CMD 2021

Jan 15, 2021

Slides

Good afternoon, ladies and gentlemen. Thank you for attending the Bouygues Telecom Capital Market Day. With me in the room are Benoit Tonetin, Deputy CEO of Bouygues Telecom and Christian Le Coque, CFO of Bouygues Telecom. Our last Capital Market Day was in 2015 and presented the strategy to return to sustainable growth in both sales and results. This strategy has borne fruit that all commitment made in 2015 were achieved and even exceeded. Today, our new Capital Market Day will first remind you how well we have been doing over the past six years second, present our new strategic plan ambition 2026 for the next six years. As shown in Slide four, there are five key sections followed by my conclusion in our presentation. I will present this first three sections. Section one is about Bouygues Telecom's track record regarding twenty five years of innovation to become a star performer. Section two, focus on the French telecom market and why we believe we are entering in a new growth era. Section three, explain our ambition 2026 to become number two in mobile and a major player in fiber. Then Benoit will present in Section four, our business drivers and our new initiatives to achieve that ambition. Christian, at the end, will then present the financial Section five and how we plan to continue delivering profitable and sustainable growth and double our free cash flow. Lastly, I will conclude on why we believe that Bouygues Telecom will continue its success story. We will then open the floor for Q and A. Now let's start Slide six. Bouygues Telecom, twenty five years innovating to become a star performer. First of all, I would like to remind you that 2021 marks the twentieth anniversary of the launch of Bouygues Telecom. Over the past twenty five years, we have continuously been innovating for our customers' benefit. It all started with making mobile accessible for everyone in 1996 when, for example, we've entered the first mobile bundle and also when we introduced the first mobile unlimited voice plan in 1999. Then we extended our positioning not only to mobile but also to fixed. From 2010, we focused on popularizing connectivity. We launched, for example, the FreshFix Android box and the first fix wireless four gs box for B2C. We were also the first to bundle Netflix into our box. We even innovated on how to deploy our networks in a smarter way with what we call the smart CapEx deals. Today, we continue to innovate to deliver a superior customer experience. We have recently been the first to introduce the smart TV box, and we have the best WiFi box in the market. We are also number one on B2B customer service. Finally, Arcep ranked our mobile network as the second best network in Mainland France for seven years in a row. As demonstrated, innovation has always been at the heart of Bouygues Telecom for twenty five years, and we will continue to do so. Turning to Slide seven. You see that Bouygues Telecom has delivered strong growth in the past six years, reflecting the success of its strategy. I hope that you agree with me that this graph is quite impressive as Bouygues Telecom has been delivering 43% sales growth since 2015 in a stagnating French market. And we have clearly overperformed all of our competitors undistupidly. Let's now focus on EBITDA after leases on Slide eight. In 2015, during our Capital Market Day, we were expecting to reach an EBITDA after leases, margin of 25% in 2017. We exceeded this target as we even reached 27%. The most striking point on this slide is the huge performance regarding EBITDA after leases as it doubled in five years from seven fifty million euros in 2015 to around €1,500,000,000 in 2020. There are not many players in Europe that can claim that they have achieved this performance. Before moving to the Slide nine, please note that all the financial information that we will highlight in this presentation for 2020 are based on consensus estimations. Back to 2015. We had an ambition to increase our presence in the fixed broadband market. We had announced a target of 1,000,000 additional fixed broadband subscriber by 2017. Here again, we deliver on our premise. In total, since end twenty fourteen, we have added 1,600,000 fixed customer. We had made another promise during the twenty fifteen Capital Market Day, as you can see on Slide 10. We announced that our goal was to change drastically the dynamic of Bouygues Telecom, not only by succeeding to turn around the negative spiral of Bouygues Telecom at that time, but even to install Bouygues Telecom in the desirable quadrant of top performance on profitable growth. And we did it. This performance is one of the most outstanding in Europe. Moving to Slide 12. I will now focus on the French telecom market that is bolstering in growth era. I am going to highlight five key considerations on the French telecom market to show you that all lights are green to invest in this market. First, I am sure that you are convinced, as we are, that connectivity has now become a vital necessity for residential end users with 80% of French people owning a smartphone today. French user mobile consuming more than 10 gigs of data per month more than 40% of French households now connected to very high speed Internet. And today, 96 of French people consider that they cannot live without good WiFi. Second, Slide 14. I wanted to highlight that connectivity is becoming even more critical for residential and businesses. With many application linked to augmented discovery, automated living and virtual telepresence as examples. Digital technologies are becoming more and more prevalent in all sectors. Third, Slide 15. The COVID health crisis accelerated digitalization. For example, FTTH net adds increased by 40% over the first nine months of twenty twenty compared to the same period last year. And people spend one hour more on the Internet per day during the full lockdown in April. During COVID, consumers and company have understood how essential is it to have a quality network, confirming the relevance of the quality positioning of Bouygues Telecom. We are proud that all our investment paid off in this special year and that we were capable to coping with the exceptional demand for reliable connectivity. A few words now on sustainability on Slide 16. In December 2020, Bouygues Group organized its first Climate Market Day involving all business segments. I just want to reiterate here the commitment of Bouygues Telecom to sustainability. Our commitment are to reduce our carbon footprint by 50% on Scope 1230% in Scope three by 2030 compared to 2020. Undoubtedly, the telecom environment is challenging by as we need to reduce our emissions. At the same time, the traffic is increasing sharply in both mobile and fixed. Fortunately, as shown on Slide 17, we observed that each new generation in telecoms is adding a new revolutionary levels of efficiency. This change of technology has reduced energy consumption by more than onethree. As a result, we see on Slide 18 that our investment of the sector in next generation technology have allowed French telecommunication operators to maintain this carbon footprint stable over the past four years despite the surge of traffic on their network. Next slide. And in addition to keeping control of their own impact on the environment, telecom operators can also help other sector become more sustainable. As an example, during the lockdown in France in April 2020, telecom networks enabled 50% of employees in France to telework, 20x more than in April 2019. On average, global studies like GSMA suggest that emissions generated by telecom can support up to 10x the reduction of emissions in other sector of the economy. Moving to Slide 20. You can observe that for the very first time, France exceeded €10,000,000,000 CapEx invested in telecommunication infrastructure in 2019, excluding frequencies. This investment was up to 50% compared to 2010. This is a huge increase. It was mainly linked to the FTTH rollout on top of the usage mobile upgrade and fixed network enhancement. As a consequence, and as you can see on Slide 21, France has been able to accelerate its FTTH rollout, being now number one in additional house home passed. France is expected to become soon number one in total home passed in Europe. The rollout of FTTH is a game changer. It opens new opportunities for gaining market share, as shown on Slide 22. Bouygues Telecom managed to get 10% market share on fixed desk speed entering in the middle of the DSA era DSL era. And since 2015, we have continued to increase our fixed market share with our fixed FTTH offering reaching 13.4% in Q3 twenty twenty. Keep in mind that Bouygues Telecom covers 50 of France with FTTH, so its market share in such is much higher than 13.4% and closer in reality to 20%. We see plenty of potential of gaining further market share, thanks to the FTTH acceleration. The other next generation technology that can create opportunities to reshuffle the market share is definitely the five gs. There are favorable conditions for five gs in France, as shown on Slide 23. As you know, French telecom players were attributed five gs spectrum in September 2020 at favorable condition compared to others large European countries, as you can see on the chart. Like our competitors, we are also full speed in launching five gs. We expect the full benefits of five gs to be materialized in 2023, in line with what happens with the four gs. In particular, we expect the boom of five gs B2B cases by then will be supported by the new five gs core network functionality such as network slicing, low latency, etcetera. Regarding mobile market share, in Slide '24, we can say that after a long period of relative stability of market share, the entry of one of our competitor free during the four gs era disrupt the market share of all players, including Bouygues Telecom, honestly. We managed to lose less than the other competitors, as you can see. And we did win back in the last five years the majority of what we've lost previously. Thanks to the recent launch of five gs at the 2020, we expect to continue gaining market share in mobile with our good market positioning and the quality of our network. As a conclusion on Slide 25. For the coming years, we observe that a consensus is emerging on a new growth dynamic, thanks to the generalization and modernization of FTTH and five gs. The end of the decline of legacy services and dispute of competitive market environment with four players in France. Market analysis expect the French telecom market to show more steady growth of sales from services in the coming years after a decline between 2015 and 2019. Now let's turn to the third section. I am going to share with you our ambition 2026 to become number two in mobile and a major player in fiber. Our ambition 2026 is based on three pillars. As you can see, Slide '27. First, on mobile. Our ambition is to become number two player in France. Second, in fixed B2C market, we want to add 3,000,000 FTTH B2C clients. And third, on fixed B2B, we want to double our market share. To achieve this ambition, we have three enablers: our best in class customer experience, the quality of our high speed networks and our employees' dedication and willingness to succeed. In 2026, our goal is to generate more than €7,000,000,000 in sales from services, around €2,500,000,000 in EBITDA after leases and around €600,000,000 of free cash flow. Turning to Slide '28. The three key business metrics to achieve our 2026 ambition are to add: 4,000,000 mobile customer, 3,000,000 FTTH clients and to gain five points in market share value on the fixed B2B market. Financially speaking, the three financial metrics summarize our financial ambition in 2026 in Slide '29, adding €2,000,000,000 in sales from services and €1,000,000,000 in EBITDA after leases and adding €350,000,000 in free cash flow. Now I will now let Benoit explain to you in more details how we will achieve our business ambition. Benoit? Thank you, Richard, and good afternoon to everyone. So I will now present to you, beginning Slide 30, our business drivers to reach this Ambition 2026. I will first talk of our mobile drivers for both B2C and B2B. Then I will present you our business drivers to grow on fixed B2C in the coming years. And finally, I will present our plan and drivers to grow our fixed B2B business, including Wholesale. For each of these businesses, you will see that we will replicate our track record on the one end. And on the other end, we will deploy new initiatives to accelerate. And in fact, most of these initiatives have already been launched or activated. Let's start on Slide 31 with mobile. As Richard explained, our ambition is to become the number two. To achieve this, we will first replicate two successful drivers. First, we will continue our More for More strategy to drive our ABPU up, And we will continue to lead on network quality to improve customer acquisition and retention. On the second way, we will accelerate by deploying our new brand positioning and leveraging the EIT acquisition. The magnifiers you see on the slide are indicating the topics on which I will focus in the next slides. Now as you can see on the graph on Slide 32, on the network, we already have a solid number two position on mobile network quality of service As measured and certified by the French regulator, RCEP, we are number two for seven years in a row. And as you can see on Slide 33, we will, of course, continue to maintain a superior mobile quality of service by increasing mobile coverage and capacity. First, we will continue to roll out mobile sites to reach 28,000 by 2023 and around 75,000 by 2026. That will add 14,000 new mobile sites in 2026 compared to 2020. And since we have, in the same time, doubled our spread term following five gs auctions, that means that our mobile network capacity will be multiplied by four by 2026. On Slide 34, you see that our new brand platform symbolizes how we foster the unique relationship within with and amongst our clients and also amongst our employees. With our new brand positioning, which is We are Made to Be Together, our objective is to become two in prospect purchasing intentions for mobile and fixed B2C. And in fact, we already have results confirming the success and positive impact of our new brand. We see an increase of 4.5 points in consideration since the launch of the new platform beginning of 2020. To accelerate, we will also, of course, benefit from the integration of EIT, as you can see on Slide 35. We have just closed the acquisition of EIT, and this really allows us to consolidate our position on mobile. We already become the number three player in the market. Besides adding 2,000,000 subscribers, we have also signed a long term distribution partnership with CIC and Credit Mutual Bank, which brings a really complementary distribution network to Bouygues Telecom. Indeed, Credit Mutual, LCIC, has developed a unique distribution network through a very strong coverage of more than 4,200 local branches. That's more than 30,000 financial advisers that Bouygues Telecom has now secured for the future. This will be particularly beneficial in terms of SOAR's and SMEs business, which are two segments on which CIC and Credit Mutual ranked as the preferred banks and two segments where Bouygues Telecom wants ready to grow its market share. Regarding now fixed B2C on Slide 36. Our ambition is to add 3,000,000 FTTH clients. For this, we will first replicate two drivers of success. First, we will replicate our value for our money and our more for more strategies to gain additional customers and drive our IBPU up. And second, we will also replicate and continue to leverage on our best end user equipment, router, Wi Fi router and TV decoder. On the other hand, we will accelerate by: first, reinforcing our premium customer experience and second, doubling our FTTH market coverage. More specifically, if you see on Slide 37, you see how we will continue our double edge strategy. On the one hand, a value from our strategy, which help us to remain attractive for our new customers. And on the other hand, a more for more strategy that help us to increase the fixed ABPU. As you can see on this graph, the market ABPU should slightly increase over the twenty twenty one, twenty twenty six period. And also, we expect to maintain value for money discount against the market average, it will be diminishing over time. Of course, we will continue to innovate to maintain a superior end user experience through our best in class equipment, as you can see on Slide 38. For example, we have been awarded for our best WiFi modem box, and we were, this year, the first to launch a virtual TV decoder integrated in a smart TV. Moving now to Slide 39. You see how in order to accelerate, we will rapidly double our FTTH coverage from 17,000,000 homes passed today to 27 homes passed in 2022 and thirty 5,000,000 in 2026. This will, of course, enable us to significantly improve our market coverage ratio. We ambition to serve 99% of the market in 2026. Therefore, it will boost our accessible market and enable our acceleration in FTTH. Now on fixed B2B, Slide 40. Our ambition is to double our market share value from around 5% to 10%. Here, again, we will replicate and accelerate. Replicate two successful drivers. First, we will consolidate our position as a benchmark in B2B customer relationship, B2B experience. And we will continue our strategy of deploying enhanced services through partnerships with leading players. On the Accelerate part, we will use our multichannel distribution network to enhance our coverage of the eCME segment, and we will monetize our extended fixed network coverage on both B2B and wholesale markets. I will detail these points now. As you can see on Slide 41, we have already implemented several strategic partnerships to develop and add services in B2B with leading players. These partnerships covers main offerings to fulfill the expectations of our B2B clients. This strategy is really valued by our clients for its pragmatism, agility and excellence. It combines, in fact, the best of two worlds, local proximity and global expertise. And we have just completed two new partnerships with Accenture and IBM to develop five gs B2B use cases for the future. Furthermore, our recent acquisitions with EIT are really adding additional channels and go to market approaches on eCME markets. Let me explain this on Slide 42. And these new channels are really complementary of the ones of Bouygues Telecom. From the left to the right, you see Bouygues Telecom Enterprises' dedicated SME sales force is focusing on traditional connectivity and communication solutions. Then with Kayo's specialized SME go to market approach, we have package solutions, which are offered through a truly digitalized platform. With Nerim, we have sales force and experts dedicated to hosting solutions. And now and finally, with EIT. EIT brings success to its unique banking distribution network of CEC and Credit Mutual, which are, I'll remind you, the preferred banks for SOHO and ICMEs in France. This increased coverage will enable us to accelerate our market share on the ECME market, which is currently really underpenetrated by challengers. Finally, on Slide 43, you see that thanks to our smart CapEx deals like Samalo and others, we will be able to rapidly increase our fixed network coverage. This will have two positive impacts. The first one, on B2B because it enables an increase of our accessible market. The second one, in the wholesale market. As we will be able to enter this market and develop a new activity of fixed wholesale. Indeed, the wholesale market is a €1,200,000,000 market and with growth opportunities really on fixed. To succeed on this, we are planning to replicate our track record on mobile wholesale, where we have today already a 40% market share. In conclusion, you can see that our 2026 business ambition is supported by a pragmatic strategy to both, on the one hand, replicate our track record and on the other hand, deploy new initiatives to accelerate. And most of these initiatives have already been launched or activated. I will now hand over to Christian. Thank you, Benoit. I will now present to you our financial ambition for the next six years and more specifically, how we plan to double our free cash flow in 2026. As Richard already unveiled it, I will remind you on Slide 45 our financial ambition for 2026. First, add €2,000,000,000 of self fund services to generate more than €7,000,000,000 in 2026 second, increase our EBITDA after leases by €1,000,000,000 to return €2,500,000,000 in 2026 and finally, accelerates the generation of free cash flow to reach around €600,000,000 in 2026. This is truly a solid profitable growth journey that we are planning to achieve. On Slide 46, we will see our levers to reach our financial ambitions. First, we will accelerate the growth of our EBITDA after leases by generating €2,000,000,000 additional in sales from services and by increasing our EBITDA after leases margin from around 31% at end twenty twenty, according to the latest consensus, to 35% in 2026. Second, I will explain what our investment plan is to deliver our growth. I will present our plan in term of infrastructure related CapEx, and I will explain our outlook on client related CapEx. I will then conclude this section by providing outlook on the growth of our free cash flow. Slide 47. We plan to generate more than €2,000,000,000 sales from services over twenty twenty-twenty twenty six period, to reach more than €7,000,000,000 in 2026. This growth in sales from services is built upon key drivers. First, volume growth performance, including the IT integration, which is effective from first January of this year our growth plan on mobile, our plan to accelerate on FTTH acquisitions and our goal to double our market share on the fixed segment in B2B SMEs. Second, we will continue to increase our value. We'll pursue our more foremost strategy to increase eBPU on fixed and on mobile. Third, we will perform in new businesses. Indeed, we want to hit market shares on the fixed wholesale, thanks to the new infrastructure we are rolling out through the SAM ALLO program. Regarding now our EBITDA after leases on Slide 48. We plan to exit by €1,000,000,000 from €1,500,000,000 at end twenty twenty according to the latest consensus to reach around €2,500,000,000 of EBITDA after leases at the 2026. Our EBITDA after leases margin will increase by around four points, to reach 35% of our sales from services in 2026. Let me now explain how we will achieve this growth on Slide 49. This growth plan will be achieved in two steps. From 2021 to 2023, the first step is achieved with the integration of EIT and our acceleration on FTTH. These two growth operations will increase the volume of clients on both mobile and fixed and will, of course, positively contribute to the value growth of our EBITDA after leases. However, these two specific operations explain why our EBITDA after leases margin will remain stable at around 31% in 2023 and will be slightly lower in 2021 and 2022. Two reasons for that. The first reason is directly related to EIT. The integration of EIT customers who currently have a lower ABPU will neutralize the positive effect of our more foremost strategy in mobile on our EBITDA after leases margin. The second reason is related to the acceleration on FTTH. As Benoit previously presented, we plan to significantly boost our FTTH coverage in the coming years. Even if this FTTH acceleration is, of course, profitable in terms of euro, it has negative consequences on the EBITDA after leases margin in the short term. This is due to the stronger marketing effort and also to the fact that in more rural areas, the cost of access to FTTH infrastructures is variable and higher than what we currently have. So apart from these two impacts that are negative on the EBITDA margin, we plan, of course, to continue improving our model as in the previous years. The growth of our EBITDA after leases will be supported by the continuity of, first, the economy of scale, allowed by the volume gain on both mobile and fixed second, the continued increase of our fixed ABPU and third, the benefits of productivity and digitalization actions initiatives within Bouygues Telecom. These factors will progressively counterbalance both the dilution effect of EIT and FTTH marketing effort operations and the worth of rental costs due to the increase in mobile coverage. Overall, our EBITDA after leases will continue increasing value over 2020, 2023, while our EBITDA after leases margin will likely be impacted in 2021 and 2022 and then break over 31% in 2023. In the second step, from 2023 to 2026, we will fully benefit from our acceleration initiatives. We will continue to benefit from the growth of our sell from services and from the recurrent positive effect of our initiatives on economy of scale and productivity. We will have completely integrated IT, and we will then fully benefit from the ABPU increase on mobile. At this time, as we will have reached a good FTTH market share in rural areas, we will evolve our model on fixed business to improve our cost structures from a variable cost to leverage more profitable fixed cost structures. These levers will enable us to reach around €2,500,000,000 of EBITDA after leases in 2026 and generate a 35% EBITDA margin EBITDA after leases margin. Moving on Slide 50. I just presented our ambition to accelerate the growth of our EBITDA after leases and EBITDA after leases margin. I will now explain our investment plan to deliver this growth in term of CapEx related to infrastructures and CapEx related to client. Indeed, we have a parting shift between infrastructures related CapEx and in client related CapEx. On the one hand, turning to Slide 51, our infrastructure related CapEx supports the development of our network around three dimensions. First, the rollout of five gs nationally with a sustained effort over 2021, twenty twenty four second, the improvement of our mobile network coverage, including the swap of our Huawei equipment and third, the acceleration of our FTTH coverage. It is interesting to note that for the first time in the history of Bouygues Telecom, we will deploy two new technologies in the same time, five gs and FTTH. This explains why we will increase infrastructure related CapEx over the coming years with a peak in 2022, notably to catch up FTTH market coverage. This increase is temporary, and we will then extract the full benefits from these new technologies. As you can see on the right side of this slide, the peak of FTTH rollout in the market is in 2020 and 2021. FTTH rollout will progressively decrease from 2022 onwards and will be almost completed in France by 2026. Our FTTH related CapEx is expected to follow a similar dynamic. On the other hand, on Slide 52, our client related CapEx is going to gradually increase over the period for three reasons: first, an increased volume of fixed clients and therefore, the CapEx on box and other fixed related activity second, the growth in mobile usage, recurring to continuously improve our mobile capacity and third, the integration of EIT, particularly in 2021. Indeed, as you can see in the middle graph on this page, we plan to increase our B2C fixed client base by around 50% from 2020 to 2026, and we will pursue the transformation of our mix with a large majority of FTTH clients by 2026. Following the volume increase of fixed clients, our CapEx related to clients' equipment and other fixed activities will continuously increase over the period. On the right side of this slide, you can also see that mobile data usage is expected to double every three years in France to reach more than 40 gigabytes per month per user in 2026. Consequently, and as Benoit explained previously, we plan to continue improving our mobile capacity to maintain a superior network experience. To summarize on Slide 53. From 2020 to 2026, our CapEx will be of around €1,500,000,000 per year, but we will have a clear change of padding with the transition from infrastructure related CapEx to client related CapEx. Our infrastructure related CapEx is going to gradually decrease from end twenty twenty two onwards after a peak in the next two years, 2021 and 2022. At the same time, our client related CapEx, which today represents 50% of our CapEx, will gradually increase with the growth of our customer base. It should represent around 65 of our total CapEx by the 2026. We plan to keep our other CapEx items such as our IT or core network CapEx constant over the period. Thanks to our acceleration plan, we will also decrease our gross CapEx ratio by five points to represent 20% of our sales from services in 2026 compared to around 25% today. You can see on Slide 54 that our ambition is really to invest more to generate higher and sustainable EBITDA after leases and cash flow. As you can see on this page, we plan to invest €1,000,000,000 more over 2024, 2026 than during the last three year periods and to generate €2,800,000,000 more in EBITDA after leases. To summarize, on Slide 55, I explain to you how we plan to generate additional €2,000,000,000 in sales from services compared to 2020, reaching more than €7,000,000,000 in 2026, increased our EBITDA after leases by €1,000,000,000 from around €1,500,000,000 in 2020 to around €2,500,000,000 in 2026, with a 35% EBITDA after leases margin and decreased our CapEx ratio from 25% of our sales from services to 20% in 2026. All these factors will accelerate the generation of free cash flow from around €250,000,000 at end twenty twenty according to the latest guidance, to reach around €600,000,000 in 2026. Our financial plan offers a solid profitable outlook. Overall, we plan to remain a high performance company, delivering profitable and sustainable growth and doubling our free cash flow in 2026. This is the solid profitable growth journey that we are planning to achieve. Thanks. Thanks, Christian. Thanks, Benoit, for those very clear explanations. Let me now conclude this presentation. In a French favorable market environment, and it's favorable because it's the first time you have two innovations, mobile and five gs, which arrive at the same time. And with our track record, our ambition is to remain the outperforming telco in France and in Europe. Let me summarize again our ambition Slide 57, sorry. On mobile, to become a number two player in France, on a fixed B2C market, we want to add 3,000,000 FTTH B2C customers. And in fixed B2B, we want to double our market share. To realize this ambition, we have three enablers: our best in class customer service, our high speed network and our employee commitment and willingness to succeed. In 2026, our goal is to generate more than €7,000,000,000 service revenue, around €2,500,000,000 EBITDA after leases and around €600,000,000 free cash flow. On Slide 58, I want to go back to the three key business metrics. If you look at what we already did in the past six years in Slide 59, We are confident we can replicate our track record and adding 2,000,000 mobile clients, 1.5 FTTH clients based on our 50% market coverage and gained three point in market share value on fixed B2B. This indicator does not include KOs and Nerim market share. As shown on Slide 60, by deploying new initiative to accelerate, our mobile will add 2,000,000 additional clients. And I would say we have guaranteed this objective through the acquisition of VIT. On fixed B2C, we will double our FTTH coverage to secure additional 1,500,000 FTTH clients. And on fixed B2B, we have deployed additional networks and distribution coverage to secure two more points of market share value. We just consider that our ambitions realistic and achievable. I want to go back now on Slide 61 on the three key financial metrics. If I apply the same rules and the same principle that we present to you, which is replicate and which is accelerate. Once again, if we look at our performance over the past six years, we are convinced we can replicate our track record as shown on Slide 62. And to add again around €1,200,000,000 of sales from services, around €600,000,000 on EBITDA after leases and around €110 in free cash flow. Now turning to Slide 63. Our new initiatives should generate around €800,000,000 additional sales from services that will be obtained through previously described customer numbers and increased ABPU. The €400,000,000 additional EBITDA after leases that will be a consequence of revenue growth and increase in margin and the around €240,000,000 additional cash flow that will be obtained by stabilizing the CapEx. As you have seen, our ambition can be realized through a combination of replicating our track record and launching new initiative to accelerate. And recipe for success is very simple. Our recipient success is very simple. As we show on Slide 64, an overperforming team that delivers on its promise. This is a team that created the success story of Bouygues Telecom between 2015 and 2020, and this is the team that will make it happen again. As mentioned again on Slide 65, since our last Capital Market Day in 2015, we delivered what we had promised. We turned around Bouygues Telecom's growth perspective. I will end this presentation, Slide 66, by telling you that I'm confident to say that for the next six years, Bouygues Telecom will continue to be the star telecom value, delivering profitable growth and outperforming the sector in France and in Europe. Thank you very much for your attention. Let me now open the floor for questions. Our first caller is Jagab Bluestone of Credit for the presentation and thanks for taking the question. I had a few questions, please. Firstly, I'd be interested in understanding a little bit more if there's any comments you can make gross versus net CapEx And specifically, whether in terms of this expansion of your networks to 35,000 sites, should we be thinking about build to suit and tower sales? Question. My second question is on your cash flow target. You're guiding for 2026 EBITDA of €2,500,000,000 and €1,400,000,000 of CapEx. It's about €1,100,000,000 of EBITDA minus CapEx. I don't quite see how you get from €1,100,000,000 to only €600,000,000 of free cash flow. That would imply about €05,000,000,000 of tax and interest. So if you can maybe just sort of walk us through the bridge from operating free cash flow to free cash flow. And then maybe if you can just comment a little bit more on the margin weakness you mentioned initially in the early years from the EIT integration. How much margin dilution should we be thinking about in the first few years? So thank you very much. I think I'll be answering your question. The first one is about, I think, disposals. As you know, we already said that we will have around €200,000,000 disposals in 2021 related to the sales of our, what we call, our mobile switch center to Cellnex. This is an operation that was forecast many months ago. We could have also some disposals in 2022, probably around €100,000,000 But 2023 and looking onwards, we do not have forecast disposals now. So the €600,000,000 free cash flow in 2026 is mainly coming from operational performance and growth in EBITDA after leases. Your second question is about the €650,000,000 free cash flow in 2026. I understand that you don't arrive to calculate it. Keep in mind that 2026 is in six years. So this is a very long period. So you will understand that we are quite cautious about the guidance we are giving to you. So it's okay, it could be higher, but we prefer to be cautious for the moment. Your third question was about EBITDA after this margin, I think, in 2021. So as you know, we'll have two impacts in 2021, in fact. The first one is the dilutive effect coming from EIT, and the second one is the fact that we will have many marketing effort to grow our market share in FTTH. And as you know, in France, the clients of first year benefit from promotions. And so the margins coming from this client is very low, so we will have a negative impact coming from that. To be more precise, the consensus is saying that in 2020, we will be around €1,500,000,000 on EBITDA. For next year, we should have around €60,000,000 more coming from EIT and also a slight increase, but a slight, slight increase in term of EBITDA coming from organic operations from Bouygues Telecom. I hope this is clear for you. Just it's Richard. Just to give you a slight complementary point concerning EIT. And to say that you understand that when you have a full MVNO with the three main telcos interconnect, the first benefit is to migrate your customers on your network. That said, we start in 2021 and will probably finish in 2022. That will help us to benefit about the synergies that we have of EIT in this approach. Outside of the comments Christian's comments concerning the opportunity for growth and the capacity that EIT can deliver to us to adding some more customers. But definitely, first, the synergy levels will be done by this. And at the end of the day, of course, we will have integration of on our own networks with cutting, I would say, the AIT network and everything, which is not before 2023. So that gives you a flavor about all the scope we have to do this progressively in the next years. But first, we will need to have some investment to be doing that. Our next question comes from Andrew Lee of Goldman Sachs. I had a couple of questions. Firstly, there's a couple of kind of mini questions within it really, which is on your big volume ambitions that you've laid out today. And just wondering how you think about the balance between volume and value in your revenue growth expansion. What growth are you estimating for the market growth within your guidance? You obviously gave some analysts' forecast, but what are you anticipating within your guidance? And I guess really, most important question is what is risk that these share ambitions that you've highlighted kind of end friendly France and bring back competitive deflationary pricing in France? Second kind of question is really around your tower ambitions, just following on from Jacobs. Is that 35,000 going to be delivered by build to suit with the TowerCo and therefore off balance sheet? And when will you announce that and obviously the fiber backhaul to support it? Thank you. So you have two parts, one concerning the volume and the pricing and the revenue and the other part concerning the network coverage and everything. So Christian will answer first about the coverage and the network. Sorry. So about the networks, you know that you have a build to suit agreement in place with Cellnex and PTI for non dense urea. Of course, we will continue in the next coming year to use this agreement we have in place. But that doesn't mean that we have no CapEx at all when we are deploying these towers because, in fact, the active equipment, for example, the antennas, the electronics are paid by Bouygues Telecom and are inside the Bouygues Telecom's CapEx. It is only the passive equipment like the tour and things like that that are paid by the Towaco. And as now, more and more, this kind of assets are shared between operators. We can rule out more sites, I will say, without putting in place more too much passive equipment. And so the requirement to increase our build we do not need, sorry, to increase our build to suit agreement that we have today. To try to answer to you about the point concerning benefits of growth and benefits of the revenue and IBPU. I don't want to speak about price first. I want to speak about the, I would say, the customer willingness to use the smartphones and to use the fiber. Take an example on the smartphones. On the smartphone, it's quite simple. The ambition probably in our plans and that's the reason why we invest into the infrastructure to maintain the quality of the network is the usage will be multiplied by four. If you're looking at the trends, it's not missing that it's Ericsson and the market studies and everything. They think that the trend will be multiplied by four. So more antennas, more of this, that's the reason why Christian expressed to you our investment there. And but outside of that, if the usage is multiplied by four, the customer will be agreed to pay a little bit more. And that's the reason why we believe in our plans that ARPU will grow a little bit. I'm not asking to multiply by four. We speak about some euros and that's it. If I'm looking at the volumes, we tell you on the mobile, it's quite easy, to be honest. With the IT giving 05% of 50% of the job. And on the other side, you have just to do I would say quite similar that we did in the past. And with the quality of our network, believe we can maintain that. And if you look at the recent result on the last nine months of Bouygues Telecom and if you make the calculation, you will see that the €2,000,000 can be done. That's the point I can tell you. And the second thing is about fiber. Fiber 50% of the are today in the situation. That's clear. But 50% we do something significant. But we know that with 100% we have the opportunity to double. And I would say it's a new market at the beginning, as a new time. We are not speaking about mature. It's beginning. And when it's beginning, you have opportunity to reshuffle the condition and the situation. And that's why we believe in our plans about the growth. I hope we have answered to the two points that you expressed. Just clarifying, you said you don't need any build to suit for the towers. Is that correct? Or just don't need a build to suit to the equivalent of 15,000 extra towers? And then just and I think it was a clear answer on the volume versus value. But you just you didn't mention what market growth you've incorporated into your guidance in terms of revenues. We will continue to use build to shoot. But as we are sharing passive infrastructure with other operators in France, we do not need to use it too much. That is my answer. And also Bouygues Telecom will have the active equipment inside this CapEx. Our next caller is Matthew Robillard of Barclays. Yes. Good afternoon and thank you for the detailed presentation. Follow-up questions maybe from the previous ones. When and that's about the debate between volume growth and market growth. You talk about 2,000,000 clients being added in mobile. And I wanted to understand if that was mostly B2B or M2M? Or is it also B2C? Just to understand exactly where this growth in mobile would be coming from. Then on the B2S, maybe I'm getting this wrong, but my understanding is that you're building a number of cell sites. You're actually recognizing a revenue for that and you sell them to Cellnex, and that's a revenue item. But that doesn't impact the CapEx. As in the asset disposals that you have done were on things that were built in the past, such as data centers, etcetera. But the benefit of the B2S, so to try to make it clearer, the benefit of the upcoming B2S is going to be seen at the revenue level but not at the CapEx level. That's a question, actually. And then generally, about the network densification. So obviously, investing a lot for quality. And I was just curious to understand whether here it was just a question of increasing the capacity or it also reflected the fact that you're thinking about new applications driven by five gs that actually will require network densification, maybe small cells? Or again, if it's just about capacity at this stage? So I will first answer to your question about build to suit. We do not recognize the build to suit revenue inside our service cell phone services revenue. So this will have no impact, of course, on the figures you saw last in the presentation. And the build to suit agreement does not have, sorry, any impact of EBITDA. It's probably more negative impact because, of course, as we will not doesn't have the CapEx in the past, we have to went at a quite higher price in future. But all of that is included in the figures we showed to you in the presentation. Adding the other points that you want to have, I would say, first of all, you need to understand that telecom mobile market is still growing. It's not the fact that you have much more French people. It's purely because now people are becoming more and more multi equipments. So due to this situation, we will have more volumes. The other part concerning the fact that what you think about B2B or B2C, it will be both parts. And for sure, on the B2C, there is opportunities for multi mobile. But on the B2B, we expressed the fact that we will grow due to the fact that we will have, in fact, the capacity on a small and medium, the SMEs market to win market share. We are very low there. There is no reason not to be stronger. And that's clear that we can have something. You say about new applications. You speak about new applications. So about the new applications, I can say to you that, of course, we speak about classic main network. And we don't speak about new applications as we see classically with the five gs. The five gs will have been different period with different things. We speak about some applications before 2023. But at the end of the day, after 2023, with a full core network, we will have the M2M activity. And with the M2M activity, you will have a chance to develop new businesses. And with these new businesses, we will have the chance to develop other things. But today, what we present to you is basically only the part concerning B2B and B2C. It's not speaking about the future, about the M2M activity and all the diversification concerning that. But I'm not speaking about small cells. I'm speaking about only about basic classic business. That's very clear. Just to come back on the BTS revenues, I truly understand these are not included in service revenues. That's very clear and that's always been the case. But it is, I think, included in other revenues on which you did not give any guidance. I But just wanted to make sure from my understanding that these revenues, which has a lower negative well, very low margin, will be still ongoing for a number of years because you are increasing or you're continuing the BTS? In the service revenue, we never had the, I would say, the build to suit revenue included in the past, and it won't be the case also in the future. Due to accounting rules, we are obliged to account this build to revenue inside our total revenues that we call other revenue. Inside the other revenue of Bouygues Telecom, you have many things. You have the handset, the accessories, the build to suit revenue. We have some FTTH impact because when you are installing a new line, a new FTTH line on the premises, you have revenue and cost at the same time with no margin, for example. So you have so many things. So it is difficult today to give you guidance on these other revenues. But what is important is that these other revenues does not generate any margin on EBITDA or negative margin, for example, for subsidy on handset, but we account for directly for the subsidy inside our P and L, for example. So our guidance is on service revenue and EBITDA and the build to suit revenue, as I said before, does not generate any margin and the build to suit program generate in the future mainly higher winter due to the fact that, of course, we don't own the infrastructures. Moving on to our next caller, we have Frederic Boulan of Bank of America. A couple of questions. Firstly, on FTTH CapEx. On the infrastructure side, can you explain a little bit what specific costs are you talking about as you seem to remain largely on the wholesale model? And you talk about moving to co investment model later on. So is it not what will drive more CapEx as you acquire co investment tranches? Secondly, just following up on the on your assumptions. When you look at your growth ambitions, what kind of assumptions on market reaction you take? I mean, you plan to be number two in mobile, so I guess, about taking SFR in mobile. Do you have some flexibility on this if you see it starting to drive pressure on the market? And on the broadband target, the €3,000,000 that seems to be an FTTH. So it could be largely driven by migration. So do you have also here a target in terms of share or net growth? And maybe last question from me. If you can spend just a bit more time on the drivers of margin improvement in the outer years. So you have this pretty impressive four points increase in three years. If you can I know you touched on it, but if you can spend a bit more time on what specifically is going to drive this pretty remarkable uptick in margins? Thank you. First, the question concerning the market reaction. Okay. Well, I would say, I'm not speaking about specific market reaction. I'm not what I'm doing today, I'm speaking to you about the current run that we see at the normal things. And as we did in the past, there is no reason to say why suddenly it will not work. The quality of our network will be reinforced. Everything going well and our sales channel distribution will be enhanced. So we say taking mechanically what we've done. And if you look at what will happen with in the past, we can say reasonably we see that as a normal thing. And we will have more sales channels where we can address new market as SMEs we said. So we said reasonably, we're convinced that there is opportunities to make it, and we believe in. That's the reason why we present those numbers to you. So I will answer the two other questions about FTTH CapEx. You are right. We are mainly in a wholesale approach on FTTH. But for example, when you are speaking about tranches of 5%, it concerns only vertical part of the FTTH network. So we have, in this case, to be able to address the clients to buy the horizontal part, for example. This is CapEx to install central optical center. This is another part of CapEx. So this is or to link the optical center to our core network with the backbone. So this is all the CapEx we will have. You saw on the slide that FTTH CapEx are quite high in terms of infrastructures, but I think quite limited compared to competitors that are ruling out, for example, Orange, completely FTTH networks. About the margin from 2024 and 2026. In fact, you have, I will say, three different effects on the EBITDA after this margin. The first one is, I will say, continued improvement of the margin. This is coming from fixed ABPU increase. So the fixed ABPU will go up year after year. So this is you have a cumulative effect, I will say, on this performance. The second effect is economic of scale. This is also a continued effect. This is increasing year after year as you will have, of course, more and more client. And the third one is productivity effect. So this will help to increase our EBITDA after this margin. On the other hand, you have some negative effect during the three coming years of our on our plan. The first one is FTTH marketing costs. This is, I would say, a kind of fixed cost because we will have to put in place, for example, some specific assets to address rural areas in FTTH. And so this is not a cumulative effect on EBITDA. You have will have this impact during the six coming years, of course. But at the beginning, this impact is relatively high. But at the end of the period, the impact is relatively low compared to the cumulative effect that I spoke at the beginning. The third thing is ABPU in mobile. We will have no growth in EBT, BPU in mobile during the three coming years and probably even a negative impact for the next year because of EIT dilution effect. This is not a bad news. This is due to the fact that in 2020, we didn't have EIT in our account, and we will have them next year. This is, of course, positive in term of revenue and EBITDA. But the indicator, this is a dilutive impact on the EBITDA after this margin. The third thing to have in mind that we always said that we will manage our CapEx quite pragmatically. In rural areas, in France, this is not a big rural area. For example, you have more than 100 publication native network. It is difficult to know now where we will have a good market share and where our market share will be at a lower level. So we do not know at the moment where we need to buy a high number of tranches and where we do not need to do that. So we have to wait for three or four years to see where our market share will be high. And in this part of France, in this publicity network or medium dense area, we will then buy the network, the FTTH network. So we'll move at this time from variable cost to fixed cost. And thanks to the market share the high market share we'll have in this area, our EBITDA margin will be, of course, better. Thank you, Christian. Just back to my first point, I mean, it not what's going to drive FTTH infrastructure spend in the outer years? I mean you present this chart, H51, when it drops pretty sharply. But I would have expected as you deploy co investment in dense NPN, this is what's going to actually drive pretty high investments in fiber infrastructure. On the vertical part of the FTTH infrastructures. Our next caller is Noir Cristini, Morgan Stanley. Just two follow ups left on my end. So firstly, I wanted to ask about the moment if you can give us an update about how you see the situation evolving between 2021 and 2022 in terms of the return of roaming. And secondly, just to come back to Jacob's question about the €600,000,000 free cash flow We're facing the same difficulty to reconcile the number. So the message is very clear. You're cautious there. It will be interesting to walk us through the main areas of risk that you see to your plan today. Thank you very much. Could you repeat your first question part of the question? It's about the roaming. If you can work as to your expectations for now in terms of the return of roaming between 2021 and 2020 In 2020, we've seen what happens. That's clear. In 2021, we consider that, of course, a part of 2021 will be impacted. And the way we have integrated that is that the vaccine could probably solve that. So it depends on the speed of the vaccine in France. We don't know yet exactly what will happen, but we are considering that the impact of the roaming in 2021 will be still consistent, and that will integrate in our model. So just to come back on the 2026 free cash flow. Yes, we said that it should be around €600,000,000 free cash flow coming from the €2,500,000,000 EBITDA after leases and €1,400,000,000 of CapEx. Just keep in mind that in six years, it's a very long period. So for example, if we had a shift of €50,000,000 in EBITDA in the bad direction and also at the same time, a shift of €50,000,000 of CapEx also in the bad direction, we could lose €100,000,000 free cash flow. That's why we prefer today to be quite cautious in the figures we gave to you. Our next question comes from the line of Joseph Gajal of Kepler. Two questions for me, please. The first one is on FTTH. Could you tell us what is the retention rate you see at the beginning of year two when the discount of year one ends? What is the percentage of those customers that you are able to retain despite this increase in the price? And by the way, what is the level of this step up or this price increase one year to the other? And my second question is to understand the 2,000,000 clients gain that you are foreseeing. If you have to qualify them, depending on where do they come from? Do you think that they will come, again, in terms of the current market share of each one, more depend on the big players side or more on MVNOs? Is EIT acquisition giving you an edge on this area or not? Thank you. So I'll try to answer to your point. If you speak about the gap between year one and year two, it's roughly around €15 one-five, okay? If you're asking me if you see a structuring difference between the churn between year one and year two, Well, not so much. There is no much details on that point up to now for me at the moment here. And we probably will answer later, but I don't have exactly the numbers. I don't want to give you wrong numbers. But in principle, when people have put in place their fiber and it works, I would say to you that very often the people want to continue and so on with the same. I have no other information for this. Sorry for that. We don't. We don't, Nicolas. Second point is about the €2,000,000 gain you speak. First point, a big part will come from the market growth first. That's the first element that we believe. And the point is on that point to say that it will come from that. And the question after that will be quality of experience. It depends how it happens, but quality of experience is a key reason why the people are coming to look at you. And people are looking at the quality of the experience, the quality of your network. I don't know for the future how it will be, but we are convinced that you will have a good one network. Okay. Understood. And if I can add a follow-up question. To which degree the strategy that you present to us today is set on stone? And that, okay, you will stick to that whatever happens? Adaptable? And if the market changes, you are ready to change that? If we present to you those numbers, it's because we consider we are confident on it. And we I would say we give you the rules of a simple model. Replicate, you can understand, is quite easy because it's looking at and threshold our numbers. Looking at the numbers of twenty twenty, the first nine months, make a multiplication you will looking at. And you will see that it's really credible. The fact that we say we have 2,000,000 heads on EIT is basics. It's the number of customers they have. So on the mobile, it's consistent. On fiber, we say we have been able to do it. And it's at the beginning of the ramp up because the ramp up is growing very fast on the next years. And there is no reason not to do more. And as you say in parallel for sure, a part of our customer will migrate to that, but part of the others will migrate too. And as we are small here, we consider that we'll have a better chance to grow. It's basic. Very clear. Thank you. To say to you, it's exactly the same thing that we did in 2015. In 2015, we present to you numbers and we showed to you that we have been able to deliver it. If today now, we present numbers and we believe in it and we believe we can do that. It's not a question of price war only. It's really a question of quality. And people have been choosing Bouygues Telecom mainly of the quality. And it's a long term approach. When you choose people for price, you have much more risky situation. When you choose people for quality, you have a better chance to maintain your customer base. Comes from Thomas Cowdry of Bain Garnier. I have four, actually. The first one, and it's going to be about the bridge from your €5,000,000,000 to €7,000,000,000 revenue increase. Indeed, mobile APPU increase is part of the equation. How what is your view on the market pricing today and the ability to indeed increase prices and maybe monetizing five gs, given, in particular, the latest move by Gilead giving out five gs for free? So I'd be happy to have your reaction on that. Second question, still on this bridge. About B2B, so I understand the B2B business in France is about market in France is about €10,000,000,000 So moving from 5% to 10% market share would be an additional €500,000,000 Is this really the type of amount that we should consider here? And can you confirm it seems clear in your presentation, but can you confirm that this upside in B2B excludes any additional M and A there? And the last question about this bridge is the contribution of fixed wholesale. Can you be a little bit more detail on how you intend to where you intend exactly to monetize your fixed investments? Will it come from Samalo? But I understand Samalo is you only have minority share, so I'm not sure how where you will get the fixed wholesale revenues from. And one last question, please, a financial one on the cash flow. Can you give us an outlook on how we should look at the cash flow in the next two years, given that indeed the EBITDA margin is going to be under pressure and you are going to have, let's say, a significant amount of growth and net CapEx over the two years, how low should we expect it to be in 2021 and 2022? Try not to forget one on your four or fifth question. So coming back to the first one, I hope I'm not making mistakes. You speak about ABPU pricing and the evolution of the market and tendency in the five gs. So if you look at the pricing, the pricing is a way to market things on the floor. But at the end of the day, what we told you is the people which have been going during ten years from one gig to 10 gigs, in the next six years, we'll go probably from 10 gigs to 40 gigs. And we say it's not only a question of pricing, It's a question of mix of sales that we will see on the marketplace. And probably the people will be bread their bundles and everything. So that's what we see as an opportunity. And this is the fact that the usage will be multiplied by four that we consider could help us to win some euros. About the five gs and you speak about five gs war, I don't know. I say we are not really in the five gs today up to now. It's starting point. You have no five gs handsets in France, I would say below 5% or 10% something like that nothing else. 90% of the handsets are still four gs. The people asking quality of four gs. If I'm looking at to do to be able to offer a five gs premium, you need to have a five gs premium network on which we deliver capacity, on which we deliver quality, on which we deliver speed. Until and before that, you have no chance to make an increased price. That will be the reason why some of the cases are not increasing the prices. But I believe definitely that the five gs will be features that if the people will have more usage, higher speed, good coverage, in that case, they will be agreed to add some euros. If it's only sharing existing current, I would say, frequencies and everything, Well, you don't give globally real benefits. You're sharing your current coverage and you're sharing your current capacity between four gs and five gs. It's another option. I don't say it's a wrong or a right one. It's another option. So in that case, I understand if at the end the customer don't see the speed, if at the end the customer don't see any change, why you should pay more? I want to deliver premium product to be sure that the people, if the price as they have premium product, they agree to pay for. I understand that. Is it clear? Now I can give the other point to Christian, which can give you answers. Yes. Thank you, Richard. So about B2B, I just remind you that our target is to double our market share in the fixed SMEs B2B and not, of course, of all the fixed segment. We are already at around 30%, for example, in mobile B2B for the big companies and more than 10% in mobile in the SMEs B2B. So this is in the fixed market where our market share is lower at around 5%, and this is in the SME segment that we intend to double our market share. So this is not exactly taking €500,000,000 About wholesale, yes, we are rolling out You are right. We are today a minority shareholder of Samalo. But we also have a service agreement with the JV we have with Cellnex. And thanks to this agreement, we are able to use for fixed price 70% of Samalu infrastructures. Of course, the 70% will be used for our own needs, for example, to link our mobile sites to our core network through fiber network. There will be the Samalo, the 70% will also be used by our B2B to increase, for example, the market share we spoke before. And we will also use it to take some market share in the wholesale business, for example, with some small operators addressing also the B2B market. And today, these operators are mainly buying infrastructures to Orange. So we think we could take some market share. Or for example, with content providers that need to link together some data centers in France to be able to operate in France. So this is how we hope to take some market share in this wholesale segment. To come back on the free cash flow for 2021. As I explained before, we intend first to have a goal in term of EBITDA, 60,000,000 coming from EIT, a very slight increase coming from Bouygues Telecom core network. So it's you should be able to calculate the numbers. For the growth CapEx, we gave you the figures, 1,500,000,000.0 for 2021, and we gave you also the €200,000,000 disposals. So well, I'll let you calculate how the free cash flow needs is will be. Just an indication is that our free cash flow should remain positive despite the fact that we are increasing by €250,000,000 our gross CapEx level compared to 2020. About if we look a bit further in 2022, what we could have in 2022, so the level of CapEx should remain at the same level, euros 1,500,000,000.0. I said before that we will have probably less disposals in 2022 compared to 2021. And our EBITDA will have in 2022 quite good performance, mainly because we will have a higher level of synergies coming from EIT in 2022 than in 2021. But about the B2B part, when you ask a question concerning the wholesale, maybe I had some elements that Christian expressed to you. You need to know that in parallel of what we expressed about Samoa, everything that can be coming in. There is another point. It's today, the B2B is still with a situation on which we know that Orange is in a very strong position. And in parallel of it, we have the regulator today, which is trying to modify the rules to be sure that we have a chance to win market share. So we are definitely believing that with part of the own infrastructure, part of the regulator, part of the situation, there is really definitely a window for the next six years to be part of the market share here. Just sorry, this is Christian. Just one more point. We remind you that our free cash flow definition is after tax and interest, financially financial income and interest, and not only EBITDA minus CapEx. Moving on to our next question, we have Erik Boulan of Bank of America. Just a quick follow-up and a quick question. Firstly, a follow-up. So I was asking earlier on the assumption you're making on the fixed broadband additions. You mentioned €3,000,000 fiber. But do you have any targets in terms of net adds overall in broadband? Or the focus is really migration of your own base? And secondly, just trying to see whether in your plan, you have assumed any change in capital structure with some of the JVs that you have. So you have quite a few of them with 49% interest, like Asterix. Is there a plan to call some of those options which will change the business plan or the step up in margin you presented is completely organic? Starting with the first point concerning the fix. I would say that, for sure a part of the customer will migrate. But due to the fact that we have decided to invest in a 50% area, which is much more in a pin area, I believe that it is where we have small market share. And as we have decided to go there, definitely it will be incrementals. We don't know exactly the figures at the I would say the size exactly, but we definitely in our plans will have an increasing point concerning the Pin area where we were historically nowhere in the past. With Crozon, we have been starting back on the mobile site. And if we have been starting back on the mobile site, there is no reason to capitalize on that and to be able to do it on the fiber side. And of course, at the last point, with AIT, which has branches, which is much more in the field and much more in, I would say, non dense area, there is a window to increment again our acquisitions. So about your question about the JVs. We have today three JVs with partnership in infrastructures. The first one is with Phoenix Tower investment for mobile site. The second one is with CENEX to roll out backhaul infrastructures for mobile site and to our B2B and wholesale segment. And the third one is an FTTH, what we call Asterix program with Vauban infrastructures. For all this JV, we have a collection to buy 100% of the JV in twenty years twenty years, sorry, so in 02/1940. It's a quite long period, except with Asterix when where we have a collection to go from 3949%, sorry, to 51% in five, six, seven, eight or nine years and so on. So we can move on the JV, I think, JV from 2024, I did not remember, or 2025 and onwards each year to take control of FX. It could be a way to ameliorate, I will say, our business model in the fixed. We will see at the moment where, I said before, our market share is the best to do that. So if we need to buy some tranches from infrastructure operators or to increase our level of participation in ASTEX JV to take control of it. But that's not something you have to do to get to the target? Yes, it should be it could be something that could help us to increase our EBITDA after this margin, but only if our market share is quite good in this area. If it is not the case, it will not be interesting. And our final caller for today is going to be Jerry DeLise of Jefferies. Yes. Good afternoon. Thank you for taking my question. My first question has to do with your FTTH CapEx. We see on Slide 51, the strong increase between 2020 and 2022. Should we assume that you will have co financed the whole of the medium density area by 2022? Would you be able to clarify for us, please, where you stand in terms of co financing on the medium density area today? The second question is that you described in the presentation how FTTH is essentially a whole new market. I wondered if you could explain why that is the case because essentially under the co financing model, people have access to the network simultaneously. It's simply a discussion as to whether the economics are co financing or rental and whether they've co financing in building wiring. So essentially, everybody has access to the product at the same time. So I wonder why it is quite the same thing as Bouygues entering the fixed broadband market from scratch several years ago. And my final question very briefly. Given that you're within touching distance of SFR's number two market position in mobile following the acquisition of EIT, Could you perhaps clarify for us really what your mobile market share ambition is? Is it to really be the number two operator with some distance to the number three? Is there anything you can say on that, please? You. About the last point you're asking, you're asking me to give you an answer to a crystal ball. I'm sorry for that, but it's well, we believe that with EIT, we make a real step. And with these steps and with the acquisition, but not only the acquisition, with the partnership we have with the 4,000 branches, with all those kind of things, we consider that Bouygues Telecom can accelerate its classic basic growth that we had in the past. And where it's coming from, I don't know. How it will come, I don't know. But I can tell you, if I'm looking at all the number historically, we have been able in 2015 to give you simulations. We are able to give you simulations. How it will be finally done at the end, I don't know. But what I can tell you that we consider that the fact to become number two, it's possible. So about your question on FTTH infrastructure related CapEx, I think that on the graph, you have a perspective effect because the level of CapEx in FTTH infrastructures is exactly the same level in 2020, 2021 and 2022. So we have already accelerated our rollout in FTTH. So there is no peak on this part on CapEx next year or this year, sorry, compared as last year. And about your question about buying tranches, as I explained before, the tranches only concern vertical part of the FTTH infrastructures and not the horizontal part, neither the optical center we need to install or the active equipment inside the optical center, the central center, neither the backbone to link all of that together. So it's a that's why sometimes Orange rolled out an area in France, either in a medium dense area or a public initiative network. We only arrived six months or one year later because it takes time to roll out all this active equipment and backhaul and backbone equipment. Could I just follow-up, please? Could I just understand, as the margin picks up from 31% beyond 2023, Can you achieve that margin pickup without having co financed every available spot in the medium dense areas? At this moment, if we need, as I said before, to increase to buy, sorry, some tranches if we need to do that or to renegotiate some agreements with infrastructures operators because with a higher market share, it will be more easier to renegotiate the price or, for example, to put in place some scheme like Asterix in other areas, like, for example, in the medium dense with SFR either in public initiative network areas or to go from 50%, 49% of asterisk to 51%. So we have many solutions to increase our level of EBITDA after leases margin when our market share is good. That's why we decided, for example, to put Asterix in place this year. It's just because our market share is quite good in the medium dense area, in the part of medium dense area where Orange hit. I remind you that Astec's program doesn't concern, at the moment, only Orange part of this area. So we could, for example, put that in place in other areas in France, leading to a better margin. Thanks, Christian. Thanks, everybody. So I would like to thank you about all your questions. It was interesting for us. You've been with us during two hours. I hope we have been clear. If I have something to say to you, remember two words: duplicates, replicates and accelerates. This is simple. If you can apply that, that will help you to build any business plan that you can imagine in the future. Thank you very much.