financials going forward? So if we look back to 2020, when we merged Sunrise and UPC into one business, that was really a start when we had a mainly mobile-driven Sunrise and a mainly fixed-driven UPC business that we integrated into an FMC business that operates on great infrastructures, has great scale across all segments. We harmonized brands over the past couple of years, and we did a lot of integration work if it comes to system, organization, and also product portfolios going forward. Now, as such, we are now really ready for the spin-off to happen. And the spin-off will give an opportunity for investors to participate in our forward journey as a business, and also to get access to an attractive Swiss telecoms business going forward. We are enhancing our shareholder base through that transaction. And we will also provide the fully distributed valuation for Liberty Global and also for Sunrise shareholders going forward. Now, we are starting off from a strong starting position as a business. We have CHF 3 billion of revenues well-distributed over our mobile and our fixed business and our B2B segment. That converts into CHF 1 billion of EBITDA at a 34% EBITDA margin. That drives around CHF 400 million of free cash flow, which is equivalent to around 12% free cash flow conversion. We are really the number one challenger in Switzerland, with a strong number two market position in all of our segments, with market shares ranging between 26% and 31%. We are operating a really strong infrastructure, not only on the fixed side, where we have our own HFC network that covers 2.7 million homes in Switzerland, but also our mobile network that has a population coverage of 99.9%. Already today, 56% of our customers are enjoying the benefits of an FMC proposition, as we speak today. Now, let me talk about what gives me great confidence that we can drive growth going forward. Sunrise is benefiting from a favorable macroeconomic environment in Switzerland. Within that macroeconomic environment, we are in a three-player, attractive telecoms market going forward. We are set up as a premium and scale challenger, and while we still have growth opportunities, we already are at scale in most of our segments. We have high-quality, world-class networks on the fixed and mobile side that are a foundation, a strong foundation of our business, and we have seen a stable financial evolution throughout the integration period of the last three to four years. We are also having a compelling cash flow generation, and on top of all of that, we have a clearly defined growth plan for the future. With all of that, we will drive attractive and progressive shareholder returns. Now, I will go through all of those topics one by one, and let me start by talking about the Swiss macro environment first. Now, Switzerland is often referred to as a safe haven, and many of you are aware of what the good characteristics of these markets are. So let me, nevertheless, quickly recap what those are. Firstly, we have a strong GDP per capita, which is almost twice as high as the rest of Europe, at CHF 85,000. We also have a GDP growth that is slightly above the European average at 1.8%, also benefiting from immigration into Switzerland, with a population growth of roughly 1% per year. Also, we are benefiting from low cost of capital and low tax. Swiss ten-year government bond yields are currently at 0.5%, compared to the rest of Europe and the U.S. at 2.9% and 3.9%, so remarkably lower. The tax rate compared to Europe sits at 16%, compared to the average of Europe at 24%. Additionally, also inflation has been relatively low also throughout the period from 2017 to 2023, including the COVID pandemic. Switzerland has seen a CAGR, CPI of 1% compared to 3.2% in the rest of Europe. Today, we stand at around 2.1% of CPI for last year. We are expecting around 1.6% of inflation for this year. So you see, a very, low inflation level already today. Now, if we look at that, I think you would all agree that these are the key characteristics, while this is seen as a strong macroeconomic environment and a safe haven. Now, let me talk about what we are operating in, which is a CHF 8.1 billion telecoms market that has a number of very attractive features. First of all, we are operating in a market environment that is probably one of the most technically affluent in Europe. Let me give you one example. If we talk about 5G, Switzerland was a country that was first rolling out 5G and actually was rolling out 5G pretty fast. So today, most of the country is already fully covered with 5G services from all of the three operators, while Sunrise has been first to market. Now, not only have we been rolling out infrastructure fast, but also the adoption has happening fast. We see already 40% of subscribers are using these 5G services today. And the customers are actually quite quality-focused, which you would expect from Swiss consumers. One example is that for in the broadband arena, 10% of the customers are choosing today already to have a service that is delivering more than one gigabit of speed. Now, that is comparably high compared to what we see in the rest of Europe, where this number is only 2.5%. So that's four times more, and this is not on the basis of a larger fiber footprint at this moment in time, but it is on the basis of customers wanting to have higher quality products. Also, we have attractive ARPU levels, which are on the mobile side, for example, twice as high than in the rest of Europe. Now, this is pretty robust, I would say, because if you look at the disposable income and how much of the disposable income is marked by telecom spend, that's only 1.4%. That is very comparable to other European markets. So the ARPU is not only attractive, but it's also on a sustainably elevated level compared to Europe. We are operating in a three-player market, which gives lots of visibility in terms of return on investments if we choose to invest in infrastructures, as we see, a rational behavior, by and large. We also have, benign regulatory environment. We are in Europe, but we are not part of the European community. As such, we have an ex post regulatory environment which facilitates commercial negotiations between operators in the first place. Entry hurdles to the market are very high. We have a difficult topology and interesting EMF norms, which make it complicated to set up new networks. And going forward, we are seeing multiple growth opportunities in our market, and these are not only the growing population that we have. I said already, we see around 1% population growth per year, but we also see growth opportunities in technology adoption, talking about 5G, talking about fiber. We also see opportunities in growing number of connected devices that need access to them and also device propositions, which Device as a Service things. and there's a wealth of additional services that are demanded by our consumer and B2B customers, which are relatively close to our core services, but are important to customers going forward. Think about the things like cybersecurity, or the like, and we will talk about that a lot more today. Now, Sunrise is starting from a very strong market position, and I said already we are a clear number two in all of the markets that we are operating. We have 26% market share in the CHF 4.3 billion mobile market. We have 28% market share in the CHF 2.2 billion broadband market, and we have one point six billion. Sorry, we have 31% of market share in the CHF 1.6 billion TV market. So this is not only a clear number two position, but it's also us being the number one challenger going forward. While we are starting at scale, we are also still seeing growth opportunities in taking additional market share going forward. Of course, our business is based on a strong foundation, which is our networks. Talking about our mobile network, we are covering with our mobile network already 99% of the population with a 5G service. We are amongst the top-class networks in Europe. On the prestigious Connect test, we turned out number six, only just two percentage points away from the leader. And we have won the Connect Award on an outstanding network as the only operator in Europe eight times in a row. Not only our mobile network is great, but also if we talk about our HFC networks, which is a hybrid network set up between own networks and also wholesale agreements that we have. Our HFC own network is covering 60% of the dwellings in Switzerland, and we are today delivering two and a half gig of speed to all of those dwellings today. Secondly, we have access to fiber pretty much wherever fiber exists in Switzerland, with a variety of wholesale arrangements, which have ample capacity going forward. That covers roughly 40% of the dwellings in Switzerland, and we are offering up to 10 gigabits of speed to our customers already today. And lastly, on our mobile network, with that great 5G coverage, we also have a fixed wireless access proposition that covers up to 75% of the country with speeds of up to 1 gigabit. Essentially, we can deliver gigabit speeds anywhere at any time, and at this moment, we have the biggest distribution and coverage of gigabit broadband connectivities in Switzerland. Elmar will talk about our network later on in a lot more detail, but let me now also talk about our financial evolution over the past years. We have seen a pretty stable financial performance throughout the integration period since 2020. Now, you see the top line was pretty stable at around CHF 3 billion, and also our EBITDA was pretty stable at around CHF 1 billion. Now, if you look at that, you could be surprised because you could say, "Well, where have been the benefits of synergies?" for example. And there's a lot of moving parts underneath, so let me quickly explain, because it's important that you follow through on what has happened in the past couple of years and why the heavy lifting is actually behind us. So talking about top-line performance, we have been benefiting, of course, from top-line synergies. We have flanker brand and in our b2b business, and we also have been benefiting just recently from an inflationary price increase that we did in the last year. At the same time, there were a number of headwinds. The most important one was a conscious decision that we took to migrate our UPC fixed customers and mobile customers onto our Sunrise brand. Why was that important? Because we wanted to create one platform that we can take our main brand forward, and this was a painful exercise because there was quite some historic price levels sitting in these back books of those customers, and we have, in the meantime, now already migrated 88% of those mobile and fixed subscribers. Now, you can imagine that this has been a massive headwind throughout the past years. And if you look into our numbers, you will find around 10% fixed ARPU decline over the period, which is illustrating the repricing and right pricing that we were doing for many of those customers that we have moved over to our new future-ready portfolio. Second headwind that we were also facing was, of course, on the OpEx side. We have benefited on the one hand side, of course, from OpEx synergies, but additionally, we had also inflationary price increases, cost increases that we had to cope with. And we have also invested into the OpEx base of our business to drive future growth, to be ready from a brand perspective, from a loyalty perspective, and also from a product portfolio perspective, to be able, across our different segments, to drive the growth opportunity that are sitting in the market. Now, if you're looking at all of that, that is explaining why the numbers are stable-ish, and you are not seeing a large benefit that is surfacing from the synergies that we have captured. Now, what is important going forward is that while most of it in migration impact is behind us, and as I said, 88% of the work has been done, and we probably are fully migrated by the end of this year, there's still an effect that will actually show up throughout next year as well. As we have migrated many customers this year, and Christoph will talk about that migration later on, that, of course, has an impact still in next year as the pricing of those customers has happened this year, but is also flowing through next year. Now, this year, we are benefiting from a price increase of last year, in particular in the first half of the year, while next year we don't have that benefit anymore. But with the dynamics getting better, we are therefore guiding for more or less stable outlooks in both years. Most important message from me is really that you all understand the heavy lifting of that customer migration is behind us, and hence, we are now ready to see growth from here. Let me talk about Free Cash Flow as well, because you see, Free Cash Flow generation has accelerated through the period, and that is because of two main factors. One is cost to capture, so the cost that we had to bear, the investment that we had to bear to drive the synergies in our business, but also the normalization of network spend. As we have rolled out our 5G network, there's less network investment needed now going forward, and you will see also on our guidance how we are guiding towards a normalizing, CapEx to sales ratio going forward. Now, with that, with the heavy lifting behind us, let me talk about the growth levers in front of us. And essentially, today we're gonna talk about our three most important verticals, which I like to call our three growth engines. Our Sunrise main consumer brand, Christoph will talk about that a lot more, later on. And on this business, it's really about returning to stabilization after all of the customer migrations, after elevated levels of churn, after the price increase, that will drive through, normalization. We will also provide new product innovations, drive more loyalty into that customer base. And on the back of that, we also want to explore additional opportunities in adjacent businesses. flanker brand has enjoyed a lot of growth momentum over the past years. It's benefiting from a market trend towards more price-sensitive customers and attractive offerings. And while it delivers a full telco setup at lower price points, it still delivers attractive margins because it's a digital-first business that delivers almost as attractive margins as our Sunrise main brand. And thirdly, our B2B segment. A particular opportunity because there's only really two and a half competitors here, as really we are competing with Swisscom, while Salt is having little inroads into that market only. The opportunity here is not only to drive market share, in particular in the small and medium segments, but additionally also to address new pockets of growth sitting in new services. Thorsten, later on, will address that opportunity in a lot more detail. What I would also like to leave with you is that, of course, we are, as a telco, also focused on digitalization and also bringing things like AI to our business and to benefit from that. So let me give you a number of examples of how we are using digitalization and AI across our business. The first example that I want to talk about is on our consumer business. We are strongly believing that this has a significant opportunity to really change the way how we service our customers going forward. At the moment, we are replacing our telephony system, and we are bringing in new AI capabilities and will relatively soon also exchange our IVR system. So the menu that customers need to go through when they are calling us through a natural language solution. Meaning the customer will just voice whatever is the issue that he wants to address, then AI in the background will do a speech-to-text. We will either solve the problem straight away or provide access to an agent that, by the time the customer gets there, is already perfectly briefed and sees the data of the customer in front of him. We think that's a massive change in how we service our customers going forward, and this is just a starting point, and we are very excited about the opportunities that sits in this opportunity going forward. Secondly, talking about B2B. When we talk to medium-sized businesses these days, then we know that roughly 10% of those businesses have already exploited cloud opportunities for their business, while 50% of those customers are telling us that they intend to go onto cloud solutions in the next two years. So that's a massive opportunity that we are very well-positioned with our partnerships that we have, in particular with AWS, to provide cloud services, employee services to those customers going forward. And the third example that I would like to give you is also how we use AI, in particular, in our networks. And today already, we have a multitude of AI-driven and supported solutions when we talk about maintenance, engineering, performance trimming of our networks, and also energy consumption. So we see great opportunities to optimize our network equipment through AI and how it consumes power when it operates, and we are seeing a massive reduction of electricity usage on our network that already has happened through that use. There are only three examples just illustrating that we are very much leaning into these opportunities that are sitting within digitalization and the future use of AI-based solutions. And this is not only customer-facing, but it's also in the background of how we run, how we operate our business, and how we can improve our business. Let me also address our financial plan, and Jany will talk about a lot more detail at the very end today. We have a plan to deliver more than CHF 410 million of Free Cash Flow in the midterm, converting into a attractive shareholder remuneration. Now, we are starting off at CHF 360-370 million of free cash flow in 2024, and then we have a number of initiatives that are clearly defined to drive up that free cash flow over time. We have a clear growth plan. We have further OpEx efficiencies that we are working on. We also have a CapEx to sales that is normalizing, as I've talked about. We have a plan to further delever the business, and we will unfortunately lose some tax efficiency going forward, so at the end, we are expecting to get to the CHF 410 million in the midterm. We have an attractive dividend policy, which is already in 2025, paying out CHF 240 million of dividend for the year 2024. Going forward, we intend to pay out up to 70% of our Free Cash Flow, which should drive progressive dividends going forward. And for our Swiss investors, I wanna make you aware that given the capital reserves that we have, we will be able to, for more than five years, pay out our dividend without Swiss withholding tax in the upcoming years. So I think overall, we are sitting on a very attractive market. We are well-positioned and ready to drive growth going forward in the pockets where growth is existing in our market, and that will enable us to deliver robust free cash flow, drive progressive shareholder returns, and also further deliver our business. Now, with that, let me conclude the first part of our today's presentation, and let's get into our business overview section. So before we get into our different segments, let me explain how our growth strategy across all of those segments really works. It really has three components. The first component is, given where we operate in terms of market share, we see additional opportunity to drive market share gains going forward. So we want to win more customer relations in the first place. Secondly, we want to expand those customer relations by selling more of our products per customer. That is about multi-mobile propositions, that is about FMC propositions, that is about our main connectivity services that we are providing today, and thirdly, we want to expand into adjacent opportunities to drive even more RGUs, more services to our customers. At the end, we really wanna drive larger product bundles, more loyalty, and higher lifetime value across all of the segments in which we are operating. Now, let me also explain why, on the consumer side, we are operating a multi-brand strategy on the consumer market. Like many other European markets, the Swiss telecommunications consumer market is more and more polarizing around customers that are very price sensitive and around customers that are rather quality and service sensitive. Now, in this quality and service sensitive segment, which we call the premium segment, we really have our main brand, Sunrise, well-positioned to compete head-to-head with the incumbent, Swisscom. In the flanker brand, yallo, very well-positioned to drive attractive price points with a limited amount of product and service offerings. Those two segments together are addressing the most of the market, making up for almost 95% of the customers. Additionally, there's also a budget segment that is quite crowded, as you can see from the chart, so there's many players actually operating in here. The volume that is generated in this segment is not too big. We would estimate that this is around only 5%, and we are also present in that segment with further brands that we have, like swype and Lebara, but also additionally, through our MVNO and branded reseller partnerships that we have with the likes of TalkTalk, Aldi, or Digitec Galaxus. So with that multi-brand strategy, we are really well-positioned to cover the entire market opportunities in the Swiss consumer segment. Now, that complements the setup that we have flanker brand, yallo, and additionally, also our b2b brand. With that, let me hand over now to Christoph, who will talk through Sunrise. Warm welcome from my side. Welcome to Zurich, here in the room, and of course, on the screen as well. My name is Christoph Richartz. I'm driving Sunrise main brand. Twelve years with the company, I've seen different phases of this company in the last twelve years, and I'm super happy and super proud that today I'm here to present you consumer main brand. With that, enough about me, and let's jump into the business. Sunrise, and André was already talking about, for Sunrise main brand, our strategy is to stabilize and to return to growth. We are very well set it up with a premium product portfolio, with a state-of-the-art network, one of the best ones in the world, with a super strong brand, and with a high-quality customer service. We will continue our top-line growth with a decrease of churn and with lots of more services we can sell to our customers. This will increase the share of wallet and will bring ARPU up. So we have three levers for that. The first one is our premium product positioning. Innovative product portfolio, state-of-the-art network, a high-profile sponsorship, and great ambassadors supporting us. On top of that one, we have launched recently the first Swiss loyalty program called Moments. Moments money cannot buy. So let's dig into the first section, and I will start talking about the dark red semicircle first. This is our core portfolio. If I talk core portfolio, I firstly talk about our mobile portfolio. All of our rate plans are enabled for the 5G network. All of our customers can experience 5G quality and download speed, starting in the prepaid segment, going up over postpaid. For every single segment in the market, we have the right fitting products. The full customer life cycle is covered. You start as a prepaid, then you become a kid, so your parents buying you a multi-mobile proposition. At the age of around 20, you want to be a little bit more independent. Then you can go to our young proposition, Sunrise Young. With 27, you may be thinking about, "I want to move out of my family. I want to have my own apartment." Then you switch into our mainline proposition. So from the beginning until the end, we have everything in our mobile portfolio. Of course, we are delivering services for connected devices like watches and tablets. But then you need internet, and André was already talking about it. We are the only provider in Switzerland delivering up to 10 gigabit of speed to nearly every household, either through our HFC-owned network with 2.5 gig, through our fiber co-ops with up to 10 gig, or through our 5G network with FWA of up to 1 gig. This is really a unique position in the market and a super strong argument to stay with Sunrise. Last but not least, when you have your internet product, you want to have entertainment. We have a state-of-the-art TV platform with replay, recordings, with everything what you want to have, and we top it up with latest OTT services. It's about sports, it's about local entertainment, it's about everything. MySports, fully owned by us, owns the Swiss ice hockey rights, so we are one of the core player for ice hockey. With oneplus, we bring really local Swiss content to our customers, and just a couple of weeks ago, we launched DAZN on our platform, and DAZN got the licenses for Serie A. Thank you. I did that wrong in the rehearsal. With Serie A, the Italian Football League, so we are bringing all OTT service to our customers. You need just one partner, and that is Sunrise, for your core needs, but then it's about adjacencies. That is the rose area of the slide. Device as a Service because i want to talk a little Device as a Service. that really makes a difference for our customers, but cybersecurity, cybersecurity is super important, so we have two products at the moment. One product is a classical virus protection, and the second product what we provide to our customers, you can just enter personal data like your credit card number, your ID number, so all that stuff. We, together with our partner, F-Secure, monitoring dark net, monitoring all these dark areas in the internet, and as soon as we see misuse of your credit card number, of your ID, of something, we warn our customers and we tell them, "Dear customer, something goes wrong here. Act on it." This is super liked service from our customers. The next one, the unique in-home Wi-Fi experience. Biggest pain for customers is not the speed at the plug. Biggest pain for customers is the Wi-Fi coverage at home. So here we are partnering with Plume, one of the leading companies for mesh networks in the world. It's a plug-and-play solution. You just put the plug into the wall, and the Plume service creates a mesh network fully, automatically. You just can lean back and enjoy then really Wi-Fi gigabit speed with our latest technologies. So these are two examples of adjacent services we are bringing to our customers. And of course, we are developing more of these services. We are developing new adjacent services we will launch in the course of next year to have more cross-sell potential to our customers. On top of that one, we changed our promotional inflow, and we will launch tomorrow a new promotional mechanic, where we not just do a promotion, we do attractive bundles for our customers. Customers needs to buy more than one product to unlock a promotion for them, and you will see it tomorrow after the presentation of an interesting device today. Last but not least, we are working on all of our touch points. We want to connect all of our touch points to really have multi-channel experience to all of our customers in terms of sales, bringing lots of informations to our sales agents at front end to maximize value on the inflow side, but as well on the service side as well, that all of our agents always gives the same information to our customers, and with that one, I would like to dig a little Device as a Service, and this is a very technical description now, it gives our customers, first of all, device variety. Of course, we offer it for Apple and for Samsung, which covers more or less 95% of the Swiss market. It gives you, as a customer, the full flexibility. You can change your device whenever you want. Yeah, first week you say, "Okay, one hundred and twenty-eight gigabyte of storage are enough." Maybe six months later, you need more 'cause you figured out, "I'm a great photographer." You just can come into our store, and you can upgrade your device. Or you want to try Android, and after ten months, you wanna go back to iPhone. You can do it with this option. It is super simple. It's scalable. At the moment, we just offer it for mobile devices, but we could roll it out to other devices, like tablet, that we give customer full flexibility on other devices. And last but not least, we are doing something good for our environment, 'cause we are taking the devices back, we hand them over to our partner, and he does then the recycling process. All of that increase customer loyalty, it reduce our reliance on SIM-only, and it gives a pretty cool customer experience. What we see on the first numbers is that iPhone sales, and we launched this product last year with iPhone, is heavily going up, and this product really accelerates iPhone sales, but as soon as you have the product, and imagine you're on vacation. I tell you a little bit of story, how this product works, 'cause this was technical. You're on vacation, you're going to Malaysia, Kuala Lumpur. First day of your vacation, super tired after the flight, you just walk down the main street, your iPhone falls down. Camera lens is broken. That's a problem. You cannot capture ideas. You cannot capture moments. You wanted to share lots of things with your family, with your beloved ones at home. A non-Sunrise customer walks now into the next store, buys a new iPhone, EUR 1,500, USD 1,500, whatever. That's not a great start for vacation. A Sunrise customer walks directly in Kuala Lumpur into the Apple store. He gets welcomed by the Malaysian agent from Apple as a Sunrise customer: "We see you're a Sunrise customer. Welcome." Within 30 minutes, you walk out with a brand-new iPhone, completely set it up. You have to pay nothing at the store. Everything is covered by our proposition, and you just can enjoy your vacation. This is how this product Device as a Service, not just a finance option. It really gives you additional benefits, and that is why customers are loving this product and lots of customers are choosing it. Now, we have a great core portfolio, we have great adjacent services. What is missing from a customer perspective is a strong brand. Think about Switzerland. What comes to your mind? Private banking, cheese, chocolate, lakes, mountains. If you talk to 62% of the Swiss population, they will tell you skiing, 'cause 62% of the Swiss population considers themselves as connected to skiing. Either they ski multiple times a year or maybe just once a year, but they are in skiing. And that is the reason why we decided one and a half years ago to become the main sponsor of Sunrise Ski of the Swiss national team. This is the number one sport in Switzerland. But not only that. On top of that one, we have our strong brand ambassadors, Roger Federer, greatest of all time in tennis, I guess we all agree on that one, and for people out of Switzerland, Marco Odermatt. This guy is crazy. He's by far the best skier in the world, and he's a charming guy as well. So this is really cool. Both of us are not just brand ambassadors, they love us, they work with us. We know them, and I could talk minutes about it, but at that time, I would like to show you a video how this works. So enjoy the next two minutes. Switzerland, global home of winter sports. Sunrise is proud to stage the number one sport of Switzerland. ... Jawohl! Driving forward, hits the ground, eighteen hundred gently. Reaching millions of hearts. Uplifting heartbeats. Evoking emotion. Ah! Whoo! Connecting generations and supporting rising stars. Our engagements generate visibility, enhance identification, and cultivate meaningful interactions. ... Our ambassadors are not just partners, they are part of the Sunrise family. They support our brand-building efforts to grow, expand, and shine as a leading light, both in Switzerland and beyond. With charm, sympathy, and personality, we unite a whole nation. Together, we dream big. Together, we do big. ... Dream big, do big. This is crazy! I always love this video, yeah, 'cause it really shows how we are interacting with our brand ambassadors and how Sunrise Ski, how popular it is in Switzerland. Thousands of people are watching it, and on screens even way more, and they all see Sunrise as a main partner. But then we thought, "What can we do to bring this closer to our customers?" So recently, we launched Moments. Moments Money Cannot Buy, the first loyalty program in Switzerland for a telco. And this program brings customers super close to the core of the experience. So we create VIP areas. We have early tickets for our customers. They can buy festival tickets twenty-four hours before everyone else can buy the tickets. So it's really not about just we give you discounts, we give you this and that. We give you more. That is worth to stay with Sunrise. And of course, I have another video for you, 'cause explaining it is not so interesting like watching it. So the next video, please. And Moments is way more than just party and having fun. Moments is an engagement platform for our customers. I give you an example: Travis Scott. Within minutes, we sold one thousand seven hundred tickets for a Travis Scott concert here in Switzerland. Within minutes, customers were using our platform. They are really interacting with it. And early KPIs are already showing lower churn and higher NPS. That is exactly what we wanna achieve out of the Moments platform. And talking about lower churn and higher NPS, we are coming to our next lever to coming back to growth with the main brand. It is focused on our customer retention, and André was already talking about it. It's about the UPC to Sunrise migration. It is about FMC and multi-RGU sales, and it's about the service quality and the launch of our new systems. So if we dig into it, and the customer journey always starts with the inflow. So we have a strong multi-brand inflow strategy, and Stefan will talk more about the Yallo side of the piece. What I can say, we have a different go-to-market, we have different products, different segmentations, so we can really guarantee over the course of multiple years, a super stable inflow on mobile and on fixed net. On the other side, 2023 was a super tough year for us, quite honestly, 'cause we have a lot of headwinds, and that was the reason why we had a temporarily increased churn. We had the migration of the UPC customers from the UPC side to the Sunrise side. This has always a wake-up effect. Even if you do not consider to churn, as soon as we touch you, you wake up and think, "Ah, let's have a look into the market." The second one was the entire IT integration we did in the last year. So multiple times, customers were touched, were affected. And the third one was the inflationary price increase we did in 2023, which accelerated churn a little bit as well. What I can say today, churn goes down. So we learned out of the past. We created lots of initiatives to bring churn down, and the goal is, the long-term ambition, is to have a lower churn than Sunrise historically. So we have the programs in place to deliver these lower numbers. The first one is the UPC customer migration. As André already said, we are at the moment at 88%. We expect to close down all the migrations of the UPC base until end of the year. That enables us, on the Sunrise platform, to do FMC, to do multi-mobile, and to do adjacent services sales. The more products a customer has, the more loyal he is. Plus, on top of that, we are increasing the operational experience of our customers, that they are just happy to be with us. As I mentioned, if I compare Q2 2023 with Q2 2024, I already see a better churn picture. That is how the UPC migration looks in a graph. So you see already today, and the gray area is the remaining customers at UPC. We are still running with full speed to complete until end of the year. We stopped a little bit in between. We reworked all of the migration processes, and what is a very good and early good indicator is that migrations do not trigger additional churn at the moment. So we reworked, in the last months, all the processes, and we are continuing with full speed to come to an end at the end of the year. When we have all our customers on the Sunrise stack, then it's about customer experience, and here we are measuring the relational NPS, so really overall brand satisfaction. Not only a single journey, really the overall brand satisfaction. And our ambition is long-term to become industry benchmark. We have already implemented lots of initiatives. The first one was putting a new org design in place, with verticals being end-to-end responsibility. They are empowered, they have ownership, and then they can deliver. That was super important to change the business. The second one is, and then we think again, when I'm a customer, the only thing what I expect, solve my problem. It's very simple. With the first call, with the first visit in the store, with the first digital interaction. So we brought the first time right value up to 90%. There are two things when a customer calls us or gets in touch with us: I don't wanna wait in a queue, and I want them to solve my problem. It sounds so simple, but it's so complex to make that happen. We are on a very good way. Then we thought about customers, and we grouped it in customer journeys, from I explore to I leave. We gave these customer journeys back to the team, and teams are owning now every single customer journey and looking deep into it, and they are optimizing every day, every single customer journey, that it doesn't matter where you are in the journey, you feel well treated by Sunrise. The next one is all the operational efficiencies and optimizations we are doing. There we are going from a, let's say, we are waiting until the customer calls to us, to a proactive handling of everything. So with proactive monitoring in place, and we see problems before customers are feeling them, so we can move them out of the way before they're appearing at the customer. That helps a lot to bringing the rNPS up. And then, if I look into the future, and André was already talking about it, we have our new technology, Customer Service as a Service. This is the AI tool we are bringing in, and, André said it, the natural language IVR will be a big change for all of our customers. We will supporting five languages. That is all Swiss German dialects, which is super important for this country. It's High German, it's French, Italian, and English. Instead of pressing two, three, five, "Oh, shit, I should have pressed four instead of five. How can I come back?" You just say what you want to have, and the system either solves it fully, automatically, or guides you directly to an agent. Then, we are still working on improving our processes. We will strengthen Moments as a program to add more, services, more experiences to it. And last but not least, we will give a clear service promise to our customers, 'cause as soon as you give a promise, you have to deliver your promise. When we have moved the base, we have the products in place, then it's all about expanding the share of wallet with our customers. And there the plan is, we still have FMC catch-up potential due to the migrations. Yeah, more and more customers on the Sunrise stack, they had a UPC fixed line product before, but not Sunrise Mobile, so huge potential there. The second thing is multi-mobile and value-added services. I already talked about it. Multi-mobile for the kids, for I need a second SIM, I need a third SIM, for whatever. Device connectivity, more devices are coming in. Lots of devices need connectivity, so we will develop more products there. And then all the adjacent services. Device as a Service, we have cybersecurity, and the iPhone bundle, proposition you will see from tomorrow onwards. So if I wrap everything up, we have a super strong position in the premium segment. We have a successful merger integration, and we have the heavy lifting behind us. We improve our retention capabilities with loyalty programs and with good product offerings. Last but not least, we are bringing innovation into the markets with all of our products in the value-added and adjacent services area. With that one, I will close the session for the main brand and hand over to Stefan for flanker. Thank you so much. Good afternoon. It's an absolute pleasure to introduce our second growth engine to you, Yallo, the digital attacker brand. Yallo has generated double-digit growth on all core financial KPIs and also subscriber and RGU metrics over the last couple of years. By now, one third of all flanker brands, and about one out of twelve on the fixed side and continuously growing. Personally, I've been working for Liberty Global for about 15 years in 4 different markets, last 6 years of that in Switzerland, flanker brand for sunrise. now, when i look way back, then my past was all around competitive basketball. So I played competition basketball, and at that time, I learned how to find ways to win with a great team.... That's also what we are now into, trying to find flanker brands, and especially yallo. i'm absolutely convinced to do that because we have three foundations that we're based on. The first one is a strong, smart shopper positioning with a strong price value. Secondly, it's around the evolution into a full telco. And thirdly, a very lean and agile operating model that generates very attractive margins. So now, when Yallo is all about growth, let's dive a little bit deeper into those three different building blocks that make up this growth trajectory. Firstly, on the smart shopper positioning, this basically relies very much on a triangle of customer promises, and at the forefront is a very affordable price to just back up this promise of great price value. Further to that, it's that we're very simple and intuitive and innovative in our solutions. But not only that, it's also about very high-performance products that have a high focus on the digital user experience. The second building block, the full telco proposition, is very much around being competitive, being price competitive also across the full range of internet, TV, and mobile. We're the only smart shopper brand actually in Switzerland that can leverage three outstanding state-of-the-art networks: 5G, HFC, and fiber. And Elmar, later on in his section, will tell us much more about this competitive advantage that we actually have. On the digital-first side, basically, we design everything for online first, and that makes us very scalable and very responsive to market needs and opportunities. We also, through the very lean setup that we are deploying and the lean operations, generate margins that are very attractive. Around four out of five Swiss francs that we generate, we keep as gross profit and one out of two as OF, OCF. Now, let's zoom in a little bit about why we think we are competitively, very strongly positioned in our segment. As André alluded to, we are positioned against Wingo from Swisscom and Salt, especially in the smart shopper segment. There's also a more cluttered end of the budget side of the market that we cover more through our own brands, Lebara, which is focused on the ethnic segment, and also swype, which is a very innovative app-based product that we experiment around with and use in the segment. Now, personally, I would love Yallo to be talked about from our consumers as just a clever choice for telco services in Switzerland, and that's what also we get as feedback from our customers. Now, why is that? What's behind that? First of all, on the pure price side, we are positioned more attractively than Wingo. We're normally outperforming Wingo on that side, and we're very competitive against Salt on a promo basis, especially through smart promotions, a lifetime strategy, and actually a very limited back book exposure. The budget side, flanker brands, so we don't have to play on that low MRC game. On the brand side, however, we're leading on awareness and consideration against Wingo and all the budget brands. So one out of four customers actually in Switzerland considers us for their telco services. On the network side, the breadth of the offering is unrivalled, so no one else can actually have such a wide gigabit coverage on the fixed side in Switzerland, in our smart shopper segment. Plus, on top, all of our products are on 5G, and through that combination, it allows us, as opposed to, for example, the budget players that don't have fixed yet, to deploy FMC strategies and tactics. Now, how do those FMC strategies come about? Well, they come about through our full telco proposition. Yallo has completed the transition from a mobile-only provider to a full telco with the launch of HFC in two thousand twenty-two. Now, we can basically answer all the core customer needs that someone have across mobile, internet, and TV, and we do this with very high-performance products, but very no-frills. We're not engaging in too many adjacent services. This is the territory of the main brand. Furthermore, our portfolio, however, is geared very much towards smart promotions, so we can also display very disruptive promotions when liquidity in the market is high. An example for that for us is Black Friday, where we tend to generate more than 50K subs on our core services that we sell. Now, it's very important to make one note: We are operating in very differentiated segments, like what Christoph said, so therefore, there's no unhealthy flanker brand. when we look at our inflow, then the inflow is actually not over proportionally from Sunrise, but we're getting it from the market. On top, we're even developing some of our customers into main flanker brands, and yallo in particular, actually serves the purpose of tapping into liquidity in the market, in our price-conscious segment, and at the same time, protects the main brand from that price competition. Through full telco, we were able to double down fully on internet, and that's what we did, especially in 2023. The historic growth of Yallo came predominantly from prepaid, postpaid, so from mobile. But last year, we doubled our internet base on internet, and now are approaching about hundred K RGUs on internet. For that, for example, TV was important, so more than half of our additions actually cover also TV. But also dedicated brand campaigns. Our Yallo Can campaigns were actually quite important because they gave credibility. They gave belief that we can be a credible player on the fixed side, and through that, we're now managing to get 40% of our inflow actually from the market, purely as a first RGU, as an internet provider, which is great. But if you look at where's the biggest potential for us, then it's actually on additional cross-sell to our big mobile base. Looking at our current low, FMC ratio from that angle, there's a lot of way to go, and it's a double positive effect when you look at every converged customer that we so far generated, has a much lower churn rate than, what we would have on a mobile-only plan. The greatest asset we have by doing that is our dual HFC and fiber go-to-market approach that we have. It allows us, in the non-FTTH footprint, to use a unique speed advantage as the only one in that segment, by being able to really play gigabit speeds. In the fiber footprint or as in the overbuild footprint, we can either match fiber or speed tier with HFC, and that's very successful because still, even in the overbuild area, more than 50% of our inflow comes on HFC. We have a clear plan to further develop this FMC potential by accelerating cross-sell, launching higher speeds like 2.5 to the base, but also launching next year a more and new dedicated FMC proposition. As the third building block, let me tell you a little bit more about what's behind this digital-first approach that, you know, creates this better responsiveness and attractive financial profile. But first of all, two-thirds of all our sales are coming in from a digital ecosystem, driven at the core by online, but supported with all kinds of tools on the telesale side. Simplicity for us is not just, you know, a name, it's also a mantra. It's kind of like a business driver that we deploy, so we develop for online, as we said, but that makes us fast to react, so we can basically change tariff plans within minutes. We also pursue agile delivery, and we have our own dedicated tech team, very customer-centric, and through that process, we can develop within two-week cycles and are among the fastest in the industry. Furthermore, we're operating a modern stack, very scalable, very lean, and also are tapping into AI and ML to, for example, we have automated bots, of course, but we will have very highly personalized offers to our base to further stimulate our growth, and lastly, I want to mention here that we have a very lean setup, very productive. There are about 70 internal FTE only driving this entire growth, and that team managed to drive up revenue per FTE by about 10% actually this year. Now, this team, I can tell you, and I'm personally part of it, is fired up and absolutely confident to continue this growth trajectory for Yallo in the years to come. Why are we so confident that it will work? Because on those three things that I would like to remind us of from this little section here. First, we are very strongly positioned in the smart shopper segment with a superior price-value positioning. Secondly, we can benefit from this area of great network across HFC fiber and 5G, which is unrivalled, and through the full telco approach from a convergence point of view, there's a lot of growth ahead, especially on the fixed side. And then lastly, we're generating very attractive margin and actually profitable growth through the very lean setup that we have. And I'm very sure that there's also a lot of growth coming up in the B2B segment, and I'd like to hand over to Thorsten now. A warm welcome as well from my side. I'm glad to discuss and talk you through the B2B segment of our business. My name is Thorsten Haeser. I have more than twenty years of experience in leading various B2B teams in different industries and countries, and more than fifteen years now in telco, and very glad actually to join that high-performing team now. Allow me to talk you through the B2B segment. So there's a tangible opportunity for us to grow B2B. We are basing that on three core pillars. We will gain in our core market share, and we are perfectly positioned, and André has talked about that already. So as André has said, we are operating in a three-player market. I'm tempted to say in B2B, it's more a two-player market. So to have a full FMC kind of network, as a basis actually for your success, I would even argue, this is actually the fundament of we are staying in B2B, and that's what you have to have in order to serve customers on that on a certain size. We will tap into a new profit pool, which is called ICT services. We come to that in a minute. And we will focus on the high-value SME market, as we speak. We have got traction. We have grown by more than two percentage points over the last years, and as you can see, quite a few of very prominent names have joined our customer list, if you like, and have joined us. It has not always been easy, just because, as said, they have been for more than decades, I would say, with one of our biggest competitors. And in order to win them over, you have to convince them that you can offer reliable services, innovative solutions, you have to listen to them, and you have to understand them and develop together with them solutions which fits their needs. And that's what we have done and what we will do going forward. But that's not all. We are tapping into a profit pool, which is called ICT services. This ICT service pool is eight times bigger than the pure telco market is, and fast-growing. And that's what we have to address now in order to be part of that growth going forward. How do we do that? fundamental of everything what we are doing is our high-class network, and our good colleagues from network actually managed it, that we have been, as now André has already mentioned it, eight times in a row, being classified as being a superb network, and that is the basis of everything what we're doing. On top of that, we have built up a profound partner ecosystem, which is enabling us, together with our partners, which are experts in their fields, to serve customers in various digital services like cybersecurity, cloud solutions or IoT. That's the way how we see it, by taking part in this ICT market. And this is not a dream, this is reality. We have won Migros, Switzerland's biggest retailer, and that was as well not an easy pitch because this customer as well has been many years with our competitors. After a lot of effort and talking, and working together, I would say, joint work, we connected more than two and a half thousand sites and stores, and we have, on top of that, not only done the infrastructure work, we have as well sold ICT services to this customer. If you can sell to a customer of a size and complexity like Migros, these services, you can serve Switzerland in various industries, company sizes and segments. That's basis for that, being expert in that field, we have now gone to the focus on SME. As you can see, we have in the enterprise segment, literally to every second customer, a customer relationship, to every second company, a customer relationship, and we are now focusing on the SME segment and aim to be as successful as we are in the enterprise segment. How do we do that? We have designed a five-pillar program where we in teaming up with the IT partners of the customers, because in SME you do not have big IT teams or departments. These guys have outsourced kinds of their IT to a third party, and these are the parties we have to get, actually, these channels we have to own. And together with them, we have to come up with out-of-the-box solutions, which enables our customers, the SME customers, to do their business, to focus on their business, and don't bother about their IT and their telco services. And that's exactly what we want to do. And if I want you to remember four topics, actually, from that presentation, it's about: we have a tangible opportunity to grow in B2B. We have a highly competitive network, which is on eye level with Swisscom network. We are tapping into the ICT profit pools, and we have a well-defined strategy to tackle the high-value SME market in the next years, and with that, I thank you and hand it over back to André. Yeah. Thank you, Thorsten. Thank you, Stefan, and thank you, Christoph. With that, we conclude our business overview section, and let me again probably highlight a couple of things before we get into the Q&A section. I think with this three vertical setup that flanker brand, and the b2b segment, we are very uniquely positioned in the Swiss market. None of our competitors has these three growth engines next to each other, being ready to perform going forward. Our main brand is now coming out of the heavy lifting of the customer migration, well-positioned with product portfolios, brands, and also attractive product offerings going forward. With that, we will not only return to stability, financially speaking, but we will also have the opportunity to drive growth in that segment. flanker brand is living on great momentum, well set up with a digital-first proposition, and has all the products it needs to drive a full telco opportunity in the smart shopper segment. And B2B, as Thorsten has alluded to, also very unique. We only have really one competitor that we are competing with. We have made great inroads into the enterprise market in the last couple of years. We still have plenty of opportunity in the SME market, where we are now having all the products that we need, not only from a core product perspective, but also from an adjacent product perspective. So we are all very confident that we are very well set up to drive top-line growth going forward through this, what we call, three growth engines. With that, we are now starting our first Q&A section, and I'll ask Christoph, Stefan, and Thorsten to join me here on stage for your questions. Let me just quickly remind you, we will give priority first to questions here in the room, but then also for anybody who is joining remotely and wants to raise a question, please do so by writing us an email to the email address that you see in your streams, and we will handle that if we have time left at the end of the Q&A section. So over here, first row, Polo, you raised your arm first. I think we have a mic coming to you. Hi. Thanks for the presentation so far. It's Polo Tang from UBS. Just have a few different questions. So first one's probably quite predictable. Could you maybe talk about the promotional environment in terms of the Swiss market, but could you comment in terms of quantum of discount, duration, and frequency? Does it vary between the premium brands and the smart shopper brands, and is there any signs of promotional intensity easing? Second question is really just about broadband competition. How do you expect things and competitive dynamics to evolve going forward as Swisscom expands its fiber footprint? Are you going to see more competition not only from Swisscom, but also from Salt, given their wholesale deal with Swisscom? And my final question is really just about churn. You've talked about churn quite a lot, in terms of particularly for the Sunrise brand, but are there any numbers that you can give us in terms of just maybe trends, in terms of quarter by quarter, for either Sunrise or the broader group? Thanks. Yeah. All right. Let me probably start on the promotional question, and then maybe Christoph and Stefan, you join me on the answer later on. So firstly, yes, there is a difference in terms of what type of promotions we are doing flanker brand. for example, we have time-limited promotions that we do on the main brand, versus we have, most of the time, lifetime promotions flanker brand. the promotional levels are differing because we also have different list prices, and we are also then coming to certain discount price levels that are differing. They usually is a 5-10 CHF difference between the price point that flanker brand versus the main brand, so there are promotional differences. If it comes to intensity, I would say we probably have seen the peak of it. If you look at liquidity in the market, how many customers are redistributed, we have seen a 3% decline in liquidity now in Q2 versus Q2 last year, and we also have not seen that the promotional aggressiveness, i.e., the price points resulting, is further increasing. We actually see a pretty stable level of promotional outcomes, and we have seen quite some different moves by ourselves, but also by our competitors, to reduce certain promotional aggression in the market, and so from that perspective viewed, I think there is a good chance that promotional intensity is reducing. But like always, this is a three-player market with many more MVNOs out there, and of course, every time we release a bit the pressure, then somebody feels it's an opportunity. So we'll have to see what the future takes. I don't know. Christoph, Stefan, any- You covered very well, so nothing to add. Okay. All right. No, I would, I would say the same thing. I mean, it's also for us, we have different brands we operate with. For example, on Yallo, we have a very strong promotional setup, which also allows us, however, to be in the moment for liquidity and at the same time have no backbook issue because it's lifetime. On other brands like swype, we have a always same price, so it also is a bit, like, customer-driven. And but I would agree that, at the moment, we probably have seen the peak. All right. Addressing your second question in regards to broadband, and you're alluding to the fact that Swisscom is rolling out fiber. They actually have rolled out already to 48% of the dwellings or 50% of the dwellings, but 8% of that rollout are currently stuck because they have to be reworked until they can be brought to market. So we expect that to grow to 50% probably by the end of next year. And that will, of course, give more opportunity for fiber and also more footprint for Salt to market their fiber-only product in the market out there. So that is clearly a dynamic that we're gonna see not only in the next two years, but going forward. We are expecting to see more fiber coming to the market, which on the one hand side is a moment of truth, where we want to, of course, protect our own customer base. Hence, also the delivery of the two and a half gig proposition on our HFC network, which is further strengthening our proposition with customers. And if you have a two and a half gig on HFC on 60% of the dwellings in Switzerland, it's pretty tough for FTTH to actually make a great argument on top of that, given that the realistic speeds that you can enjoy on your end device are up to two and a half gig and not more than that. We think that that is a move that we did. Nevertheless, we are actually on both ends, flanker brand, we are actually getting ready to have a local competition. With every area that comes to market, of course, we want to make sure that we not only harden our existing customer base, but we see this also as an additional opportunity while fiber is becoming the name of the game in those towns that are connected now, that we actually participate in that distribution of markets going forward. That is not only a threat, but also is a great opportunity for us to drive more market shares. We have two engines that we can use as both Sunrise and UPC are benefiting from the fact that we have HFC and fiber there. Fine. Okay, yes. Last question was on churn, which I'll probably hand over to Christoph. But we have seen churn coming down substantially. I don't know, Christoph, anything you want to add to the churn evolution? Yes, I mean, as I already said, churn goes down. So if you compare Q2, 2023 with Q2, 2024, it went down by 8%. So we see the first impact on the numbers, and we feel super confident that we can bring it further down. I guess we don't disclose that, right? Yeah, we're not disclosing the final target number, but essentially, if you look at the Swisscom churn numbers, that is a territory that we want to get to. We are not there today. Are we ever getting fully there, given the structure of their customer base? Probably not. But that's the direction of travel that we target for. Another question here in the first row. Thanks for taking the question. It's Akhil Dattani from J.P. Morgan. I've got two questions, please, if I can. The first is, you provided a slide on net promoter scores. And I was hoping to better understand how to think about the comments you made. Firstly, there's been some volatility that you've talked us through for twenty twenty-three. Can you just explain, firstly, how does that compare to where NPS was prior to that period? Just to provide some context. How does it compare to peers? And could you give us any absolute indication of where NPS is? Obviously, we know what best-in-class industry peers are. So how do we try and understand where you are in absolute terms on net promoter? So that's the first one. And then the second one is on B2B. Again, you gave a lot of interesting color around the gains you've achieved. I'm just trying to understand mix. You know, if we look at the industry trends we're seeing as a whole today, we're seeing quite a lot of price pressure on core telco B2B, which is generally higher margin. And then we're seeing good inflows from more software-driven, cloud-driven services, which are much lower margin. So can you talk us through what this is doing to the EBITDA trajectory for B2B? Obviously, revenue, I understand, but just the EBITDA will be very helpful. Thanks. Mm-hmm. All right. On the NPS question, so we are well in positive territory in the absolute numbers. We are not disclosing because there's also different NPS numbers. We have here shown the graph on the rNPS, which is a relationship NPS, which is talking about the total brand and how the brand is perceived. And then, of course, we have also product NPSs underneath so that we understand how we are doing on each and every product and service that we are delivering. So the volatility is largely explained by customer migrations and price increase. That were the two main points, and you can imagine, of course, if you do a 4% price increase as first to the market, then of course, that is not going well with NPS. We have seen it recovering from there back to the levels where it was before, and we are seeing now, depending on where you look, that we are on the previous level or above the previous level. So if you look at products, for example, I would say on mobile and fixed. Well, on mobile, we are pretty much on the previous level. On fixed, we are slightly better, and if you look at TV, we are even significantly better, which has also to do with the rollout of the new technology, of a new set-top box that we have previously done. So, in terms of competitive positioning, I would say we are probably in between Swisscom and the rest. Now, our ambition is not only to catch up with Swisscom but to potentially go beyond, which we believe that with all of the initiatives that we do on products, loyalty, and service, we will have a good opportunity to further improve, and to not only close that gap, but hopefully to come actually in front of Swisscom. That's gonna be a multi-year journey, so don't put me on a certain date for that remark, but that's the ambition that we have as a team in regards to NPS. Fine. Anything else? Yes, fine. I mean, we are really convinced that we can strongly increase NPS, especially rNPS. For me, it's always about how do we do these changes? Yeah, go in one of our meeting rooms. There is one special thing: there's always a customer seat, and the person on that seat has to argue from a customer perspective. So we really bring NPS into every single discussion, and that really convinced us that we can heavily increase our NPS values. All right. On B2B, so obviously, we are not intending to have the same vertical depth, integration depth of many of those new services that we have with our core connectivity. And naturally, we will also therefore see lower margins on these products. Now, I think at this moment we are just starting the race, so we have also not baked in how that would actually evolve over the longer period of time. But for sure, it will impact margins on the negative, as we go along. But for us, it's very important that we are the partner of our customers so that we can maintain our relationship and can drive more business with those customers because a lifetime value will grow nevertheless. And of course, over time, we will also see which are really the blockbuster products, where it makes sense to further invest, or potentially do M&A to integrate certain services for higher margins later on. Maybe, maybe just to add, given our actual approach, which we have chosen, actually. We have gone to the enterprise segment first, and I agree, this is kind of price intense, right? But given the size we are having in SME, which is not that price intense, I would still argue there's a, I would say, still a high-value type of growth to come. I think this is first, and you're so very right, so ICT is not coming with the same margin. That is very true, but the size of the ICT market itself, and we are just at the beginning of it, I would say, offers us enough room to grow. Maybe that's just to add. Yep. All right. Second row here. Yeah. Good afternoon. It's Andrew Lee from Goldman Sachs. Just had two questions. The first was on the spin-off potential dis-synergies you see. I realize we're talking about operational stuff now, so we'll cover financial things later on. But any operational dis-synergies you see or not from this spin-off? And then second question, just more of a structural growth question. You obviously presented the positives of a three-player market, and just wondered your thoughts on the theoretical undermining of that structural quality argument by the fact that you have the asymmetric market shares. You know, the fact that Salt has a low market share in consumer broadband and obviously is looking to grow, you know, similarly across mobile. Just thoughts on the kind of structural market growth that you see underlying your- Mm-hmm ... your consumer growth outlook. Thank you. Yeah, let me cover your dis-synergy question first. So we believe that we have covered the services that we are benefiting from today, from Liberty, are well contracted for the foreseeable future. If you think about our product-related TV services, for example, we have a contract that covers us at least for the next five years. So from that perspective, I think there is no real short-term dis-synergy that we are seeing, as we have pretty much secured everything that we need on an arm's length contractual basis for the foreseeable future with Liberty. So not expecting any larger impact on the negative from the spin-off. Sorry, what your second question was? It's about the three-player market. Ah, yes, three-player market. How you navigate- Yeah. Yes. Yeah. Yeah. Yeah. Yeah, so, I think first of all, if you look at the market from a distance, you figure out that the incumbent is sitting on an unusual high market share, and that the competition dynamics has really shaped up just recently, with Salt and us gaining share. I think that picture will probably stay for a while. The asymmetry in the market shares, if you look at the size of Salt, while they are a bit smaller in mobile, they are not that much smaller in mobile. On fixed, they only have a very limited offering, as they only are based on fiber, which only gives them access at this moment to 40% of the market, which will grow through the rollout of fiber up to 60%, maybe 70% in the next maybe five years. Yes, there will be more competition, and they will gain share, but we are not seeing that as a challenge for us that we cannot grow our market share. But yes, there's more competition that we have to deal with. If you look into the past years, then you will always see that from a customer growth perspective, we were nevertheless, despite all the competition that we had, and Salt is out there with a fixed proposition now, I think, for three years. We have, throughout all of those periods, having a continuous momentum on our own growth. I would not say that this is a detriment or a structural hindrance for us to win share and to drive growth. Any more. Okay, we have maybe room for one or two questions. I think here on the second line. I'll go to the back. Okay. All right. Please. Thank you very much. Nawar Cristini from Morgan Stanley. I have two questions, more medium to long term. Firstly, on pricing power. So beyond the promotional activity that we see at the moment, if we look at the fundamentals of the Swiss market, they are very good, and you discussed some of the drivers. So with that in mind, how should we think about the market pricing power? We've seen some good signs last year, some price increases, also some inclusions of inflation links into the contract. So how do you see this pricing power playing out in the market over time? So that's my first question. And my second question is on Salt. You discussed their small market share in fixed at around 5%. Given that their footprint is also increasing, so, as the fiber rollout will increase, of course, it's a gradual exercise, but, they will get there. How do you think about the impacts on the market? Who is more exposed to Salt growth? Is it you guys? Is it more Swisscom? And, what is your... What are your assumptions in terms of the impacts on your own market share on broadband? Thank you very much. Yeah. In regards to pricing power, I, I guess that's the one billion dollar question, right? Can any or any telco market substantially increase pricing power? I think what we have learned last year is through our price increase, that we have been able to have a pretty strong net positive contribution of that. Which is also probably benefiting from the fact that we haven't done such a price increase for a long period of time. On the other hand side, as you've seen, inflation is rather low in Switzerland, so that does not really give a lot of argument to increase massively the price points. But I would definitely see that we have opportunity to use our pricing power going forward, not only through price increases, but also in the way we are bundling services. With that, we actually are providing discounts or lower discounts, as transparency for bundles will be different than transparency for single product offerings. I think that will give us a great opportunity to exploit pricing power more within existing customer relations than necessarily on single products that are then put into the window for winning new customers. So I think the market has an opportunity to improve here. I think, talking about Swisscom, they have demonstrated that they have now reduced the amount of promotional activities and aggressiveness. And I think in regards to their financial outcome, they are clearly, visibly, benefiting from that, which of course, is a learning not only for us, but also I guess for Salt. On your second question, from whom is Salt gonna win? I think if we are looking at our customer base now, our mobile customer base and our fixed customer base is now quite solidly positioned versus where the market price level is at this moment. So I think the exposure risk is less on us and potentially more on Swisscom. But we don't take this lightly. Something that is very important for us is that we really, on each and every area where fiber is coming to market, hence Salt is entering the market, that we are really on the spot hardening our existing customer base, but at the same time, also looking at how we can convince customers that when they move to fiber, because it is a moment of change, it's a technical change, it's a migration, it's customer effort. That customer effort is also a good opportunity for us to tap into the market, to win share in areas where we are not fully at our market share at this moment in time. Many more questions here. All right, we have Robert. Thanks. When Device as a Service product start, please? Is there a material volume at this stage, or is it about getting ready for the next iPhone iteration? It sounds good for volumes. Is there an upfront benefit to EBITDA, or is it a smooth effect over the lifetime, please? And the Swisscom is clearly a big supplier for you guys. They're cracking on with fiber, which is a good opportunity. Have they sought to get some extra wholesale price from you for their now they're having to build point-to-point rather than multi-point? Thanks. Right. Christoph, you wanna take on the, Yes. Device as a Service exactly a year ago with the launch of the last iPhone. So it's now a year in the market. With Samsung, we launched it in February this year, so it's a very brand-new product. And seeing the take rates, it is super appreciated by our customers. They really go for it across all of our channels. So for me, it's always a thing about customers. I have channels with human interactions, I have online channels, where a customer decides on his own. And the value of the proposition is that strong that customers choosing online in exactly the same share than in offline channels. So the product is well landed in the market and shows sustainable growth. So the price tag for the product is 15 CHF. It's not the CHF 5 option, it's CHF 15 every month. And with the launch of the new iPhone, and you will see it tomorrow, we are going in a new approach with this Flex option, how we call it, with a bundling approach that was André talking about. We are bringing three products together, and that unlocks then a discount. So together with this product, we wanna bring down promotional aggressivity in the market, that the customer needs to buy more than one product from us to unlock a discount. Sorry, on your second question in regards to the Swisscom evolu- what was the exact point that you were looking for? If you got visibility on the wholesale relationship with Swisscom, have they sought to get more from you because? Ah! -of regulation? We have no granular information on how that evolves, footprint by footprint, but we are of course monitoring what type of outflow we have for new fiber footprints, which gives us an insight of how we are doing. We also look at the inflow that we get on additional footprints. So I think we are doing quite well. But for sure, Swisscom has a bit of an intelligence advantage as they are sitting on all of the wholesale services and can see live how this is going. Swisscom doesn't really have an advantage. They give access and pre-notification on if new fiber footprints are coming to the market, then there's, I would say, a fair race between all operators who have equal opportunity to go after those customers at the same time. You've held up your arm so long. Second row here. Yeah. Thank you. Hi. Thank you. It's Luigi Minerva from HSBC. The first question is on HFC. You know, you've presented it as an advantage, you know, having multiple network platforms. But I guess, you know, playing devil's advocate, you know, do you see a future for HFC in Switzerland, given the incumbent fiber push? Perhaps you can give us, like, a short-term view and a five years view. Yeah. And secondly, on the growth avenues, you've clearly signaled that, flanker brands or b2b, the marginality of that growth, it will be different. So how do you balance, you know, the investments on these three avenues between growth and margins? Yeah. All right. So firstly, on the HFC question, in the next network section, Elmar will give you a lot more color on how our strategy is actually working here. Just a short message before we go there. So we believe that our HFC network, now with the upgraded two and a half gig, for the next couple of years is very well positioned. Will we take it further with DOCSIS 4 to 10 gig? We don't know. I think rather unlikely, given the economics, but we have access to fiber anyhow, so we are not at a disadvantage. We are potentially then moving our wholesale share upwards, up until to a point where we can then potentially even overbuild our existing HFC footprint with fiber. But I think we have lots of optionality, and we are not concerned in the short term, obviously, as we are sitting on a really strong HFC network, which is all coming together, and the fact that we are still looking at what we are selling to our customers today. We are still selling more than 50% of HFC to our customers, and most of these customers have a choice that they also can buy fiber. So the product is convincing because it is a high quality and good product. All right, we're really running out of time. We have time for one more question. You should go to the right side. On the right side. Joshua? Thanks very much. It's Josh Mills from BNP Paribas Exane. I'll stick with a branding question because there were some interesting slides you put up about the sub-brand push, but also discussion of the cannibalization risk. So the three parts of the question would be: firstly, what's the ARPU differential today on average between the Sunrise and then the Yallo brand? Secondly, you mentioned that about a third of mobile customers, one in twelve fixed customers today are on the sub-brand versus the main brand. What was that, say, two years ago, and where do you expect that to go to? And then the final question, you gave some interesting detail about the 80% gross profit margin, I think 50% EBITDA margin on the Yallo brand. How does that compare to the same margins on the Sunrise brand? Thanks. All right, so let me take the last one first, and then, Christoph and Stefan can jump in. So I think the margin that Stefan was alluding to is more like a contribution margin than a real EBITDA margin, including the cost of the network. And on that level, it's quite comparable to what, also our main brand is doing. You want to talk about the, ARPU situations in your businesses? flanker brand side, the arpu on fixed versus, I think, the main brand is obviously lower, right? I would say it's about double digit, but you know, not much more than that. We're not going into exact ARPU details here right now. On the flanker side, how the evolution has gone, I think the most important thing is that on a cannibalization side, there is hardly flanker brand, because customers move in both directions. And so we see a very stable trajectory for that over the last couple of years. All right. Sorry, I know there were many more questions. We have some two more Q&A sections. If there was something of high importance, then please keep that for the last session at the very end, then we can revisit that for sure. That now concludes our first Q&A section, and we are now getting into a twenty-minute break. So we are back on screen, and I'll ask you in the room here to be back in the room in twenty minutes, which is then exactly at five minutes. No. What is it? Twenty minutes to four. Thank you.