Laurent Martinez : [Audio Gap] Looking ahead, our ambition is to continue EBITDAaL trend improvement for full year in a challenging market. With this, I turn back to you, Christel, for the conclusion.

Christel Heydemann : Thank you, Laurent. We are proud of this record H1. Building on these solid results, we are raising our 2026 guidance, now including MasOrange for 7 months. We are increasing our EBITDAaL guidance to above 4%, driven by a solid performance in France and improved outlook for Europe and Africa, Middle East. This, combined with the accretive cash contribution from MasOrange allows us to upgrade our organic cash flow guidance to circa EUR 4.3 billion. Laurent, the full ExCom and I are now ready for your questions.

Unknown Executive : Hello. So now it's time for questions. So we have plenty of questions. So please just ask 1 or 2 questions because we have a lot of questions. As reminder journalist will have a separate Q&A in French at 10:10. So the first question is coming from Akhil Dattani.

Akhil Dattani : Maybe I can ask the first one on French consolidation. Christel, you outlined obviously the transaction and some of the key terms that we've been given. I guess what I was hoping for was a little bit of commentary around the review process. So we now have confirmation the French authorities will lead the entire process. One of the comments that they made, which raised a few questions was the comment that they think it will take them at least 18 months to complete the review. I just wondered how that sits versus your expectation of H2 next year. So is that consistent? Is it a little bit different? So maybe you can just give us a bit of color on your engagement with them and what you're hearing? And just as a little add-on to that, obviously, you've mentioned the EBITDAaL accretion from the deal for you is EUR 900 million. Can you maybe comment on the cash flow accretion? Because I assume the incremental CapEx is low, but maybe I'm wrong. So that would be helpful. And then the second question was just around the data center project that you've announced today. I'd just love to understand a little bit better how you're thinking about the industrial logic over the long term. So it sounds like you will not need to contribute any equity. Morrison will contribute the equity and then you'll debt raise against that. So if you could just clarify if that's right. But longer term, how are you thinking about extracting delivering value from that? A project as big as 400 megawatts clearly is pretty sizable and could be very valuable. How should we think about the way of demonstrating the value to shareholders for that project over time?

Christel Heydemann : Thanks, Akhil. On the French consolidation, you're right. So we got the confirmation in a few weeks back that the French authority would review also the Iliad file. So the project is now handled by the French authority. We started the -- I mean, early discussion and pre-notification. We are now receiving RFI from the authority. The comment in the media from the head of the French authority relating to 18 months was first, very consistent with what he had said before. So it was not a surprise. It's also a comment that was made actually before the confirmation that the authority in France would have the full ownership of the file. So for us, it was no surprise and actually completely in line with what we can expect from the authority at this stage of the process, which is still very early. So really no color to detect from that interview and very consistent with what we're expecting and consistent with what we target, which is a closing in H2 next year. And of course, the faster somehow, the better, but there's also -- and we've learned through the Spanish transaction that sometimes you don't -- you cannot be in a hurry if you want to make sure you get the best outcome in this type of review. So again, fully consistent, and we are working hard to make sure that we're moving as fast as we can. On the accretion of the transaction, EBITDAaL and cash flow. So as we said, the EBITDAaL accretion would be immediate, and we expect the transaction to be low CapEx intensity because we're not -- we're not acquiring customer -- I mean, customer network parts in that transaction. So there will be, of course, some integration costs, and we're working on sizing that. We have, of course, some models. But again, it's going to be low CapEx intensity from a transaction standpoint. On the data center project that we announced yesterday, clearly, we're unlocking potential from data centers that we have today that are hosting some of our, I would say, network and IT infrastructure. It's also an infrastructure that's used by Orange Business to serve customers for its cloud offers, but we see not only, of course, the potential to upgrade those data centers, but also there's untapped potential with sizable and power and connectivity on those sites. And so that's why we decided that we wanted to unlock the potential also to create a specific entity to manage that because it's a very different business. Of course, it's infrastructure as we've done in the past. So the carve-out will also allow to professionalize and to accelerate the development. And then when it comes to value, actually, we want to keep some flexibility in the plan because we're not talking of building an AI gigafactory, but we're not excluding working in the context of our partnership that we have in place with other French players on AI, but also to make sure we can serve private cloud needs from our Orange Business customers and also there is potential needs we may have on our own AI need as well as AI solution for our B2B customers. So for us, it's really a way to capture value to unlock potential of an asset that was not managed to its full potential as well as to create flexibility on potential upside. When it comes to, of course, financial impact for Orange shareholders, as you said, we will not contribute equity in the transaction. We contribute assets as part of the transaction. And of course, we will -- it's going to be a co-controlled entity. So equity consolidation from an accounting standpoint, and we expect dividends as a normal shareholder. So that's the way it's going to be managed.

Laurent Martinez : Maybe Akhil, just adding up a bit on color on the value creation. So dividends, as Christel said, number one. Second, we will have revenues and margin generated by Orange business, which will be using this project as a platform to develop B2B activities. Third, we'll have as well higher efficiencies for this asset used by Orange France and less cost. And finally, of course, there is a value creation by developing and scaling up this asset, multiple by 10 compared to the current capacity. So we have, of course, 50% of the global value creation generated by the intrinsic value of the joint venture.

Unknown Executive : So the next question is from Ondrej Cabejsek from UBS.

Ondrej Cabejšek : I've got 2 questions as well, more on your kind of 2 biggest markets. So starting with Spain, where I think we've seen a pretty big improvement where compared to the previous quarters, things have improved in terms of the trend. I think in June, as you point out, the service revenue trends, especially were neutral already with pretty good KPIs operationally speaking. So the question was really, is this more of a kind of market thing? Is this your execution? Or is it, as you maybe Maini suggested in the past where you were open following the integration with MASMOVIL to losing, say, lower value parts of the subscriber base. If you could maybe comment on what's driving this stabilization and whether we can expect service revenues in Spain to be pretty stable going forward, which I guess your guidance for the second half of the year would suggest. And second question would be similar, but around France. So I think we've all seen the pricing environment improve lately. I'm just maybe a bit surprised that the improvement in terms of the service revenue trends came mostly in fixed, whereas I think on the pricing side, we've seen most of the improvement on mobile. So again, if you could please clarify from your perspective, what is going on in the market? And if maybe there is potential for the mobile side of things to kind of catch up in the second half in terms of performance and then clarify also what drove the accelerated growth on fixed?

Christel Heydemann : Thank you, Ondrej. On Spain, I'll start and then I'll let Maini complement. But you're right. I mean, improvement is already in the results in June. It remains a very competitive market. So there's a lot of actions working on retention, working on low-cost customers. I don't think we deliberately accept to lose customers for the competition. But of course, we are value driven. And more importantly, our objective is to make sure we decrease churn, same strategy as everywhere in Europe through convergence and also other revenues. Maini?

Meinrad Spenger : Thank you, Christel. Good morning, everybody, from Paris. Yes, as you have seen, Ondrej the service revenue trend is positive. We are growing semester-on-semester, and we are stabilizing service revenues in the month of June. Having said that, Spain is a complex market, especially in the retail, telco segment, but we have other growth levers. We are growing quite significantly in B2B. We are growing also in new businesses, and we are stabilizing ARPU. So overall, we are continuing with our commercial and efficiency playbook, and we are quite optimistic for the second half of the year.

Christel Heydemann : On the French market, you're right that the mobile market environment and especially on the low end has improved compared to what it was definitely last year. And so we've seen a bit less aggressive promotion. That being said, it's always a fragile environment and the commercial performance is good. The ARPU's improvement is actually the results of past quarter's performance. So it's not just the last few months that have some impact. But we still see, despite the fact that the mobile market has improved on the low end, we still see a market that's putting pressure on our mobile-only revenue customers, which, as you know, is only a small part of our customer base. And our strategy is really, of course, to continue to migrate those customers to becoming convergent customers where we know the churn impact would be lower. And as you can see, the churn reduction on mobile-only customer is also helping to stabilize our performance. But Jerome, I'm sure you want to comment as well.

Jerome Henique : Yes. Thank you, Christel. I think you said it all. We had a strong commercial momentum first, which is important in all segments with 62,000 net adds on fixed and 84,000 on mobile. And as far as value is concerned, we managed to increase our ARPUs on fixed broadband and convergence, thanks to a very good mix to our high-end offers, Livebox Max in particular, and the good performance as well of our new services, adjacent services growing faster than the 5% growth target that we have on our strat plan. On mobile, you are right mentioning that there has been an improvement on the low entry prices of the market, which are more B brands, let's say, from EUR 1 to EUR 2 for 100 gig packages. It's still under pressure on the high-end market. And let's say, the gap of prices between the ARPU of the acquisition and the ARPU of the base is translating into still a slightly decreasing ARPU for mobile only. But as Christel said, it's only 13% of our revenues on that segment, and we are managing it carefully.

Unknown Executive : So the next question is from Joshua Mills from BNP Paribas.

Joshua Mills : Hopefully, you can hear me. I had a couple of questions, one on Spain as a follow-up and then one around the satellite. So on the Spanish numbers today, I think on the guidance, you've pushed out the -- it looks like you pushed out the EBITDAaL growth recovery to the second half. So Maini, could you give us an update on where you expect EBITDAaL growth for Spain overall in FY '26 to be, I guess, around stable? And then how does that affect, if at all, the medium-term guidance for low to mid-single-digit EBITDAaL growth on MasOrange? And then secondly, on the satellite side of things, you talk about trials, different initiatives. Could you give us an update on who you're speaking with and what kind of partnership models you're contemplating? And specifically, I think you've been clear on the European side, you don't want to offer MVNO deals. But is there any scenario in which you'd be open to doing MVNOs or kind of deeper relationships with the satellite companies in your Africa and Middle East businesses?

Christel Heydemann : Thank you. On the Spanish EBITDAaL performance, first and as we presented it, there's a noncash EBITDAaL impact, IFRS 3, which is mechanical from the acquisition, and this was fully anticipated in our Capital Market Day. We have, as we said, a market that's under pressure, but we are recovering, and we expect to continue to improve in H2. We are full speed on the synergies as well, of course. So -- so all in all, that's as per plan. And even though indeed, the closing was early June, and we didn't know that when we did the Capital Market Day, we had no exact visibility on the closing. From a full year standpoint, it's absolutely in line. And of course, very importantly, we know that MasOrange is cash accretive to the group, and that's also contributing to our organic cash flow guidance raise for the full year. I don't know if -- I mean, Maini, on EBITDAaL, you want to say something.

Meinrad Spenger : No. I mean we can fully confirm that we will meet the guidance for -- from the moment of consolidation, so from June until the end of the year. We are very much cash focused now and we are talking the EBITDAaL impact is due to noncash items. And overall, as we mentioned, the business is growing. We continue with our strategy, and we are optimistic to meet the low single-digit EBITDAaL growth in H2.

Christel Heydemann : On satellite partnerships, actually, of course, everyone is very much focused on satellite constellation when we talk satellite, but that's not the only area where we are building a partnership. And as we said, we are testing several satellite constellations. We launched an offer with Skylo in France. we have a trial with Starlink in Spain, and we are working with AST in -- more globally, but especially in Romania, as we announced a few months back. We are also building partnership on the devices side to make sure we can test and anticipate to bring the best customer experience and also working on terrestrial satellite network handover and interaction because that's also a key element of the customer experience when those solutions become available. And of course, we are following closely and working to anticipate the spectrum auction that will take place a bit more than 2 years down the road in Europe, very important. In Africa and Middle East, we have already a partnership in place, especially for broadband with Eutelsat OneWeb, and we launched offers in Ivory Coast of Senegal, and we continue to monitor progress. That being said, our mobile solution, especially 4G and where available 5G remains really the best solution for customers where affordability remains a key criteria. But we are also, of course, everything we're doing for Europe, which is more towards direct-to-device, so mobile satellite will one day also be available for Africa, but that's really long down the road given the development of the solution and still the cost of those solutions. But across the board, we want to make sure we master the technology and work with all available and all possible partners. So at this stage, we remain very open. We don't want to be exclusive. That being said, as you said, we're not contemplating signing a simple MVNO transaction because we really think value comes from the customer experience and the direct-to-customer management, of course.

Unknown Executive : Okay. So next question is coming from Nick Lyall from Berenberg.

Nicholas Lyall : I hope you can hear me. Just a quick one on Spain, just to come back to the Spanish question, please. All the growth still comes from the wholesale and B2B market and Digi is still relatively underdeveloped in Spain. So can you just remind us how you're going to try and protect yourself from Digi as its pricing? Is it tough pricing model expands with its fiber network, please? And then secondly, just on the French numbers, there's a sense of sort of stabilization in some of the ARPUs this quarter. And I know they're very seasonal, particularly in the second half for convergence. But is there a sense within France that you think the ARPUs are starting to stabilize a bit, particularly given the ads numbers on the subscriber side are good?

Christel Heydemann : Yes. So on the Spanish market, of course, Digi pricing, first of all, it depends whether Digi is offering different pricing depending whether they're on their own footprint for fiber or not. And as you know, I mean, of course, now that they went for the IPO, there will be more -- they will provide regular updates. Given their extremely aggressive pricing strategy, we don't see much value creation or cash generation opportunity for them, but that's more for them to comment. That being said, our MasOrange customer base is highly positioned on the premium and medium market segments, so not just on the low cost. So of course, Digi is hitting all low-cost brands and actually even more some of the small players in Spain. And so consolidation is happening on the low end of the market with a lot of small players who are positioned. And of course, we have a different strategy depending on the brands. But when it comes to premium and medium brands, we are absolutely not competing with Digi per se. Maini, I don't want to talk more about Digi.

Meinrad Spenger : No, just to add, overall, we have to look at the big picture. We are growing in revenues, and we are growing in clients and what we said in a very competitive environment. What we also see is that the client acquisition volume of Digi has been reduced. So quarter-on-quarter, it's around 1/3 down, and that also demonstrates that the ultra-low-cost segment is not infinitive, meaning not all clients are looking for low-cost offering with, let's say, some questions on service quality. So we are betting on service quality, on value creation, on up and cross-selling opportunities, and we are optimistic that this will continue to work.

Christel Heydemann : On the French market and ARPU stabilization, I mean, as you can see, I mean, convergence strategy as well as broadband, as Jerome was saying, our premium offers are really working well. And so we continue to work on upselling to our customers and migrating them from if they are on our low-cost offers to migrate up, and this is done, of course, through the broadband offer themselves, but also through this multiservice strategy. And as Jerome was saying, we have this objective of growing above 5% for those multi-services strategy. And especially in the last quarter, for instance, we insisted a lot on our home security package together with our broadband solution. So that's one example. So we'll continue to work on upselling and, of course, stabilizing, if not growing ARPU.

Unknown Executive : Now I leave the floor to Roshan Ranjit from Deutsche Bank.

Roshan Ranjit : Can you hear me now?

Unknown Executive : Yes, very well.

Roshan Ranjit : I've got 2 questions, please, and perhaps returning to France and more so on the EBITDAaL trend. If we adjust for the wholesale one-off, I think the H1 growth was flat. Given the strong top line performance, and I guess there is an element of the efficiency timing. How should we think about that trajectory going forward? I would have thought perhaps we should have seen a better underlying trend for the first half ex that one-off? And secondly, Africa Middle East, we have seen the guidance upgrade today. If I look at the ARPU growth trends, and we've seen a further acceleration there. What is driving that? Is that across -- I think, Laurent, you mentioned across all markets performing well? Is it more the upselling? Is it underlying price increases? If you could give us a bit more around that dynamic, that would be super helpful.

Christel Heydemann : Yes. Thank you. On France, you're right. I mean the wholesale one-off is impacting our performance in H1. But besides that, we see our efficiency initiatives fully delivering, and we actually even expect them to accelerate in H2. And that's why we are very confident on reaching our EBITDAaL soft guidance for the year of stable plus. On the -- I don't know if, Laurent, you want to.

Laurent Martinez : No, I think that what we can add, Roshan, is that looking at the H2, of course, we'll have the continuous headwind on PSTN and wholesale as expected and the copper. We'll have an efficiency step-up in H2 versus H1. So that will support as well. And on this basis and on the fact that as Jerome and Christel explained, the commercial playbook is well executed, and we are in control of our market. We are very comfortable on our stable plus full year '26 EBITDAaL guidance.

Christel Heydemann : On MEA, the growth is really coming from various markets, various geographies. So we have a number of countries that are really accelerating, and it's the consequence of the CapEx investment we protected or we even accelerated, especially on 4G. So it's really mobile data that's driving growth. And this is true in many geographies. So Ivory Coast, Egypt, I mean, I won't name all of them, but -- so that's really the main engine growth driver, but we also have Money -- Orange Money supporting growth as well as fixed broadband as well to a lesser extent. So really, a big part is mobile data, and that's helping fuel more CapEx investment because we still have network saturation because of the huge demand and sometimes untapped demand for 4G data. Yasser, I don't know if you want to...

Yasser Shaker : Maybe just to clarify, I fully agree, of course, Christel. Maybe on the traffic side, we are growing this year 25% more traffic compared to last year. So this explains the CapEx and the data part. And also on Orange Money, we're growing 50% more on customer base of Orange Money on the net adds compared to last year. This is also comparing the performance we're having on Orange Money compared to last year. So we believe this growth, as explained, is coming from many countries, driven mainly by the mobile data.

Unknown Executive : Okay. So next question is from Andrew Lee, Goldman Sachs.

Andrew Lee : I had 2. The first was just coming back to the French consolidation process. Could you give us a bit of an insight into how you see the time line on that process in terms of specific points over the 18-month period? We understand that under EU antitrust processes now, there's an extended prenotification period, which basically allows all parties to understand where all parties are coming from and is typically now the first sign of how the antitrust authorities or competition authorities are thinking about things. Do you think the same thing will happen in the French process? And can you give us a sense of the time line of when the pre-notification period comes to an end and Phase 1 begins? And then second question, and sorry to come back to Spain again. Just trying to understand or make sure I understand what is changing in terms of that improved performance in telco retail expectation into the second half. Maini, you mentioned that Digi's client acquisition volume quarter-on-quarter is down by 1/3. So clearly, there's a bit of a change there. What other changes are you seeing in Spain that are giving you the confidence to do tactical price rises? Is it macro? Or is there anything else on the micro side that we're seeing?

Christel Heydemann : On the French consolidation and the process with the French Competition Authority, we started the pre-notification process on end of June. And as you highlighted, it's a similar process than the one that Brussels has where we will have RFI exchanges and dialogue, which we expect to last in the next month before we can formally notify. And normally, we would do that when indeed this pre-notification has allowed us to clarify a number and to make sure that then we have -- we enter into a clocked, I would say, process for Phase 1. So normally, we expect to have active discussion in the next weeks and especially September, October. But again, when we move into formal notification later this year, there can still be stop-the-clock phase from the authority. So it's not a mechanical timing, but the next month will be key to make sure we provide all the data available and we have the dialogue, and there will be also a market survey from the authority, which we expect to happen in September, October. On the Spanish market, Maini, pricing?

Meinrad Spenger : Yes. You asked if it's a macro, micro effect. I would say both. On a big picture, the Spanish market is still growing in clients, and that's positive for us. So we can participate in this growth, as you saw also with the numbers of this quarter. On what we are doing concretely as a company, I think we are advancing in churn management quite significantly. Q1 was difficult because it was the moment of service upgrades, and we had our competitors quite aggressively acting during this period. Not only Digi, but also especially Vodafone, Zegona in Spain was and is very active on outbound calling. Our clients receive more than 1 million calls, commercial calls a month. which is quite crazy, to be honest. But we are learning to react on that. And churn year-on-year is down. So that's very positive. So with this combination of churn management, defending ourselves better against low-cost offering and advancing also in customer value management, we see quite positive results.

Unknown Executive : Okay. So we still have 4 questions in the list and only 6 minutes, I propose to extend a bit since the press is only joining at 10:10. So next is David Wright from Bank of America.

David Wright : I hope you can hear me now. Is that okay?

Unknown Executive : Yes, that's good.

David Wright : Sorry for taking some of that time away. Two questions. Spain but B2B this time, please. You've obviously got some good momentum there. I just wondered if it's -- is it again organic growth, Maini, perhaps you talk about SOHOs and SMEs? Or are you winning organic share, I assume from the incumbent as the dominant force? And I guess my question will be, how are you winning share? Is it -- are you able to be a little more agile? Or can you offer better price terms? And then maybe, Christel, just a question for you on the wider satellite debate, which was touched on before. It feels like the telcos are -- and these are my views are rushing to partner with some of these satellite operators, even though we might consider them structurally competitors down the line. How do you think about that strategy? Is it good to keep enemies close? Or are you at risk here of an element of Trojan horse and that you're actually branding competitors to the customer, you're selling their services to the customer, and this could actually come back to ultimately take share away from you? Just some thoughts there.

Christel Heydemann : Yes. Thank you, David. On the Spanish B2B market, Maini will complement, but this is organic growth we're talking about, and we're gaining share. It's not just against Telefonica, it's also against Zegona. But of course, depending on what type of deal and customer base, and we have a number of large accounts, public accounts as well. And we have also our new Orange Cyber Defense Spain unit. Maini?

Meinrad Spenger : Yes. Thank you. So just to reflect 2.5 years ago, B2B Orange, Orange Spain was having a share of only 1% to 2% of digital services. So we were very much focused on connectivity only. Now we have been evolving in amplifying our service portfolio significantly, and we are winning on a technical level, most of the processes we present ourselves. A few examples. We have won the first major cybersecurity deal together with OCT Espana. We have won the very relevant 5G private network agreement or deal with Aena that manages the main airports in Spain. So we won it for Madrid, Barcelona, Palma de Mallorca. We have won SD-WAN solutions with a major construction company, FCC in Spain. We have won a major contract with Lidl, the supermarket retailer in Spain. So broad service portfolio, broad client base, and we win most of these processes on technical level because we have a very well prepared team.

Christel Heydemann : On satellite, I think I would not qualify satellite constellation as enemies because I really see and we've been claiming that, that satellite connectivity really complements our mobile and fixed network. And it's -- and again, mastering this combination, I think everyone underestimates the complexity of doing a handover on a mobile phone between terrestrial network and satellite networks and the customer experience of being only on the satellite constellation would not be great because of spectrum and physical limitation unless you're in a pure rural area without any connectivity. But we also see satellite connectivity as a great way to lower pressure on our CapEx investment in very rural areas. And so again, we're not rushing to building partnership because not all technology are available. There's a lot of question on spectrum devices, as we said. But we are really convinced of the value for backup solution as well as, of course, complementing our network. So -- so we don't like this one-size-fits-all type of partnership. So we're not going to announce any exclusive thing. But again, making sure we master the experience for our customer between these different technology is very important for us.

Unknown Executive : So now I leave the floor to -- I assume it's Emmet Kelly because I don't see the entire name. Emmet, if it's well -- if it's you, please go ahead.

Emmet Kelly : I hope you can hear me.

Unknown Executive : Very well.

Emmet Kelly : It's Emmet from Morgan Stanley. I've got 2 quick questions, please. The first question, I guess it's for Laurent. Could you please just give us a quick update on the acquisition of Scorefit in France? I'm just thinking in terms of timing and how you see the industrial logic of this transaction? And how me and my fellow analysts should be thinking about how much EBITDAaL and CapEx we should be layering on, let's say, for 2027? And then the second question, Christel, could you maybe say a few words on the really tragic wildfires and events we're seeing in Gironde near Bordeaux. Obviously, it's a major disaster with the big impact on a lot of people. So what is Orange doing? And what is Orange seeing on the ground?

Christel Heydemann : Laurent Scorefit?

Laurent Martinez : Yes. So the Scorefit, the initial objective was to create a structure to develop and monetize co-finance lines. That's what we have been building over time. Over the years, we are now the sole client, and that's why it makes full industrial sense that we re-internalize these activities so that we can basically better monetize the Scorefit asset by ourselves. So the closing has been done in July, Emmet. The financial impact, as we announced, is an increase of debt of EUR 1.3 billion on IFRS. No change on S&P because it was already considered by the rating agencies. And again, it makes industrial and commercial sense with the setup. To your point on positive EBITDAaL impact, this has been fully included, of course, in the trajectories that we have announced in the Capital Market Day. So that's part of our efficiency effort and our global above EUR 600 million target we have from '25 to '28.

Christel Heydemann : And Emmet, thank you for your question on the tragic wildfires that are happening in the border region as well as north of Madrid as well and Indonesia. So unfortunately, in many geographies. But of course, in France, very hard and to a scale that's really unprecedented. So of course, our focus has been on safety of our teams and protecting our teams, our employees and some of them have been evacuated and so making sure that they are safe with their families. Of course, monitoring the continuity of service of our network and our networks are working, and we work hand-in-hand with, of course, the power and energy company together with the authorities to make sure that, that continues, and it's been the case. And of course, that's critical. And on top of that, we also announced that we've given some data packages to all of our customers in the region to make sure that they can with unlimited voice and SMS and of course, 200 gigabits of data to make sure that they could, especially many of them have been evacuated from their homes, so they could stay in touch with their families without concern, I would say, on the connectivity. So again, working hand in hand. And I must add on top of that, we have a number of our employees who are volunteer firemen and that are fighting on the front, not just in the Bordeaux area, but everywhere, and that's been a commitment for Orange to support volunteering of our employees. And so we have -- many of them are really -- we are at the forefront fighting. And this is, of course, needed given the size of this. It's too early to say what's going to be then the repair and the consequence. And of course, we will work in the next months, weeks and months. Of course, priority is continuity, business continuity and, of course, safety of our teams.

Unknown Executive : So we still have -- sorry, Emmet, is it okay for you?

Emmet Kelly : Yes. It's perfect.

Unknown Executive : Okay. So we still have 2 questions. Let's manage to take them in the 6 coming minutes. The first one is from Mathieu Robilliard, Barclays.

Mathieu Robilliard : If I can follow up on the Scorefit question. I think the company was reporting an EBITDAaL close to EUR 100 million. So is that the kind of magnitude of positive impact it could have on your accounts? And the second one was on Spain. I see that wholesale revenues are growing very quickly over the last 2 quarters. Can you give us the reason for that trajectory and whether that is something that is going to be sustained for this year or the following years or if it is kind of a one-off element?

Christel Heydemann : Laurent?

Laurent Martinez : Yes. So this is -- this impact is what has been, I think, published in some of the notes so that it's a fair estimate on a full year basis, of course. And we have, as I said, only half of this for 2026, closing being in July.

Christel Heydemann : And then Maini on the wholesale?

Meinrad Spenger : On wholesale, yes, well, we don't see any significant one-off. What we see especially positive is the roaming in revenues. Spain is a tourism country, and we are evolving very well also because we have a more densified network now after the merge between MASMOVIL and Orange. Just to say because we were talking about the wildfires, we are also affected in Spain, the region around Madrid especially is affected. And here, also thank you to the Orange Group because we have been collaborating very well to provide connectivity services also with mobile units from group. So we have both WiFi and mobile connectivity service in trucks provided to the affected areas and all the, let's say, public authorities and, let's say, services, firefighters, et cetera, we are very grateful for that. So thank you.

Unknown Executive : So last question from Stephane Beyazian, ODDO.

Stéphane Beyazian : Very quickly. Two questions. The first one on data centers. Is it possible to have an idea of what percentage of your cloud traffic you think you'll migrate eventually on that joint venture and therefore, whether you'll have to stop sell, close down some existing data centers that could be perhaps getting old now. And regarding Africa, I was just wondering whether you feel any need as you're growing very nicely in broadband -- in fixed broadband, sorry, to invest more in fiber? And how do you see the need to do that versus potentially the competition from Starlink in Africa?

Christel Heydemann : So now on our data center for the Orange needs, actually, part of the work has started already to consolidate our data center footprint in France and the 5 data centers that are considered in the JV are actually the one that were future-proof. And we have other smaller sites that have been -- that are still for some of them operational, but that will be progressively decommissioned. And so we will see what we want to do. But they were typically very small enterprise data center type of sites. So those 5 data centers were already the one where even without the JV, we were consolidating our private cloud traffic internally. On Africa, our CapEx plan is, of course, very much on mobile networks, but we also invest on fixed broadband. And we track, of course, progress of Starlink, but that's not significant compared to the volume of customers that we have, both on fixed broadband as well as mobile. Yasser?

Yasser Shaker : Yes. Maybe a quick comment. So first of all, on -- of course, on fiber, we're planning, as we announced, to double our fiber base in the next coming 3 years. So of course, we're going to be investing heavily in fiber and mainly in our 4 principal markets, Cote d'Ivoire, Senegal, Jordan and Morocco. And we're also opening markets, new markets like DRC and Burkina. We're also deploying fiber. Concerning, of course, the satellite, again, our ARPU is in our markets, it's 1/10 the ARPU of satellite. So it's not the same really market. compared to satellites. So we believe this is already a point. And we're not only deploying fiber, but also deploying. So there is a big part of people who are already covered and not affording to be connecting. However, we're also deploying a huge amount of number of sites. As stated, we did this year 50% more rolling of sites compared to last year. So we're growing and we're investing heavily in mobile and in fiber.

Unknown Executive : Concluding remark, and we will leave 3 minutes before starting the press session.

Christel Heydemann : Thank you. Again, we're very happy with our strong results, demonstrating our focus on execution and driving our key strategic priorities. Based on these strong results, we are very confident to meet our upgraded targets for full year, and we will keep you, of course, updated as we progress through our key inorganic initiatives, the SFR acquisition and our French sovereign data center platform project. Thank you all, and I wish you a very good summer.