Orange SA (ORAN) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Orange's first-half 2024 results conference call. The call today will be hosted by Ms. Christel Heydemann, the CEO, and Mr. Laurent Martinez, Chief Financial Officer, with other members of Orange's Executive Committee for the Q&A session. that will start after the presentation. Thank you very much, and let me pass the floor over to Ms. Christel Heydemann. Please go ahead now.

女士們、先生們，早上好，歡迎參加 Orange 2024 年上半年業績電話會議。今天的電話會議將由執行長 Christel Heydemann 女士和財務長 Laurent Martinez 先生主持，Orange 執行委員會的其他成員將參與問答環節。演講結束後將開始。非常感謝，現在請允許我將發言權交給克里斯特爾·海德曼女士。請現在繼續。

Thank you. Good morning, and welcome to our 2024 first-half results presentation. Two days before the start of the Olympic Games in Paris, we are very proud to be the official partner and to provide all the connectivity for the event. Our teams are very enthusiastic and committed to this flagship project to demonstrate our expertise.

謝謝。早安，歡迎參加我們的 2024 年上半年業績報告。在巴黎奧運開幕前兩天，我們非常榮幸能夠成為官方合作夥伴並為本次賽事提供所有連結。我們的團隊非常熱情並致力於這個旗艦項目以展示我們的專業知識。

So, let's now zoom and highlight a few points that I will detail in this presentation. Our Lead the Future plan is now at mid-term and is progressing at full speed. H1 results are very strong, with an organic cash flow growth of more than 17% year on year, and we are fully confirming our full-year guidance.

因此，現在讓我們放大並強調我將在本次演示中詳述的幾個要點。我們的引領未來計畫目前已進入中期，正在全速推進。H1 業績非常強勁，有機現金流年增超過 17%，我們完全確認了全年預期。

Before diving into our H1 financial results, I will also take the opportunity to comment on the French competitive environment. As the market leader, we pursue a disciplined pricing strategy while monitoring our volume value equation. This has again fueled our retail growth this quarter.

在深入了解我們的上半年財務表現之前，我還將藉此機會對法國的競爭環境發表評論。身為市場領導者，我們在監控數量價值方程式的同時，推行嚴謹的定價策略。這再次推動了我們本季的零售成長。

In Spain, after three months with MASORANGE, we are happy to announce the agreement with Vodafone Spain to create a FiberCo, a new illustration of our capacity to capitalize on our infrastructure leadership.

在西班牙，與 MASORANGE 合作三個月後，我們很高興地宣布與沃達豐西班牙達成協議，成立 FiberCo，這是我們利用基礎設施領導地位能力的新體現。

Now let's move to slide 6 for midterm update on our Lead the Future plan. It's now almost a year and a half since our strategic plan was launched, and we are focused on execution as illustrated by our strong cash generation over 18 months. Firstly, we are fully in line with the priority to monetize our core business. Our continued value strategy is illustrated by growing ARPOs, notably in France and Poland, where we also maintain the best-in-class churn.

現在我們來看看投影片 6，了解「引領未來」計畫的中期更新。我們的策略計畫啟動至今已有近一年半的時間，我們專注於執行，這從我們過去 18 個月強勁的現金創造能力中可以看出。首先，我們完全符合核心業務貨幣化的優先目標。我們持續的價值策略體現在不斷成長的 ARPO 中，尤其是在法國和波蘭，我們在這兩個國家也保持著一流的客戶流失率。

We have been driving in-market consolidation in Belgium, Romania, and of course in Spain with the creation of MASORANGE. We are now starting to benefit from the synergy potential of those operations.

我們一直致力於推動比利時、羅馬尼亞以及西班牙的市場整合，並成立了 MASORANGE。我們現在開始受益於這些營運的協同潛力。

Secondly, with more than 53 million FTTH-connectable homes in Europe, we've continued to capitalize on our infrastructure leadership, notably with an increase in fiber monetization rate as an example in France of plus three points in 18 months. TOTEM is fully on track with its objective to increase its tenancy ratio.

其次，歐洲有超過 5,300 萬戶可連接 FTTH 的家庭，我們繼續利用我們在基礎設施方面的領先地位，特別是法國的光纖貨幣化率在 18 個月內提高了 3 個百分點。TOTEM 正在全力實現其提高租戶率的目標。

Regarding the third pillar of our strategic plan, we streamlined our portfolio with the ongoing closure of banking activities in Europe and the sale of OCS and Orange Studio earlier this year. Orange business transformation is fully on track with a continued EBITDaL trend improvement since 2022, and a strong growth of Orange cyberdefense.

關於我們策略計畫的第三支柱，我們透過持續關閉歐洲的銀行業務以及今年稍早出售 OCS 和 Orange Studio 來精簡我們的投資組合。Orange 業務轉型全面步入正軌，EBITDaL 趨勢自 2022 年以來持續改善，Orange 網路防禦功能強勁成長。

Finally, African Middle East continues to deliver an outstanding double-digit growth, both in revenues and EBITDaL. These four pillars have contributed to a sharp cash generation since 2022, with 4.2 billion free cash flow all-in delivered in 18 months. we fully confirm our 24 and 2025 organic cash flow guidance.

最後，非洲中東地區在收入和息稅折舊攤銷前利潤方面繼續實現出色的兩位數成長。這四大支柱推動了公司自 2022 年以來強勁的現金創造，18 個月內共產生了 42 億美元的自由現金流。我們完全確認了我們24年和2025年的有機現金流指導。

Now, let's zoom in on France on slide 8. As a market leader, we continue to pursue our discipline and rational pricing strategy to support our volume value equation. In France, the competitive pricing environment on fixed broadband has been roughly stable. However, the slowdown of the market has led to sustained price competition on the mobile entry market, particularly in June. Interestingly, in July, we observed more rational moves from our competitors with price increases both on front book and back book, illustrating the necessity for all players to defend value.

現在，讓我們放大第 8 張投影片上的法國。作為市場領導者，我們繼續奉行紀律和合理的定價策略來支持我們的數量價值方程式。在法國，固定寬頻的競爭定價環境大致穩定。然而，市場放緩導致行動入門市場價格競爭持續，尤其是在6月。有趣的是，7 月份，我們發現競爭對手的舉措更為理性，封面和封底價格均有所上漲，這說明所有參與者都有捍衛價值的必要。

In terms of market structure, we are definitely leading on the premium and mid-value segments and maintain a solid position on entry segment with our big brand, Sosh. Overall, we are pleased by our commercial performance in Q2 with this trend continuing in July. So no significant impact related to the competitive environment.

在市場結構方面，我們在高階和中階市場佔據絕對領先地位，並憑藉我們的大品牌Sosh在入門級市場保持穩固地位。總體而言，我們對第二季的商業表現感到滿意，這一趨勢將在 7 月延續。因此對競爭環境沒有重大影響。

On the next slide, our discipline behavior is consistent with our volume value strategy, capitalizing on the strength of our brand, customer base, strong NPS, churn, and our best-in-class network. In practical terms, our commercial strategy is based on three pillars.

在下一張投影片中，我們的紀律行為與我們的數量價值策略一致，充分利用了我們的品牌、客戶群、強大的 NPS、客戶流失率和一流的網路的優勢。實際上，我們的商業策略是基於三大支柱。

First, a segmented commercial strategy to address all market segments. This has been illustrated by the launch of new targeted offers on the orange brand since the beginning of the year. But also some slight adjustments on Sosh.

首先，採取細分的商業策略來應對所有細分市場。自今年年初以來，橙色品牌推出的新的針對性優惠就體現了這一點。但也對 Sosh 進行了一些細微的調整。

Second, we continue to defend value through cross-sale, leveraging our strong customer base and retail distribution channel with a wide range of offers, including our recent B2C cybersecurity offer at EUR7 per month. The commercial takeoff of this new offer is very positive.

其次，我們繼續透過交叉銷售來捍衛價值，利用我們強大的客戶群和零售分銷管道提供廣泛的優惠，包括我們最近推出的每月 7 歐元的 B2C 網路安全優惠。此項新服務的商業起飛非常積極。

And finally, we continue to upsell thanks to tactical price increases and the strong remaining potential linked to 5G and fiber migration, with more than 1 million new fiber customers per year. All this will continue -- will contribute to grow retail revenue excluding PSTN between plus 2% and plus 4% in coming quarters in line with our capital market day target.

最後，透過策略性漲價以及 5G 和光纖遷移帶來的巨大剩餘潛力，我們持續提高銷售額，每年新增光纖客戶超過 100 萬。所有這些將會持續下去——將有助於未來幾季零售收入（不包括 PSTN）將成長 2% 至 4%，符合我們的資本市場日目標。

If we move to the next slide, this strategy is bearing fruit as demonstrated by the Q2 commercial performance both in terms of net ads and best in class churn in mobile and fixed. We succeeded in stabilizing fixed broadband net ads with a continued strong FTTH momentum. We also delivered an outstanding mobile performance with more than 100,000 net ads this quarter.

如果我們看下一張投影片，這項策略正在取得成果，第二季的商業表現證明了這一點，無論是淨廣告還是行動和固定電話的最佳客戶流失率。我們成功穩定了固定寬頻淨流量，並且 FTTH 繼續保持強勁發展勢頭。本季度，我們的行動端表現也十分出色，網路廣告數量超過 10 萬條。

Convergence, accounting for 30% of total France revenues, and 6 million customers is still an efficient way to increase value and increase customers' loyalty as illustrated by a churn which is four points lower than fixed broadband churn and a significant ARPO growth at plus 5% year on year.

融合佔法國總營收的30%，擁有600萬客戶，仍是增加價值和提高客戶忠誠度的有效方式，客戶流失率比固定寬頻客戶流失率低4個百分點，而ARPO成長率則是年增5%左右。

In mobile, which only accounts for 13% of total France revenues, ARPO remains stable quarter on quarter and is slightly down year on year, reflecting the solid volumes on Sosh. Thanks to our volume value strategy, we delivered in Q2 a retail excluding PSTN revenue growth at plus 2.5% year on year, fully in line with our objective.

在行動業務方面，ARPO 僅佔法國總收入的 13%，其季度環比保持穩定，年比略有下降，反映出 Sosh 的穩健交易量。由於我們的數量價值策略，我們第二季的零售收入（不包括 PSTN）年增 2.5%，完全符合我們的目標。

Looking ahead, we will continue to execute our volume value strategy and we expect a similar retail excluding PSTN revenue trend in H2 that we had in Q2. Overall, we fully confirm our target of stable EBITDaL in 2024 for Orange France.

展望未來，我們將繼續執行我們的數量價值策略，我們預計下半年零售（不包括 PSTN）收入趨勢與第二季類似。總體而言，我們完全確認了 Orange France 在 2024 年實現穩定 EBITDaL 的目標。

Let's now turn to Spain, and more specifically, MASORANGE's fiber network strategy. MASORANGE announced this morning that we intend to set up a FiberCo with Vodafone Spain to maximize and monetize the use of the MASORANGE and Vodafone fiber network in dense areas by creating the FTTH network with the best occupancy rate in Spain.

現在讓我們來看看西班牙，更具體地說，MASORANGE 的光纖網路策略。MASORANGE 今早宣布，我們打算與西班牙沃達豐共同成立一家 FiberCo，透過創建西班牙佔用率最高的 FTTH 網絡，最大限度地提高 MASORANGE 和沃達豐光纖網絡在密集地區的使用率並使其貨幣化。

On inception, the FiberCo will have 11.5 million fiber lines with around 4 million connected households. We plan to crystallize the value of this fiber code by letting a financial investor enter the capital of the JV, leading to a targeted capital structure where MASORANGE will have 50% of the shares and receive a significant cash upstream that will accelerate the company's deleveraging.

成立之初，FiberCo 將擁有 1,150 萬條光纖線路，連接約 400 萬個家庭。我們計劃透過讓金融投資者進入合資企業的資本來實現該纖維代碼的價值，從而形成有針對性的資本結構，其中 MASORANGE 將擁有 50％ 的股份並獲得大量上游現金，從而加速公司的去槓桿化。

Now let's have a closer look at our main financial KPIs, excluding Spain. In the second quarter, the group delivered EUR10 billion of revenues up by 0.9% thanks to retail and MEA growth. Our EBITDaL performance improved and grew by plus 2.6% with Orange Business in line with plan, France flat, Europe and Middle East Africa posting outstanding growth.

現在讓我們仔細看看我們的主要財務 KPI（不包括西班牙）。第二季度，得益於零售和中東和非洲地區的發展，該集團收入增長 0.9% 至 100 億歐元。我們的 EBITDaL 業績有所改善，成長了 2.6%，其中 Orange Business 符合計劃，法國持平，歐洲和中東非洲實現了突出的成長。

Our disciplined eCapEx, in line with our target of around 15% CapEx to sales, together with the EBITDaL strong growth, allowed organic cash flow to grow 17.4% and reach EUR1.55 billion , giving us full confidence in delivering at least EUR3.3 billion this year. Finally, our balance sheet remains very healthy, with net debt to EBITDaL ratio at 1.9 times improving thanks to proceeds received at the MASORANGE closing.

我們嚴謹的資本支出 (eCapEx) 與我們將資本支出佔銷售額約 15% 的目標相一致，再加上 EBITDaL 的強勁增長，有機現金流增長 17.4%，達到 15.5 億歐元，讓我們完全有信心今年至少實現 33 億歐元的營收。最後，我們的資產負債表仍然非常健康，由於 MASORANGE 收盤時收到的收益，淨債務與 EBITDaL 比率改善至 1.9 倍。

The execution of our ESG strategy through the three main claims presented in Lead the Future is equally on track. On environment, we are two years ahead of schedule in our objective to reduce COP1 and 2 greenhouse gas emissions by 30% in 2025 compared to 2015. We are now focusing on our trajectories for 2030 a 45% reduction of greenhouse gas emissions for all scopes versus 2020 that has been validated by SBTI in June.

我們透過《引領未來》中提出的三大主張實施的 ESG 策略同樣進展順利。在環境方面，我們提前兩年實現了2025年將COP1和2溫室氣體排放量比2015年減少30%的目標。我們現在專注於 2030 年的發展軌跡，即在 2020 年的基礎上將所有範圍的溫室氣體排放量減少 45%，這已於 6 月得到了 SBTI 的驗證。

On digital inclusion, we have increased the number of people receiving our free training. The cumulative number since 2021 has increased to 2.2 million in line with our ambition. And as a trusted partner, we launched our B2C cybersecurity solutions in France in June with a very positive momentum. The group's human rights policy was also published in March. Our achievements are acknowledged by strong ESG ratings. I will now hand over the floor to Laurent for a more detailed review of H1 financial results.

在數位包容方面，我們增加了接受免費培訓的人數。自 2021 年以來，累計人數已增加至 220 萬，符合我們的目標。作為值得信賴的合作夥伴，我們於 6 月在法國推出了 B2C 網路安全解決方案，並取得了非常積極的進展。該組織的人權政策也於三月發布。強勁的 ESG 評級認可了我們的成就。現在，我將把發言權交給 Laurent，讓他對上半年財務表現進行更詳細的審查。

Thank you, Christel. Let's start with the group revenues. In the second quarter, the group delivered EUR10 billion in revenues up 0.9% year-on-year in organic and 1.6% in reported numbers. This was driven by, as you see, solid retail services up 2.4%, more than compensating expected wholesale decline.

謝謝你，克里斯特爾。我們先從集團收入開始吧。第二季度，該集團實現營收100億歐元，有機成長0.9%，報告數字成長1.6%。如您所見，這是由穩健的零售服務成長 2.4% 所推動的，超過了預期的批發下降。

From a segment perspective, Middle East and Africa contributed most to group revenue growth, with double-digit growth, and France slightly up again this quarter, while orange business remained slightly negative. Europe's revenue decline was due to low-margin activities, while retail is up by more than 1%.

從分部來看，中東和非洲地區對集團營收成長貢獻最大，均實現兩位數成長，法國地區本季再次小幅上漲，而橘子業務仍略為負成長。歐洲的收入下降是由於低利潤活動造成的，而零售額則增加了1%以上。

Moving on to EBITDaL, with a positive 2.5% performance in the first half, consistent with our low, single-digit guidance for the year. France has stabilized its EBITDaL as per target. Europe also delivered a solid performance in line with our expectations. And MEA firmly stays in the double-digit growth territories. Orange Business delivered as well on its targeted trajectories.

談到 EBITDaL，上半年業績為正 2.5%，與我們對今年的低個位數預期一致。法國已按目標穩定了其 EBITDaL。歐洲的表現也符合我們的預期。MEA 穩居兩位數成長區域。Orange Business 也順利實現了其目標。

Finally, ICSS EBITDaL was impacted this semester by some cost fading, one-off and a base effect related to a submarine cable sale last year.

最後，本學期 ICSS EBITDaL 受到了一些成本下降、一次性費用以及去年海底電纜銷售相關的基數效應的影響。

Moving to net income, which is flat at EUR1.1 billion with improvement in EBITDaL and financial results offset by income tax increase consistent with the taxable profit improvement in France.

淨收入持平於 11 億歐元，EBITDaL 和財務表現的改善被所得稅的增加所抵消，與法國應稅利潤的改善一致。

Moving on to eCapEx, we kept our discipline by staying at close to 15% eCapEx-to-sales ratio while we continue to invest in our high growth business in Africa and Middle East.

談到 eCapEx，我們嚴格遵守紀律，將 eCapEx 與銷售額之比保持在接近 15%，同時繼續投資於我們在非洲和中東的高成長業務。

Moving to cash, we are particularly pleased, as indicated by Christel, on our positive performance of cash generation in this half year, with organic cash flow reaching close to EUR1.6 billion, pulling in line with our full-year guidance of at least EUR3.3 billion. Strong cash generation improved by more than 17% year on year, driven by our operating cash flow and lower tax income, in line with the tax result in France last year. Free cash flow all-in, our new indicators, reached EUR1.26 billion, up by more than EUR200 million versus last year.

談到現金，正如克里斯特爾所指出的，我們對今年半年現金創造的積極表現感到特別高興，有機現金流接近 16 億歐元，與我們全年至少 33 億歐元的預期一致。強勁的現金創造能力年增超過 17％，這主要得益於我們的經營現金流和較低的稅收收入，與去年法國的稅收結果一致。我們的新指標——自由現金流總額達到 12.6 億歐元，比去年增加了 2 億多歐元。

Moving to debt. On the following page, the debt reduced by almost EUR4 billion in H1, driven by the EUR4.3 billion net proceeds received from the creation of MASORANGE, leading to a leverage ratio at 1.9 at the end of June, very much in line with our guidance and reflecting our very strong balance sheet.

轉向債務。在下一頁中，受 MASORANGE 成立所獲得的 43 億歐元淨收益的推動，上半年債務減少了近 40 億歐元，導致 6 月底的槓桿率為 1.9，非常符合我們的指導方針，並反映了我們非常強勁的資產負債表。

Let's review now the revenue by segment, starting by France on the following page. In France, positive performance in the second quarters with revenue up again and a continued good retail trend sustained by a solid commercial performance as commented by Christel. After a strong Q1, the retail ex-PSTN growth is at a robust 2.5%. Our volume value strategy, and specifically the measures taken since the beginning of the year, will continue to fuel this growth.

現在讓我們來回顧一下各部分的收入，下一頁從法國開始。正如克里斯特爾所評論的，法國第二季度表現積極，收入再次上升，零售趨勢繼續保持良好，商業表現穩健。繼第一季強勁表現後，PSTN 以外的零售成長強勁，達到 2.5%。我們的數量價值策略以及特別是今年年初以來採取的措施將繼續推動這一成長。

Wholesale followed the same trend as in the first quarters, benefiting from the increase of unbonding and civil work tariff. As a result, as you see, EBITDaL improved in H1 and reached plus 0.3% on a year-on-year basis. These good H1 results confirm the upward trend in EBITDaL since last year, and we do confirm our target to deliver a stable EBITDaL in 2024.

批發業與第一季走勢相同，受益於解綁和土木工程關稅的上漲。因此，如您所見，EBITDaL 在上半年有所改善，年增 0.3%。這些良好的上半年業績證實了自去年以來 EBITDaL 的上升趨勢，我們也確實確認了在 2024 年實現穩定 EBITDaL 的目標。

Turning to Europe, which results now exceeding Spain, in line with our Q1 numbers, revenues were down 2% this quarter, with solid performance on retail at plus 1%, and decrease on low margin activities, such as equipment sales, IT and IS, and wholesale, as expected, impacted by the new regulatory decrease of termination rate.

轉向歐洲，其業績目前超過西班牙，與我們第一季的數據一致，本季度收入下降 2％，其中零售表現穩健，增長 1％，而設備銷售、IT 和 IS 以及批發等低利潤活動則出現下降，正如預期的那樣，受到新監管規定的終止率下降的影響。

On the retail side, the growth in the quarter has been driven by our volume value strategy with record mobile net ads, churn improvement, and conversion services with a very solid momentum at plus 7% up year on year. Overall, Europe also has a very strong 4% EBITDaL growth thanks to price increase, efficiency, first effect as well of the in-market consolidation in Belgium with a very positive 14% EBITDaL growth this half year. Based on this positive momentum, we upgrade our outlook and now expect Europe to deliver the low to mid-single-digit EBITDaL growth in 2024.

在零售方面，本季的成長得益於我們的數量價值策略，其中包括創紀錄的行動淨廣告、客戶流失改善和轉換服務，其勢頭非常強勁，較去年同期成長 7%。總體而言，由於價格上漲、效率提高、市場整合的初步效果以及比利時市場整合的初步效果，歐洲也實現了 4% 的非常強勁的 EBITDaL 增長，今年半年比利時的 EBITDaL 增長率達到了非常積極的 14%。基於這一積極勢頭，我們上調了預期，目前預計歐洲將在 2024 年實現低至中等個位數的 EBITDaL 成長。

Moving to MEA, with again a very strong performance this half year, demonstrating once more our very positive momentum on the continent. Second quarter's revenues is up double digit for the fifth consecutive quarters, fueled by our four strong engines of revenues uplift. Clear illustration is the growth in mobile revenues, driven by balance of volume and value. MEA overall is up by an outstanding 15% EBITDaL growth this half year.

轉向中東和非洲，今年半年來我們再次表現強勁，再次證明了我們在該大陸的積極勢頭。由於四大強勁的營收成長引擎，第二季的營收連續第五個季度實現兩位數成長。一個最明顯的例子就是行動收入的成長，這得益於數量和價值的平衡。今年半年來，MEA 的 EBITDaL 整體成長顯著，達到 15%。

Despite anticipated Egyptian pound devaluation, MEA reported strong growth as well on reported numbers, with 8% on revenues, 13% on EBITDaL, and 20% on operating cash flow. Looking ahead, we are upgrading our ambition to double-digit EBITDaL growth for MEA.

儘管預計埃及鎊會貶值，但 MEA 報告的數字仍顯示其實現了強勁增長，其中收入增長 8%，EBITDaL 增長 13%，營運現金流增長 20%。展望未來，我們將目標提升為中東和非洲地區實現兩位數的 EBITDaL 成長。

Turning now to Orange Business with a top line benefiting from growth in IT and IS, specifically on cyberdefense, still at double-digit over the last six months. In terms of innovation, we are very proud to have launched a few weeks ago our solution Orange Cybersecure, unique B2C cybersecurity in France, with great commercial traction as we speak.

現在來看看 Orange Business，其營收受益於 IT 和 IS 領域的成長，特別是網路防禦領域的成長，過去六個月仍保持兩位數的成長。在創新方面，我們非常自豪地在幾週前推出了我們的解決方案 Orange Cyber​​secure，這是法國獨一無二的 B2C 網路安全解決方案，具有巨大的商業吸引力。

And we continue to transform Orange Business with an action plan which continues to pay off. Departures on the voluntary plan have started, while the reskilling and the upskilling of our employees from our legacy business is continuing. In terms of profitability, we further reduced the trend in EBITDaL to minus 11% in the first half, and we are definitely confident to meet our 2024 target and return to EBITDaL growth in 2025.

我們將繼續透過行動計劃來改變 Orange Business，而這項計劃將持續取得成效。自願計畫的退出已經開始，同時我們傳統業務員工的再培訓和技能提升仍在繼續。獲利能力方面，我們上半年進一步將EBITDaL趨勢降至負11%，我們絕對有信心實現2024年的目標，並在2025年恢復EBITDaL成長。

Turning to MASORANGE, as a reminder, MASORANGE is recorded in our financial statement under the equity method since the second quarter, while in the first quarter, Orange Spain net result is recorded as discontinued activities. And in this slide, we present you the H1 proforma MASORANGE KPI.

談到 MASORANGE，需要提醒的是，自第二季度起，MASORANGE 就按照權益法記錄在我們的財務報表中，而在第一季度，Orange Spain 的淨結果被記錄為已停止的活動。在此投影片中，我們向您展示了 H1 形式 MASORANGE KPI。

In a challenging market environment, MASORANGE retains its leadership on gross ads and value management, with a strong convergence ARPU up year-on-year. Total revenues are stable, while retail growth offset by wholesale decline on low-margin business.

在充滿挑戰的市場環境中，MASORANGE 仍保持著總廣告量和價值管理的領先地位，且 ARPU 值較去年同期強勁成長。總收入穩定，但零售成長被低利潤業務的批發下滑所抵消。

Looking at the integration process, remedies are executed as planned, and we are pleased to confirm that the run rate synergies will reach at least EUR500 million from year four post-closing. MASORANGE is targeting only for 2024 to reach around EUR100 million of synergies in 2024. Looking ahead, the outlook for H2 will be globally consistent with H1.

從整合過程來看，補救措施正在按計劃執行，我們很高興地確認，從交易完成後的第四年開始，運行率協同效應將達到至少 5 億歐元。MASORANGE 的目標是在 2024 年實現約 1 億歐元的協同效應。展望未來，全球下半年的前景將與上半年一致。

Now, back to you, Christel, for the conclusion.

現在，回到你這裡，克里斯特爾，來下結論。

Thank you, Laurent. I would like to conclude this presentation simply by reaffirming that the solid first half results reinforce our confidence in achieving our full-year guidance, which remains unchanged. Thank you for your attention. Laurent, the Orange COMEX, including we have with us the CEO of MASORANGE, and I are now ready for your questions.

謝謝你，洛朗。最後，我想再次強調，上半年的穩健業績增強了我們實現全年目標的信心，而全年目標保持不變。感謝您的關注。Laurent，Orange COMEX，包括 MASORANGE 的執行長在內，我現在準備好回答大家的問題。

(Operator Instructions) Akhil Dattani, JPMorgan.

（操作員指令）Akhil Dattani，摩根大通。

I've got two, please. The first one, France, and the second one, Spain. Christel, I was interested in your comments on the competitive environment and the improvements that you're seeing into July. I guess what I'm trying to understand when we look at the numbers is there's been a pretty marked improvement in your KPIs, but I guess the one area of softness is still the convergent base. So maybe you can comment on what you're looking to do to try and maybe improve the convergent trends.

請給我兩個。第一個是法國，第二個是西班牙。克里斯特爾，我對你對競爭環境以及七月所看到的改善的評論很感興趣。我想，當我們看到這些數字時，我想知道的是，你的 KPI 已經有了相當明顯的改善，但我認為一個薄弱的領域仍然是收斂基礎。因此，也許您可以評論一下您正在嘗試做什麼來改善收斂趨勢。

And I guess the bigger picture is that the retail revenue trends in France have slowed the last few quarters. Is that due to the comments you made on the market as a whole? Is the market slowing? Or is there anything else? So just a real general update there on France, please.

我認為更大的情況是法國的零售收入趨勢在過去幾季有所放緩。這是因為您對整個市場所發表的評論嗎？市場正在放緩嗎？或是還有什麼其他問題嗎？所以請提供有關法國的一般性更新。

And then the second one on Spain. You commented on the JV that you've created. I'm assuming they're not wanting to give too much color just yet, but there were reports yesterday that this vehicle would be a 50-50 debt equity structure and that Orange could get something close to EUR4 billion of cash out. I just wondered if there is any color you can give us just to help us understand what the numbers might be or how to think about it. And then how do we think about use of proceeds from anything you get? You did mention it could be quite substantial. If that's used to de-lever the Orange MAZ JV, could that bring forward the decision around what you do with that asset? Thanks a lot.

第二個問題是關於西班牙的。您對您創建的合資企業發表了評論。我猜他們現在還不想透露太多，但昨天有報道稱，該工具將採用 50-50 的債務股權結構，Orange 可以獲得接近 40 億歐元的現金。我只是想知道您是否可以提供任何顏色來幫助我們理解這些數字可能是什麼或如何思考它。那我們要如何考慮利用所獲收益呢？您確實提到過它可能相當大。如果用它來降低 Orange MAZ JV 的槓桿率，那麼是否可以提前決定如何處理該資產？多謝。

Thank you, Akhil. So on the competitive environment in July, we've just observed the price move from the competition, and that's what we were commenting and including. I'm sure you've seen their moves, both as we said, on back book and front book.

謝謝你，阿基爾。因此，在七月份的競爭環境中，我們剛剛觀察到競爭對手的價格走勢，這就是我們所評論和包含的內容。我確信你已經看到了他們的動作，正如我們所說的，在後書和前書上。

On the conversion trend, indeed, so there's actually a slightly negative net ads, but as you know, we've been driving aggressive value strategy in the past year, and we were very clear. And I think we said that quarter after quarter, that in the context of purchasing power pressure, we were also removing constraints for customers to make sure that customers who would want to arbitrate could move out of their conversion package and do some arbitration. And that explains to some extent the trend we've seen in the recent quarters.

就轉換趨勢而言，確實如此，淨廣告實際上略有負面，但如你所知，我們在過去的一年裡一直在推動積極的價值策略，我們非常清楚。我認為我們每個季度都說過，在購買力壓力的背景下，我們也在為客戶消除限制，以確保想要仲裁的客戶可以擺脫他們的轉換包並進行一些仲裁。這在一定程度上解釋了我們在最近幾季看到的趨勢。

But at the same time, we are very, very pleased with the commercial performance on mobile and broadband. And as you know, I mean, we have a very solid and very low churn on the convergence. And the acquisition on mobile and broadband will fuel the conversion growth in the next quarter.

但同時，我們對行動和寬頻上的商業表現非常滿意。如您所知，我們的融合非常穩固，流失率很低。而行動和寬頻方面的收購將推動下一季度的轉換成長。

So we have a -- we are very solid and very confident on our ability to continue to drive convergent growth. Churn level is low. You've seen the ARPO increase year over year on this convergent base, and this is massive, with a churn that's completely under control, and again, very low, four points lower than the broadband churn level. So really, really confident on our trajectory.

因此，我們對繼續推動融合成長的能力非常堅定並且充滿信心。客戶流失率很低。您會發現，在這個收斂基礎上，ARPO 逐年增加，而且成長幅度巨大，客戶流失率完全得到控制，而且非常低，比寬頻客戶流失率低 4 個百分點。所以，我對我們的發展軌跡非常非常有信心。

As you know, we've introduced a number of new offers in France in Q2. We had introduced last year a new package of offers, including on convergence. So this is obviously a big priority for us. This is true in France. This is true across Europe.

如您所知，我們在第二季在法國推出了許多新優惠。我們去年推出了一系列新的優惠措施，其中包括融合優惠措施。所以這對我們來說顯然是一個重中之重。在法國也確實如此。整個歐洲都是如此。

On the retail services trend, we are very confident on our guidance. And as you know, we've been very clear that this business, excluding PSTN, should grow between plus 2% and plus 4%. Q1 benefited from the full price increase that we did last year in March, April. So we see a slight slowdown in Q2, but this was fully anticipated. And overall, we are very pleased with the Q2 performance. And we confirmed that we expect in H2 a similar trend for retail services excluding PSTN than the one that we had in Q2. So really no slowdown on the retail services trajectory.

對於零售服務趨勢，我們對我們的指引非常有信心。如您所知，我們已經非常清楚，這項業務（不包括 PSTN）的成長率應該在 2% 到 4% 之間。Q1 受益於我們去年 3 月、4 月進行的全面價格上漲。因此，我們預計第二季會出現略微放緩，但這是完全可以預料到的。整體而言，我們對第二季的表現非常滿意。我們確認，預計下半年零售服務（不包括 PSTN）的趨勢與第二季類似。因此零售服務的發展軌跡其實並沒有放緩。

On Spain, we don't comment on the leaks. First of all, it's just a term sheet, so we still need to go to the final binding agreement. But this is part of our strategy, as you know, maximizing the use of our infrastructure is key. The target ownership would be for MASORANGE to own 50% of this FiberCo, but we don't comment on the financial structure and the debt-to-equity ratio.

關於西班牙的洩密事件，我們不予置評。首先，這只是一份條款清單，所以我們還需要達成最終的具有約束力的協議。但這是我們策略的一部分，如您所知，最大限度地利用我們的基礎設施是關鍵。目標所有權將是 MASORANGE 擁有該 FiberCo 50% 的股份，但我們不對其財務結構和債務權益比率發表評論。

But this will, of course, provide you more comments as we move forward in the negotiation. But again, the main objective for us is to bring on our infrastructure to combine with obviously Vodafone Spain infrastructure, but also to bring and to increase and to have the best, I would say, penetration ratio on our fiber infrastructure in Spain.

但隨著談判的推進，這當然會給您更多的評論。但是，我們的主要目標是將我們的基礎設施與沃達豐西班牙的基礎設施相結合，同時也要提高我們在西班牙的光纖基礎設施的滲透率，達到最好的水平。

Great. Thank you.

偉大的。謝謝。

Mathieu Robilliard, Barclays.

巴克萊銀行的 Mathieu Robilliard。

I have a follow-up question on the Spanish JV. You indicated in your MASORANGE slides that you had around 6.8 million customers on Fiber. I think VOD at around 1.6 million at the end of Q1. So that suggests that there's a big chunk of customers that are on the third-party network. And my question is, do you think that these off-network customers can be migrated over time to your own platform? Is there some complementarity on the platform? If you could size that, that would be great.

我有一個關於西班牙合資企業的後續問題。您在 MASORANGE 幻燈片中指出，您在 Fiber 上擁有約 680 萬客戶。我認為第一季末的 VOD 數量將達到 160 萬左右。這表明，有大量客戶使用第三方網路。我的問題是，您認為這些離網客戶可以隨著時間的推移遷移到您自己的平台嗎？平台上是否存在互補性？如果您能確定其尺寸，那就太好了。

The second question was around AI. Christel, you mentioned in a recent press interview that the company was working on optimizing the network for the use of AI and not to be generated AI. And I was wondering what that entails. Do you think that can generate more revenues opportunities? Could it also mean more CapEx? Any color would be very helpful.

第二個問題是關於人工智慧的。Christel，您在最近的一次新聞採訪中提到，公司正在致力於優化網路以使用人工智慧，而不是產生人工智慧。我很想知道這意味著什麼。您認為這可以創造更多的收入機會嗎？這是否也意味著更多的資本支出？任何顏色都會非常有用。

And then lastly, on OBS, the revenue in IT services was a bit lower. And I was wondering if that was the result of the restructuring process and we should continue to see a slightly lower growth on ITS or it was just phasing and it could recover. Thank you.

最後，在 OBS 方面，IT 服務的收入略低。我想知道這是否是重組過程的結果，我們應該繼續看到 ITS 的成長略有下降，或者這只是一個階段，它可以恢復。謝謝。

Thank you. Thank you, Mathieu. On Spain, I mean, the line was not good, but your question was on the intention and whether we would be able to move to the network the cable customers from Vodafone Spain. Is that correct?

謝謝。謝謝你，馬修。關於西班牙，我的意思是，線路不太好，但你的問題是關於我們的意圖以及我們是否能夠將西班牙沃達豐的有線電視客戶轉移到該網絡。那正確嗎？

Well, I was reacting to that. I think MASORANGE, 6.8 million FTTH customers, and you mentioned in your first release that the JV initially would only have 4 million FTTH customers. So I was wondering if some of the missing customers were on third-party networks, other operators, and whether you could migrate them over time into that JV penetration.

嗯，我對此做出了反應。我認為 MASORANGE 有 680 萬 FTTH 客戶，而您在第一次發表會中提到合資公司最初只有 400 萬 FTTH 客戶。所以我想知道是否有一些缺失的客戶在使用第三方網路或其他營運商，以及您是否可以隨著時間的推移將他們遷移到合資企業。

(technical difficulty) MASORANGE. It's perimeter difference.

（技術難題） MASORANGE。這是周長差異。

Good morning, Matthieu. Thank you, Christel. Just to clarify, the 4 million that were announced as clients of the potential future NETCO with Vodafone are the clients from both parties. So it includes also current Vodafone clients. The 6.8 million fiber lines in total of MASORANGE refer to the total footprint in the Spanish market on fiber networks above 17 million homes and the remaining networks that we share with other parties, like Telefónica. So these are different scopes. 6.8 is the total number of clients and 4 million is the number of clients expected to be part of the netco.

早上好，馬修。謝謝你，克里斯特爾。需要澄清的是，NETCO 和沃達豐宣布的未來潛在客戶人數為 400 萬，是雙方共同的客戶。因此它還包括現有的沃達豐客戶。MASORANGE 總計 680 萬條光纖線路指的是西班牙市場上覆蓋超過 1700 萬戶家庭的光纖網路的總覆蓋範圍，以及我們與其他方（如 Telefónica）共享的剩餘網路。因此，這些是不同的範圍。 680 是客戶總數，400 萬是預計成為網路公司一部分的客戶數量。

I guess my question is, do you think you can migrate some of the clients that are at Telefónica (technical difficulty) JV of some of the clients of Vodafone. [but hope so] somewhere else, not in their own (technical difficulty)

我的問題是，您是否認為您可以將部分位於 Telefónica（技術難題）合資公司的客戶遷移到 Vodafone 的部分客戶。 [但希望如此] 在其他地方，而不是在他們自己的（技術難度）

Yes, I mean that's not the main focus. The original of the netco is different. We are not planning a significant greenfield deployment, additional deployment of fiber in Spain currently. Our strategy is based on network sharing in this respect.

是的，我的意思是這不是主要焦點。netco的原版不一樣。目前，我們並沒有計劃在西班牙進行大規模的綠地部署或額外部署光纖。我們這個方面的策略就是基於網路共享。

Maybe to give you a bit more hints on the rationale of the netco. Spain is a very competitive market, not only in retail, but also in networks. So we have a lot of FiberCos and MASORANGE and wants to be in the forefront of a possible consultation in this market, so playing an active role.

也許可以給你更多關於網路公司基本原理的提示。西班牙是一個競爭非常激烈的市場，不僅在零售方面，而且在網路方面。因此，我們有許多 FiberCos 和 MASORANGE，並希望成為這個市場可能的諮詢中的先鋒，從而發揮積極作用。

We reduce with the netco the risk of overlaps, or said in other words, the devaluation of assets that are strategic for MASORANGE. We secure the same time and long-term usage of these assets, and assure also a crystallization of value, maintaining the control on the strategic assets.

我們與網路公司一起降低重疊風險，或者換句話說，降低對 MASORANGE 具有戰略意義的資產貶值的風險。我們確保這些資產的同一時間和長期使用，並確保價值的結晶，保持對策略資產的控制。

And as Christel mentioned before, it may allow to accelerate the leveraging. So this is all in all a very positive project for us.

正如克里斯特爾之前所提到的，它或許可以加速槓桿作用。所以總的來說這對我們來說是一個非常積極的項目。

Thank you, [Manny]. On your next question regarding the IT and IS services within Orange Business, so, indeed, there's a slight slowdown at plus 5% in Q2 compared to Q1, after 8% in Q1. But this slowdown is mostly due to portfolio pruning. We stopped a number of very low margin solutions. And the performance -- the growth performance is fueled by the growth of cyberdefense, and our digital services as well, growing at 7.2% after 5.1% in Q1. So no significant, I would say, trend, even though in Poland, for instance, we see a slowdown of the IT services, which is due to market uncertainty and B2B decisions, but really no portfolio pruning and this is as per plan.

謝謝你，[曼尼]。關於您下一個關於 Orange Business 內部 IT 和 IS 服務的問題，確實，與第一季相比，第二季的成長略有放緩，為 5%，而第一季的成長為 8%。但這種放緩主要是由於投資組合的削減。我們停止了許多利潤非常低的解決方案。業績成長主要得益於網路防禦和數位服務的成長，繼第一季成長 5.1% 之後，今年又成長了 7.2%。因此，我想說，沒有什麼顯著的趨勢，儘管在波蘭，我們看到 IT 服務放緩，這是由於市場不確定性和 B2B 決策造成的，但實際上並沒有投資組合削減，這是按計劃進行的。

On the AI question, so this is of course a long term and something we started many years ago to implement AI in our marketing and network processes. Now obviously on GenAI, we've launched many, many initiatives and we have actually a lot of use cases internally. Our focus is of course on prioritizing and scaling the ones that bring most benefit.

關於人工智慧問題，這當然是一個長期問題，我們多年前就開始在行銷和網路流程中實施人工智慧。現在顯然在 GenAI 上我們已經啟動了許多計劃並且我們內部實際上有很多用例。我們的重點當然是優先考慮和擴大那些能帶來最大利益的方案。

Now on your question whether it's going to drive CapEx or revenues, of course we are very focused on the revenue opportunity when it comes to our B2B business and we are also -- but this is more mid to long term, trying to understand what would be the impact for us, not just us, but the telco industry, if some of the use cases we see from handset suppliers or big tech on GenAI would scale massively. But it's too early to say. So the short term in terms of renewal opportunity, it's really Orange Business. And some of the offers we've launched in Q1, including we've made these announcements with LightOn in France to deliver AI services mostly for mid-size enterprise who want a packaged solution to get started.

現在關於你提到的它是否會推動資本支出或收入的問題，當然，當涉及到我們的 B2B 業務時，我們非常關注收入機會，而且我們也是——但這是中長期的，我們試圖了解如果我們從手機供應商或 GenAI 上的大型技術那裡看到的一些用例大規模擴展，會對我們產生什麼影響，不僅僅是對我們，而且對電信行業。但現在說還太早。因此，就短期更新機會而言，真正的贏家是 Orange Business。我們在第一季推出了一些產品，其中包括我們與法國 LightOn 合作發布的公告，主要為想要獲得一攬子解決方案的中型企業提供 AI 服務。

And on the CapEx, we don't see at this stage -- we are very cautious and we are not making irrational decision to invest massively, I would say, on compute in a market that's still highly uncertain. So at this stage, it's really too early to say, but this is more a mid- to long-term discussion on whether or not some of the use cases you can think about, like real-time translation or things like that, whether there will be need for computing the handsets in the core of the networks or I mean, in the hyperscalers network or eventually at the edge of our networks, but this is a broader debate. This is also linked to the fair share debate, so really too early to make concrete comments on this.

而就資本支出而言，我們現階段還沒有看到——我們非常謹慎，我們不會做出在仍然高度不確定的市場中進行大規模計算投資的非理性決定。因此，在現階段，現在說還為時過早，但這更像是一個中長期討論，關於您可以考慮的一些用例，例如實時翻譯或類似的東西，是否需要在網絡核心中計算手機，或者我的意思是在超大規模網絡中或最終在我們網絡的邊緣，但這是一個更廣泛的爭論。這也與公平份額辯論有關，因此對此做出具體評論還為時過早。

Great. Thank you very much. Apologies for the bad sound.

偉大的。非常感謝。抱歉，聲音不好。

[Andrei Tebeyshek], UBS.

[Andrei Tebeyshek]，瑞銀。

I have two questions as well, both maybe more of a follow-up. So, Christel, you mentioned, in 2H, you expect trends in France, retail excluding PSTN, similar to 1H. And I guess with so many pricing changes, I think this will be reassuring. But then could you maybe talk about what goes into that assumption? I guess on the one hand, you guys clearly improved quite materially the net ads trends in both mobile and fixed. So this is something that you perhaps expect to continue. And on the other hand, there's probably some dilution on the single play ARPUs from some of the pricing aggression that we've seen over 2Qs, that would be one question.

我也有兩個問題，可能都還需要進一步探討。因此，Christel，您提到，在下半年，您預計法國零售業（不包括 PSTN）的趨勢將與上半年相似。我想，鑑於如此多的價格變化，我認為這會讓人放心。但您能否談談這個假設是如何成立的？我想一方面，你們顯然在行動和固定網路上改善了網路廣告趨勢。因此，您也許希望這種情況能夠持續下去。另一方面，我們在第二季度看到的一些定價激進行為可能會對單一遊戲的 ARPU 造成一定程度的稀釋，這是一個問題。

And then maybe conceptually speaking, just on the Spanish JV again, why is it maybe just 11.5 million homes when we combined of Orange and Masmovil alone has got something like 19 million, so is this restricted to some certain geography? Why is it not, I guess, a bigger combined NCC would be a general question. Thank you very much.

然後也許從概念上講，僅就西班牙合資企業而言，為什麼可能只有 1150 萬戶家庭，而僅 Orange 和 Masmovil 兩家公司加起來就有 1900 萬戶，那麼這是否僅限於某個特定的地區？我猜，為什麼不建立一個更大的聯合 NCC 是一個普遍的問題。非常感謝。

Thank you, Andrei. On the France plan for H2, And I will let Jean-François as well make some comments. But we will continue to drive the mix of value and volume. We will benefit from some of the tactical price increases that we've done. We will benefit, of course, from the net ads. We will continue to focus on convergence, I mean, migrating customers for convergence. So it's really the three pillars as we've highlighted in the presentation. It's really customer loyalty and churn under control, cross-sale, volume, and then tactical price increase, as well as a very segmented and targeted marketing strategy with some focus on the young population, for instance, or on the communities. But I don't know if Jean-François, you want to -- No, Jean-François, I said it all, so --

謝謝你，安德烈。關於法國的 H2 計劃，我也讓 Jean-François 發表一些評論。但我們將繼續推動價值和數量的組合。我們將從我們採取的一些策略性漲價中獲益。當然，我們會從網路廣告中受益。我們將繼續專注於融合，我的意思是為了融合而遷移客戶。正如我們在演示中所強調的那樣，這實際上是三大支柱。這實際上是控制客戶忠誠度和客戶流失、交叉銷售、銷量，然後是策略性提價，以及非常細分和有針對性的行銷策略，例如專注於年輕人口或社群。但我不知道讓-弗朗索瓦，你是否想——不，讓-弗朗索瓦，我已經說完了，所以--

On the JV, You're right that the 11.5 million lines means we will not move all the fiber infrastructure for MASORANGE in this FiberCo. So we've been agreeing on the geographic perimeter, which is the one where we think we bring more values because this is where we have strict overlap between the Vodafone Spain and the Orange Vodafone Spain, cable and fiber infrastructure, as well as MASORANGE infrastructure.

關於合資，您說得對，1150 萬條線路意味著我們不會將 MASORANGE 的所有光纖基礎設施轉移到這家 FiberCo。因此，我們一直就地理範圍達成一致，我們認為我們可以在這個範圍帶來更多價值，因為在這個範圍，沃達豐西班牙公司和 Orange 沃達豐西班牙公司、有線和光纖基礎設施以及 MASORANGE 基礎設施之間存在嚴格重疊。

That's clear, thank you very much.

很清楚，非常感謝。

Jakob Bluestone, Exane BNP.

Jakob Bluestone，Exane BNP 分析師。

I've got two questions as well, one on France, one on Spain. On France, I was just hoping you could help us understand a little bit more around the weakness within the mobile ARPU. If I look at the mobile-only ARPU, it went from growing slightly to falling slightly. I think you mentioned in your comments that Sosh was a big part of driving your net ads. So can you maybe just help us understand out of the strong mobile net ads, how much of that growth came from Sosh and how much of the ARPU pressure came from broader pricing pressure in the market?

我也有兩個問題，一個關於法國，一個關於西班牙。關於法國，我只是希望您能幫助我們更多地了解行動 ARPU 的弱點。如果我看一下純行動 ARPU，它從略微增長轉為略微下降。我覺得您在評論中提到過，Sosh 在推動您的網路廣告方面發揮了重要作用。那麼，您能否幫助我們了解，在強勁的行動網路廣告中，有多少成長來自 Sosh，又有多少 ARPU 壓力來自市場更廣泛的定價壓力？

And then just secondly, on Spain, if we look at the net ads, it looks like they slowed a bit. So your postpaid ads went from about 120,000 last quarter to 85,000 this quarter. Your broadband ads went from 91 to 44. So it looks like there was a bit of a slowdown in the quarter versus what we sort of saw perform in the last quarter. Was that because of being sort of more internally focused during the integration phase or anything to do with the market? So if you can just maybe help us understand the slowdown in your Spanish net ads. Thank you.

其次，在西班牙，如果我們看淨廣告，似乎他們的成長有所放緩。因此，您的後付費廣告數量從上個季度的約 120,000 條減少到了本季的 85,000 條。您的寬頻廣告從 91 則減少到了 44 則。因此，與上一季的表現相比，本季的表現似乎有所放緩。這是因為整合階段更重視內部因素還是與市場有關？因此，如果您能幫助我們了解西班牙網路廣告成長放緩的原因，我們拭目以待。謝謝。

Thank you, Jakob. So on the French mobile ARPU, so there's a slight deterioration year on year, but it's stable quarter on quarter. And the slight evolution is due to the Sosh very good momentum on mobile. But we are really stable on the (technical difficulty) positive momentum on Sosh, so that's what explains the slight a decrease, again, year on year, but it's flat quarter on quarter.

謝謝你，雅各。因此，法國移動式 ARPU 年比略有下降，但環比保持穩定。而這種輕微的進步是由於 Sosh 在行動端的良好動能。但是我們在 Sosh 上的（技術難度）積極勢頭確實很穩定，所以這也解釋了同比略有下降但環比持平的原因。

And as you know, our strategy with mobile customers, of course, mobile revenues, it's only 13% of the total France revenues, because our intent as well is to make sure that we migrate customers from our mobile base to our conversion base. So mechanically, we have a mobile customer base that remains at a level under control and under pressure by the net ads because the higher-value customers, we tend to migrate them in our convergent ARPUs. So mechanically, that's also driving some of the dynamics.

如您所知，我們針對行動客戶的策略當然是行動收入，它僅佔法國總收入的 13%，因為我們的目的也是確保將客戶從我們的行動基地轉移到我們的轉換基地。因此從機制上來說，我們的行動客戶群保持在可控的水平，並且受到網路廣告的壓力，因為我們傾向於將更高價值的客戶遷移到我們的融合 ARPU 中。從機械角度來看，這也推動了一些動力。

On the Spanish market, I will let [Manny] comment.

關於西班牙市場，我會讓[Manny]發表評論。

Thank you, Christel. Good morning again. Well, the important news is that we are growing. And that's not so obvious for a market leader with 41% or 42% market share. So I think that's very important and a very good signal that we started very well in this joint venture.

謝謝你，克里斯特爾。早安.嗯，重要的消息是我們正在成長。對於擁有 41% 或 42% 市佔率的市場領導者來說，這一點並不那麼明顯。所以我認為這非常重要，也是一個非常好的訊號，顯示我們在這項合資企業中起步很好。

Then, of course, the priorities are different in our growth strategy. We're having 40% versus 20% of market share more or less before. That means that we have to focus on value creation with our current client base, especially via cross-selling and upselling. And the aggressive growth in new clients has less priority now because we are, let's say, prioritizing a stable market and a balanced value-volume strategy.

當然，我們的成長策略的重點是不同的。我們的市佔率現在為 40%，而以前的市佔率約為 20%。這意味著我們必須專注於為現有客戶群創造價值，尤其是透過交叉銷售和追加銷售。現在，積極增加新客戶已經不再那麼重要，因為我們更重視的是穩定的市場和平衡的價值策略。

Thank you.

謝謝。

Carl Murdock-Smith, Berenberg.

卡爾·默多克·史密斯，貝倫貝格。

And firstly, I'd just like to say good luck with the Olympics. And Christel, it was fantastic to see you carrying the flame. What a great moment for you and for Orange overall. Two questions, please. Firstly, just any exposure to French politics? I suppose I'm mostly thinking about public sector projects and whether there could be any resulting delays in customer decision-making in terms of proceeding with projects there.

首先，我只想祝奧運好運。克里斯特爾，看到你手持火炬真是太棒了。這對你們和 Orange 整體來說都是偉大的時刻。請問兩個問題。首先，你對法國政治有了解嗎？我想我主要考慮的是公共部門項目，以及在繼續進行該項目方面是否會導致客戶決策延遲。

And then secondly, I wanted to ask on minority interests and the outlook there. We've seen minority interest costs step up again significantly in H1, and that's understandable given that it's Africa that's driving most of the growth. But looking forwards, consensus only seems to have fairly flat minority interest costs going forward. So I was wondering if you could comment on your expectations both for this year but for future years in terms of the growth in that line. Thank you.

其次，我想問少數群體的利益及其前景。我們看到少數股東權益成本在上半年再次大幅上升，這是可以理解的，因為大部分成長都來自非洲。但展望未來，共識似乎只會讓少數股東的利益成本在未來保持相當穩定。所以我想知道您是否可以評論一下對今年以及未來幾年該系列成長的期望。謝謝。

Thank you for your comment on the Olympics. So as you know, I'm not attending the event as a competitor, but indeed we have teams who are really dedicated to preparing and that's a real pride for all of them.

感謝您對奧運的評論。如你所知，我不是以競爭對手的身份參加這次比賽，但確實我們有非常致力於準備的團隊，這對他們所有人來說都是一種真正的驕傲。

On French politics, we don't see any impact, I would say, I mean, no impact in June and July, because in any case, public sector entities and the administration, they still need to benefit from digital. They still move their applications to cloud. They still need, actually, more than ever, support on cybersecurity. So really, no impact from the French politics and no slowdown in the market.

對於法國政治，我們沒有看到任何影響，我想說，我的意思是，六月和七月沒有影響，因為無論如何，公共部門實體和政府仍然需要從數位化中受益。他們仍將應用程式轉移到雲端。事實上，他們仍然比以往任何時候都更需要網路安全的支援。因此實際上並沒有受到法國政治的影響，市場也沒有放緩。

We've had, though, impact in Poland, and that's part of the slowdown in the market, but that's more related to the fact that there was a number of CEOs of administration who had not been appointed, and so lack of ability to execute. But really, in the French environment, no impact at all.

然而，我們在波蘭產生了影響，這是市場放緩的部分原因，但這與一些行政執行長尚未被任命以及缺乏執行能力有關。但實際上，在法國環境中，根本沒有影響。

On the minority interest, Laurent, you want to comment?

關於少數股權，洛朗，您想發表評論嗎？

Yes, thanks [Carl]. So indeed in H1 our minority interest is moving up from EUR211 million to EUR268 million. So the drivers are definitely Sonatel in Senegal and a bit of Polska as well. So this is very much driven by the success we have in Middle East and Africa. And to your point, in the second half, we see a trend which would be consistent with our H1 numbers on these subjects.

是的，謝謝[卡爾]。因此，在上半年，我們的少數股東權益確實從 2.11 億歐元增加到了 2.68 億歐元。因此，司機肯定是塞內加爾的 Sonatel 司機，也有一部分是波蘭人。這很大程度上得益於我們在中東和非洲的成功。正如您所說，在下半年，我們看到的趨勢與這些主題的上半年數據一致。

That's great. Thanks very much.

那太棒了。非常感謝。

Rohit Modi, Citi.

羅希特莫迪，花旗銀行。

Firstly, in terms of your guidance, you have raised guidance for AME and Europe, but I understand group guidance remains the same. But in terms of your own expectations, do you see, I know that group guidance is still the same, but do you see any uptake in your own expectations in terms of -- I know it's a small-digit growth, but it could be two to three, that's kind of your own expectations given, and if not, then where the weakness is coming from? What is offsetting the growth in AME and Europe overall?

首先，就您的指導而言，您已經提高了對 AME 和歐洲的指導，但據我了解，集團指導保持不變。但是就您自己的預期而言，我知道集團指導仍然是一樣的，但是您是否看到您自己的預期有所提升 - 我知道這是一個小數字的增長，但可能是兩到三，這是您自己給出的預期，如果沒有，那麼弱點來自哪裡？什麼因素抵消了中東和歐洲整體的成長？

Secondly, just to follow up in France, given you have seen a higher uptick in Sosh, if you can give any ballpark number, how much -- what is the base of Sosh subscribers and what is the orange subscriber base? And are you seeing any kind of cannibalization between Orange and Sosh in this year particularly? Thanks.

其次，只是為了跟進法國的情況，鑑於您已經看到 Sosh 出現了更高的增長，您能否給出一個大概的數字，Sosh 用戶群是多少，橙色用戶群是多少？您是否看到今年 Orange 和 Sosh 之間出現了某種形式的蠶食？謝謝。

Thank you. So on the guidance, indeed, you noticed our upgrade on the guidance for Europe and the Middle East and Africa, and we reconfirm our guidance at group level. So there's no weakness. It's just that the upgrade on the Middle East and Africa and Europe at this stage have no impact on the full year guidance at group level. but it's a way to reaffirm our full confidence on reaching our group objectives.

謝謝。因此，在指引方面，您確實注意到了我們上調了對歐洲、中東和非洲的指引，並且我們在集團層面重新確認了我們的指引。因此不存在弱點。不過，現階段對中東和非洲以及歐洲的升級對集團層面的全年指引沒有影響。但這是我們重申實現集團目標信心的一種方式。

On the Sosh performance, we don't communicate on the detailed split in our customer acquisition by different brands. But what I can tell you, and I know that's a question that you ask regularly, is that we see no spin-down effect from the orange brand to the Sosh brand. So we see no acceleration and no customers migrating from Orange brand to Sosh brand.

在 Sosh 的表現方面，我們不會公佈不同品牌在客戶獲取方面的詳細分佈。但我可以告訴您的是，而且我知道這是您經常問到的問題，我們沒有看到橙色品牌對 Sosh 品牌產生任何降級效應。因此，我們沒有看到任何加速，也沒有客戶從 Orange 品牌遷移到 Sosh 品牌。

Thank you.

謝謝。

Stephane Beyazian, ODDO.

Stephane Beyazian，ODDO。

I've got two. The first one is, do you expect a little more pressure on EBITDA trends in the second half or in the third quarter from factors such as salary increases, the Olympics, any factor that comes to your mind that could have a little bit of impact on the EBITDA trends or you think that all of that will be totally absorbed by growth?

我有兩個。第一個問題是，您是否預計下半年或第三季的 EBITDA 趨勢會因諸如工資上漲、奧運會等因素而面臨更多壓力，或者您能想到的任何因素都可能對 EBITDA 趨勢產生一點影響，或者您認為所有這些因素都會完全吸收成長？

And the second question is a follow-up on the question about AI. The one thing you didn't mention is the ability to use chatbots for the customer service and that Deutsche Telekom is working on that with its own joint venture. So I was just wondering whether you could -- what you've tested so far, is it promising to you on that aspect? What is today the percentage of calls that you're handling internally and externally to have an idea of potentially what you could be looking to save in the future? If you think that is promising. Thank you.

第二個問題是關於人工智慧問題的後續問題。您沒有提到的一件事是使用聊天機器人進行客戶服務的能力，德國電信正在與自己的合資企業合作進行這項工作。所以我只是想知道您是否可以——到目前為止您所做的測試，在這方面是否有希望？今天您處理的內部和外部呼叫的百分比是多少，以便了解未來可能節省的費用是多少？如果您認為這是有希望的。謝謝。

Thank you, Stephane. On H2, I mean, really no pressure, but I don't know if, Laurent, you want to give more colors?

謝謝你，史蒂芬。關於 H2，我的意思是，真的沒有壓力，但我不知道，Laurent，你是否想給出更多的顏色？

Yes, indeed. Stephane, no, I would say, fundamental change since H1. The salary increases are implemented since January 1. Olympic is a small number, so we do not see any evolution in terms of cost trend between H1 and H2, besides the fact that we continue our effort on efficiency, of course, which is continuing, of course, as per our target of delivering EUR600 million of efficiencies by 2025.

是的，確實如此。史蒂芬，不，我想說，自上半年以來發生了根本性的變化。此次加薪自1月1日起實施。奧林匹克是一個小數字，因此我們沒有看到上半年和下半年之間成本趨勢有任何變化，除了我們繼續努力提高效率之外，當然，這將繼續下去，按照我們到 2025 年實現 6 億歐元效率的目標。

And on AI, you're absolutely right that we have many use cases with our customer service. So it's not just the chatbots. It's also to augment, I would say, our customer agents, customer service agents. So it's difficult to point to one use case, but we don't see a fundamental change.

關於人工智慧，您說得完全正確，我們的客戶服務中有很多用例。所以這不僅僅是聊天機器人。我想說，這也是為了增強我們的客戶代理和客戶服務代理。因此很難指出一個用例，但我們沒有看到根本的變化。

Customers who were using, I would say, self-service digital solutions are still using it, but we improved their experience by GenAI. And customers who want to call and talk to someone, they would still benefit from GenAI solutions because, for instance, we would -- we've been measuring that we can save time for the cause of customers, which is efficiency, but it's also quality and well-being, I would say, for our customer agents, because they save time in taking notes and gathering data from the files, thanks to GenAI use cases.

我想說，曾經使用自助數位解決方案的客戶仍在使用它，但我們透過 GenAI 改善了他們的體驗。而想要打電話與某人交談的客戶仍然可以從 GenAI 解決方案中受益，因為例如，我們一直在衡量我們可以為客戶節省的時間，這是效率，但我想說，對於我們的客戶代理來說，這也是品質和福祉，因為借助 GenAI 用例，他們節省了做筆記和從文件中收集數據的時間。

So difficult to point, but you're absolutely right that the two big areas, or I would say there are three areas, but customer service is absolutely one of the main application of GenAI together with customization and targeted marketing as well. But difficult to point to one specific and difficult at this stage to share some financial impact, but still it's not just a fully digital GenAI or fully physical human being because there will be GenAI-embedded solution everywhere, including in our human and customer service centers.

很難指出，但您完全正確，有兩個大領域，或者我想說有三個領域，但客戶服務絕對是 GenAI 的主要應用之一，與定制和目標營銷同樣如此。但很難指出一個具體的問題，而且現階段也很難分享一些財務影響，但它仍然不僅僅是一個完全數位化的 GenAI 或完全物理的人類，因為到處都會有嵌入 GenAI 的解決方案，包括在我們的人力和客戶服務中心。

Thank you.

謝謝。

[Nick Lyle, SubGen].

[尼克·萊爾，SubGen]。

A couple of questions on Orange France, please. Despite the slowdown in the broadband market, your fiber and DSL losses look pretty good this quarter. Was there any reason for that? Is there any sort of slight change in the market that you could comment on?

請問一下關於 Orange France 的幾個問題。儘管寬頻市場放緩，但本季您的光纖和 DSL 損失看起來相當不錯。那有什麼原因嗎？市面上有什麼細微變化可以評論一下嗎？

And then secondly, just back to the point you just made on the Orange France costs. I think the Orange France costs for the first half were up about 1% versus down for the second half last year. Was there any investment in there? And could you just remind us on the timing of some of those savings, so the EUR200 million energy drag that disappears and the general savings that you're making. Is there anything that's going to be faster or slower in the second half, please? Thanks very much.

其次，回到您剛才提到的 Orange France 成本的問題。我認為，去年上半年 Orange France 的成本上漲了約 1%，而下半年則下降了。那裡有投資嗎？您能否提醒我們其中一些節省的時間，即消失的 2 億歐元能源阻力和您所實現的整體節省。請問下半部有什麼會更快或更慢嗎？非常感謝。

Thank you. So on the fixed broadband performance, there's not one magic solution. It's a mix of focusing on customer retention, some of the new offers we introduced, and including in April. I don't know, Jean-François, you want to comment?

謝謝。因此，在固定寬頻性能方面，沒有一個神奇的解決方案。這是我們注重客戶保留、推出的一些新優惠以及 4 月推出的優惠的結合。我不知道，Jean-François，你想評論嗎？

Yes, I mean, hello, Jean-François Fallacher. So yes, on the fixed broadband, as you were saying, Christel, we have applied a number of recipes to get back to a stabilization of our broadband base amongst which of course working on the churn so this is probably what you have noticed, but mostly we've improved the gross ads in terms of broadband with having a number of actions launching 2K offers.

是的，你好，Jean-François Fallacher。是的，關於固定寬頻，正如您所說，克里斯特爾，我們已經應用了許多方法來穩定我們的寬頻基礎，其中當然包括努力降低用戶流失率，所以這可能就是您注意到的，但主要是我們透過推出 2K 優惠等一系列行動提高了寬頻方面的總廣告收入。

You've probably seen as well that we have launched the sales of TV sets. I mean, we had the Euro Cup and we have the Olympics now, so that was missing in our portfolio. And we have also launched a more segmented approach with some territories where we are a little bit more, let's say, aggressive when we have a lower market share. So this is what explains probably what you have seen.

您可能也已經看到，我們已經開始了電視機的銷售。我的意思是，我們有歐洲杯，現在又有奧運會，所以我們的投資組合中缺少這些。我們也針對一些地區採取了更細分的策略，當我們的市場佔有率較低時，我們會採取更積極的態度。這可能解釋了你所看到的情況。

And on the cost, Laurent?

費用呢，Laurent？

Yes. So, overall, no massive trend evolution between H1 and H2 on the Orange France cost, Nick, to your point. We continue to drive efficiencies. Of course, you have seen that our labor costs are roughly flat in H1 in France. We see that as a continuous trend as well in the second half, and we continue to work on efficiencies.

是的。因此，總體而言，Nick，正如你所說，Orange France 成本的 H1 和 H2 之間沒有明顯的趨勢變化。我們持續提高效率。當然，您已經看到，我們法國上半年的勞動成本基本上持平。我們認為這將是下半年的持續趨勢，我們將繼續努力提高效率。

Globally, the moving part of the EBITDaL in France are the ones that we have been describing, price up, the wholesale impact as expected, around EUR100 million for the full year, a bit of tailwind on the energy overall that gets to the flat EBITDaL that we have as a flagship target for France in 2024.

從全球來看，法國 EBITDaL 的變動部分就是我們一直在描述的部分，價格上漲，批發影響符合預期，全年約為 1 億歐元，對整體能源有一定的推動作用，使 EBITDaL 達到平穩，這是我們在 2024 年為法國設定的旗艦目標。

That's great. Thank you.

那太棒了。謝謝。

Adam Marshall, Goldman Sachs.

高盛的亞當馬歇爾 (Adam Marshall)。

So I think that's for me. It's Andrew Lee from Goldman Sachs here. I just had one question just on Spain and your perception of the scope for market repair from here. I was just trying to bring in your comments on a challenging market environment earlier on in the call and then you combined with the new contract that Tess signed with Digi. How do you see the scope for market repair in Spain post the consolidation there? Thank you.

所以我認為這適合我。我是高盛的 Andrew Lee。我只想問一個關於西班牙的問題，以及您對現在市場修復範圍的看法。我只是想在電話會議早些時候引入您對充滿挑戰的市場環境的評論，然後結合 Tess 與 Digi 簽署的新合約。您認為西班牙市場整合後的修復空間有多大？謝謝。

I think, and we said that from the very beginning, we are very focused on trying to repair the market, but the comment was that the commercial environment in Spain remains very competitive, especially on the low-price points. I don't know if, Manny, you want to comment on the market environment.

我認為，我們從一開始就說過，我們非常專注於修復市場，但評論稱西班牙的商業環境仍然競爭激烈，特別是在低價位。曼尼，我不知道您是否想對市場環境發表評論。

Yes, of course. Well, we are in a complex market because we have a lot of competitors, a lot of brands, and the low-cost share in broadband, in cross ads is above 50%. So that's our reality. And that's why the results of MASORANGE are very satisfactory because we have been able to grow ARPU and to grow client base. And that is reflected in a service revenue increase of more than 1%, with a result also in EBITDA and in cash flow, which is quite impressive. So we have been able to grow year on year the operating free cash flow by almost 20%, 19.8%, and in reported cash flow almost 15%. So this is a clear evidence that our volume value strategy makes a lot of sense.

是的當然。嗯，我們處在一個複雜的市場，因為我們有很多競爭對手，很多品牌，而且寬頻、交叉廣告的低成本份額超過 50%。這就是我們的現實。這就是 MASORANGE 的業績非常令人滿意的原因，因為我們已經能夠提高 ARPU 並擴大客戶群。這反映在服務收入增加 1% 以上，EBITDA 和現金流也隨之增加，相當令人印象深刻。因此，我們的經營自由現金流年增了近 20%、19.8%，報告現金流年增了近 15%。所以這清楚地證明了我們的數量價值策略非常有意義。

Can I just follow up? It's more of a medium- to long-term question. Has there been any change to your sense of the scope for Spanish market growth and your ability to grow within the market given the changes over the last six months?

我可以跟進一下嗎？這更像是個中長期問題。考慮到過去六個月的變化，您對西班牙市場成長空間的認識以及您在西班牙市場內發展的能力有什麼變化嗎？

I think we've not changed at all our view that by combining Masmovil and Orange, we've created a market leader in Spain that has both the ability to compete with Telefónica, especially on the high-end part of the market, on the B2B, and that's one of the growth venues, as well as to continue to invest and to differentiate and to capture, with our portfolio of brands, the lower part of the market.

我認為，我們的觀點完全沒有改變，即透過合併 Masmovil 和 Orange，我們在西班牙創造了一個市場領導者，它既有能力與 Telefónica 競爭，特別是在高端市場、B2B 領域，而這是成長領域之一，同時也能夠繼續投資、進行差異化，並透過我們的品牌組合佔領低端市場。

So it's still -- it's only three months, but as you know, we spent two years negotiating with the DG competition in Brussels to avoid remedies that would have a negative impact. And we are very reassured that the plan is so far moving as we could anticipate. You've noticed that DG has renewed an agreement with Telefónica on the roaming agreement.

所以現在仍然只有三個月，但正如你所知，我們花了兩年時間與布魯塞爾的競爭總司進行談判，以避免採取會產生負面影響的補救措施。我們非常確信該計劃目前正在按我們預期的方式進展。您注意到，DG 已與 Telefónica 續簽了漫遊協議。

One of the remedies was this national roaming agreement, and we've always said that we had agreed at the market price condition on this roaming agreement, and this confirms that the remedies, we don't think, will have any impact on the market conditions. So now it's just for us to execute, to deliver the synergies, and to continue to create value. But at least we are very reassured after three months on the impact of the remedies, which was one of the big questions, of course.

補救措施之一就是這項全國漫遊協議，我們一直說我們已經就這項漫遊協議的市場價格條件達成一致，這證實了我們認為這些補救措施不會對市場狀況產生任何影響。所以現在我們只需執行、實現協同效應並持續創造價值。但至少三個月後我們對補救措施的效果非常放心，這當然是一個大問題。

Thank you.

謝謝。

Fernando Cordero, Banco Santander.

費爾南多·科德羅，桑坦德銀行。

Good morning and thanks for taking my two questions, both related with Spain. The first one is a follow-up on the previous comment on the FiberCo saying that it is not rational for that vehicle to have presence in greenfield projects. I would like to consolidate that comment also with the scenarios that you are expecting from FTTH in Spain. In that sense, just to understand what kind of, let's say, vehicles or what kind of strategy are you looking in order to materialize the FTTH synergies that you have in Spain, particularly with the clients that you have outside the current MASORANGE footprint.

早安，感謝您回答我的兩個問題，兩個問題都與西班牙有關。第一個是對先前關於 FiberCo 的評論的後續評論，指出該公司參與綠地計畫是不合理的。我還想將該評論與您對西班牙 FTTH 的期望情景結合起來。從這個意義上講，只是要了解您正在尋找什麼樣的工具或策略，以實現您在西班牙的 FTTH 協同效應，特別是與您在當前 MASORANGE 業務範圍之外的客戶。

And the second question is, on the top line and in the medium term you have already highlighted which is the current situation of the B2C segment competitive dynamics. But I would like to understand which is your strategy or which are the key areas of opportunity that you are foreseeing in B2B. Thank you.

第二個問題是，就營收和中期而言，您已經強調了目前的 B2C 領域競爭態勢。但我想了解您的策略是什麼，或是您在 B2B 領域預見的關鍵機會領域是什麼。謝謝。

Yeah, Fernando, your line was cut during your second question, but your question was on the strategy to grow --

是的，費爾南多，你的第二個問題被打斷了，但你的問題是關於成長策略的--

In B2B.

在 B2B 中。

In B2B, okay. Okay, very clear. On the FiberCo, as you highlighted, indeed, The main priority is really to combine assets and to bring more customers, including cable customers from Vodafone Spain, on the future FiberCo infrastructure. When it comes to footprint that's outside of our existing fiber footprint, so we would benefit in the FiberCo from some of the Vodafone Spain fiber infrastructure.

在 B2B 中，好的。好的，非常清楚。關於 FiberCo，正如您所強調的那樣，事實上，主要任務確實是整合資產並為未來的 FiberCo 基礎設施帶來更多客戶，包括來自沃達豐西班牙的有線電視客戶。當談到超出我們現有光纖覆蓋範圍的覆蓋範圍時，我們將從西班牙沃達豐的部分光纖基礎設施中受益。

But then outside of the FiberCo footprint, we are, I mean, considering different options. Of course, as you know, today we are leasing infrastructure from Telefónica. We also have the opportunity to invest in infrastructure, but as you know, the Spanish market is overbuilt and so our focus is on making sure we both differentiate, at the same time we try to bring the market to more rational. Manny, do you want to?

但是在 FiberCo 業務範圍之外，我們正在考慮不同的選擇。當然，正如你們所知，今天我們正在從西班牙電信公司租用基礎設施。我們也有機會投資基礎設施，但正如你所知，西班牙市場建設過度，因此我們的重點是確保我們雙方都有所差異化，同時努力使市場更加理性。曼尼，你想這麼做嗎？

Yes, thank you. Well, if you look at the netco, this is maximizing usage to increase efficiency of our existing fiber networks. That's the first logic. Outside of the future netco, we are evaluating strategies of incremental deployment or co-investment. And co-investment is a vehicle that they've used in the past and which has proven to be very efficient.

是的，謝謝。嗯，如果你看看網路公司，這就是最大限度地利用現有光纖網路的效率。這是第一個邏輯。在未來的網路營運商之外，我們正在評估增量部署或共同投資的策略。共同投資是他們過去使用過的手段，事實證明非常有效。

In terms of B2B, we are leader in 5G in the Spanish market. We are the only operator with 5G standalone solutions and with concrete projects on the way. So we have implemented for instance the most innovative solution for the Port of Barcelona in Europe, and we will leverage on that and have a growing in public administration and in big accounts at a double-digit rate currently and we will try to continue that way.

在B2B方面，我們在西班牙市場的5G領域處於領先地位。我們是唯一擁有5G獨立解決方案並正在推進具體專案的營運商。例如，我們為歐洲巴塞隆納港實施了最具創新性的解決方案，我們將利用這一點，使公共管理和大客戶目前以兩位數的速度成長，我們將努力繼續保持這種狀態。

Titus Krahn, Bank of America.

美國銀行的泰特斯‧克拉恩 (Titus Krahn)。

Just two, I think, more follow-up questions from my side. First one would be just on your French broadband trends, which you've already talked about. Do you have any feeling within the market, I know you're the first one to report Q2 results that whether the market trend overall in terms of net ads has improved compared to Q1, and this has been helpful for your stabilization at Rodman net ads in France. And how should we think about subscribers into Q3 and Q4 as well?

我認為，我還有兩個後續問題。第一個問題是關於法國寬頻趨勢，您之前已經討論過了。您對市場有什麼感覺嗎？我知道您是第一個報告第二季度業績的人，就淨廣告而言，整體市場趨勢是否與第一季相比有所改善，這對您在法國的羅德曼淨廣告的穩定有幫助。那麼我們該如何考慮第三季和第四季的訂閱者呢？

And a second question, just a very quick follow-up. I think you mentioned on the call, on the presentation in ICSS, there were some one-offs. Is there any way to quantify this for each one? Thank you so much.

第二個問題，只是一個非常快速的後續問題。我想您在電話會議上提到過，在 ICSS 的演示中，有一些一次性的事情。有沒有什麼方法可以量化每一個呢？太感謝了。

Thank you. So on the broadband trend, as you know, we don't give guidance on commercial net ads, but we are comfortable on the fact that the commercial actions we launched in Q2 will continue to pay off in Q3 and Q4. On ICSS, Laurent?

謝謝。因此，就寬頻趨勢而言，如您所知，我們不會提供有關商業網路廣告的指導，但我們確信，我們在第二季推出的商業行動將在第三季和第四季繼續獲得回報。在 ICSS 上，Laurent？

Yes. So, hello Titus. So, on this technical subject of ICSS, we have around one-third of the impact in terms of year on year, which is a big impact from last year, which is related to this submarine cable sale. And the two thirds are related to 2024, so one off and a bit of fading, just for you to have some colors on that.

是的。你好，Titus。因此，就 ICSS 這項技術問題而言，我們受到的影響年比變化約為三分之一，與去年相比影響很大，這與這條海底電纜的銷售有關。三分之二與 2024 年有關，因此一次性完成並稍微褪色，只是為了讓您看到一些顏色。

Okay, thank you.

好的，謝謝。

Emmet Kelly, Morgan Stanley.

摩根士丹利的埃米特凱利 (Emmet Kelly)。

Just one question. From my side, please. On the competitive dynamic in France, the number two player in France, SFR, they clearly experienced a pretty tough Q1. They had very heavy mobile losses in terms of net ads. And their EBITDA was, I think, 6% to 7% in Q1. Just wondering, from your perspective, have you seen in a changes in behavior from [Altis] France throughout the year, whether it's any pricing actions they have taken, maybe any changes in marketing stance from them, and whether there's been any change in number portability trends between SFR and Orange. Thank you.

只有一個問題。請從我這邊。就法國的競爭態勢而言，法國排名第二的球隊 SFR 顯然經歷了相當艱難的 Q1。他們在網路廣告方面遭受了非常嚴重的行動損失。我認為他們的第一季的 EBITDA 為 6% 至 7%。只是想知道，從您的角度來看，您是否看到 [Altis] France 全年的行為發生了變化，他們是否採取了任何定價行動，他們的營銷立場是否有任何變化，以及 SFR 和 Orange 之間的號碼可攜性趨勢是否有任何變化。謝謝。

Thank you. We've not seen any change. I mean, of course, we've seen a number of analysts comment on some of the changes they made, where you've been focusing a bit more, but really, frankly speaking, no behavior change from SFR. And when it comes to portability, we've seen as well in Q2 similar trend than what we had in Q1, in Q4, Q3, where we continue to gain customers from a portability standpoint from SFR.

謝謝。我們沒有看到任何變化。我的意思是，當然，我們已經看到許多分析師對他們所做的某些改變發表了評論，你對此更加關注，但坦白說，SFR 的行為沒有任何改變。在可移植性方面，我們在第二季也看到了與第一季、第四季和第三季類似的趨勢，從可攜性的角度來看，我們繼續從 SFR 獲得客戶。

Okay, thank you.

好的，謝謝。

[Nicolas Scott-Collison, ABC].

[尼古拉斯·斯科特-科里森，ABC]。

Yes, hi. Thank you, in case you didn't have enough of crunch questions. We saw you pushing the higher end of the broadband market. I just want to check if you have seen any impact on your side.

是的，你好。謝謝您，如果您還沒有提出足夠多的關鍵問題的話。我們看到您正在推動寬頻市場的高端化。我只是想檢查一下您是否看到任何影響。

And secondly, in a more general way, you mentioned tactical price increases. Do you think that big picture, given your high NPS and segmentation strategy, you have room to again increase some prices in the coming months? Thank you.

其次，您從更籠統的角度提到了策略性漲價。您是否認為，從總體來看，考慮到您的高 NPS 和細分策略，未來幾個月您還有再次提高價格的空間？謝謝。

Thank you. So, I mean, as we've highlighted, it's really -- we want to drive volume, value, and then when it comes to value, it's, of course, churn. Keeping churn in the control, that's our top priority. And tactical price increase, we've done some. You know that for the promotions, we move from 12 months to 6 months, and we stick to that, even though some of the competitors have not had followed and have changed, so we continue to be very tactical, a bit of more for more.

謝謝。所以，我的意思是，正如我們所強調的，我們真的想要推動數量、價值，然後當談到價值時，當然就是客戶流失。控制客戶流失是我們的首要任務。我們已經採取了一些戰術性漲價措施。您知道，對於促銷活動，我們將促銷週期從 12 個月縮短至 6 個月，並且我們堅持這一原則，即使一些競爭對手尚未跟進並已發生改變，我們仍會繼續採取非常有策略性的措施，多做一些以獲得更多。

We've increased on the copper offers because of some packages, but again, there's no -- I mean, no room and no environment to do a big bang, I would say price increase overall. I mean, back book price increase as we've done in '23, because inflation remains really under control and the trend remains. So that's why we have all our growth engine in motion, customer loyalty, customer acquisition, and of course, continue to cross-sell, up-sell, and leverage our strong convergent portfolio, as well as innovation.

由於一些套餐，我們提高了銅的報價，但同樣，沒有——我的意思是，沒有空間也沒有環境來進行大規模的上漲，我會說整體價格會上漲。我的意思是，像我們在23年所做的那樣，書籍價格上漲，因為通貨膨脹仍然受到控制，而且趨勢仍然存在。這就是為什麼我們所有的成長引擎都運轉起來，客戶忠誠度、客戶獲取，當然，還要繼續交叉銷售、追加銷售，並利用我們強大的融合產品組合和創新。

The Orange Cybersecure offer had a very good takeoff in June, and of course, migrating customers from copper to fiber, from 4G to 5G, that's driving growth as well.

Orange Cyber​​secure 的服務在 6 月取得了非常好的成績，當然，客戶從銅線遷移到光纖、從 4G 遷移到 5G，這也推動了成長。

If I may just follow up on the churn. Obviously Q2 churn in mobile was low but there's always a seasonal effect here. So do you consider the 11.4% churn in mobile as more than a seasonal improvement and is it something more important?

如果我可以跟進客戶流失的情況。顯然，第二季度行動領域的客戶流失率很低，但這裡總是存在季節性的影響。那麼，您是否認為行動端 11.4% 的流失率不僅僅是季節性改善，還是更重要的原因？

No, I think the (multiple speakers)

不，我認為（多位發言者）

-- the lowest churn in the market. I mean, our churn numbers are pretty good. I mean, on all type of offers, mobile, fixed broadband, convergence is even much better with four points lower churn on broadband. So here there is not much to say, maybe to complete on what you are asking on free. I mean, no matter the impact we see on the free offers that they launch beginning of the year on our high-end offers and high-end gross sets.

——市面上最低的顧客流失率。我的意思是，我們的客戶流失率相當不錯。我的意思是，在所有類型的服務中，行動、固定寬頻的融合甚至更好，寬頻用戶流失率降低了 4 個百分點。因此這裡沒有太多可說的，也許可以免費完成您所要求的內容。我的意思是，無論我們看到他們今年年初推出的免費優惠對我們的高端優惠和高端總套裝有何影響。

Okay, thank you very much.

好的，非常感謝。

Okay, thank you very much. Looks like we have no further questions at this point. I'll pass the line back to the management team for the concluding remarks.

好的，非常感謝。目前看來我們沒有其他問題了。我將把這條線路轉回給管理團隊，請他們作最後發言。

Thank you all. So thank you for attending the results. So as a summary, you've understood that our Lead the Future plan is fully in execution and we are fully on track. We delivered a solid H1 performance with financial results and organic cash flow growth year on year above 17% and we are very pleased to reconfirm and fully confirm our full year 2024 guidance. Thank you all. Have a good summer and enjoy the Olympics.

謝謝大家。非常感謝您關注結果。總而言之，您已經了解我們的「引領未來」計畫正在全面實施，一切進展順利。我們取得了穩健的上半年業績，財務業績和有機現金流年增長超過 17%，我們非常高興地再次確認並完全確認我們 2024 年全年業績指引。謝謝大家。祝大家有個愉快的夏天並享受奧運。

Thank you very much. This concludes today's conference call. We'll now be closing all the lines. Thank you and goodbye.

非常感謝。今天的電話會議到此結束。我們現在將關閉所有線路。謝謝你，再見。