Operator

Hello to all of you. Welcome to Orange Q1 2026 Results Conference. For your information, this conference will be recorded. The call today will be hosted by Christel Heydemann, our CEO; Laurent Martinez, our CFO, with other members of Orange Executive Committee for the Q&A session after the presentation. So let's start with the presentation.

Christel Heydemann, the floor is yours.

Christel Heydemann
CEO & Executive Director

Good morning. Thank you for joining our Q1 results presentation. Before getting into our Q1 results, I would like to mention that last week in France, we announced entering into exclusive negotiation with the Altice France Group for the acquisition of SFR jointly with Bouygues Telecom and the Free-iliad Group. Our joint offer reflects a total enterprise value of EUR 20.35 billion for the Altice France assets under consideration. Orange's share within the split of price and value between buyers would be around 27%. This transaction would help sustain and strengthen the entire digital economy and the telecommunications sector in France. There is no certainty though, that this process will result in an agreement. In parallel, in Spain, we already received the approval of the antitrust authorities, and we