Solutions 30 SE (S30) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. A very warm welcome to our Capital Markets Day 2024 on behalf of the Management Board and the Supervisory Board. It's a pleasure to be with you today. My name is Thomas Kremer. I'm the Vice Chairman of the Supervisory Board. This event is a milestone for us, a key moment to connect with you, the financial community and an opportunity to provide visibility and clarity about our strategic direction and operational performance. The management will deliver to you all the details. Please allow me to have a brief look at our governance structure. So dual governance structure of Solutions30 with the Management Board and the Supervisory Board is not very common in France, not in Europe and not around the world. Therefore, I want to take the opportunity to briefly explain the structure. The Management Board is entrusted with the company's operations and to develop the strategy. The members of our Management Board are Gianbeppi Fortis, our CEO; it's Amaury Boilot, our Secretary General, there he is; it's Luc Brusselaers, our Chief Revenue Officer; Chief Revenue Officer -- welcome; and Wojciech Pomykala, our COO. They are all with us today and will explain to you the way forward of Solutions30. The Supervisory Board is a separate body with a general oversight function over the most important strategic matters affecting the company and over its governance. And this Board is also responsible for selecting and appointing the management -- the members of the Management Board. The Supervisory Board of Solutions30 has 7 members and is represented today by me and by Pascale Mourvillier, who just joined us. Good morning, Pascale. In my view, this Board has the key qualifications which are needed to exercise an efficient oversight in the interest of the shareholders, meaning independence, diversity, competence and knowledge of the business. Solution 30 benefits from a Supervisory Board that is 100% independent. The members have no conflict of interest and can exercise the oversight in the best interest of the company. The Board has a strong diversity profile as 3 of our 7 members are women. Our members have an international profile coming from 3 different countries covering the footprint of Solution 30, and competence. In 2022, we reorganized our committees, expanding the Audit and Strategy Committee to cover risk management, compliance and ESG. In connection with this new organization, the Supervisory Board has welcomed 3 new members, including myself, having joined in 2022. We have the right mix of expertise, strategy, finance, audit, ESG and sector knowledge. In addition, the principle of knowing the business is key for us. To give you an example, last year, we had a Supervisory Board meeting in Belgium over 2 days. It was hosted by our Belgian company and 1 purpose workforce for the Board members to learn more about the front line. Each of us accompanied one technician at his work for a whole morning, which was a fantastic opportunity to gain first-hand insights about our technicians' daily work. Overall, the Supervisory Board is well placed and ready to support Solutions30 in its next phase of growth, and the Supervisory Board fully supports the group's strategy. Ladies and gentlemen, a word on our share price is necessary. No one, no one can be satisfied with the current share price. We have to restore value for our shareholders. To achieve this goal, the company is focusing on 4 pillars: performance, constantly deliver on our roadmap based on optimal capital allocation and financial disciplined colleagues. All based on a transparent reporting and on accountability. The strategy of the company is clear. The market positioning is strong, and the high quality of our operation is proven. That's now the moment for me to hand over to our CEO, Gianbeppi Fortis, to explain to you all the relevant details. Gianbeppi?

Thank you very much. Good morning, everybody. Thank you for being with us today physically and also from remote. There are people that are connected from remote. Some housekeeping first. We are going to -- after my introduction, we are going to go through the markets, which we operate with Luc. There is going to be a session on margins with Wojciech. And then you will hear our Human Resources Manager, Denis, HR for the group. He has been appointed HR for the Group at the beginning of the year because with the size we have, we see that now we have synergies that we can exploit across countries and bring the best practices across the Group. Then we have a session on the geographies with Amaury, Wojciech; Ton, who represents Benelux; and Wojciech, again, going through the different geographies. And then the session on finance and M&A with Jonathan and Amaury. And finally, we will conclude with the ESG part with Katarzyna and Nathalie. There will be 2 Q&A sessions. One at around 11:00 and then another one in the end and people who connect from remote can send e-mails. The questions will be read here and we will give the answers. Let me go to the start of the presentation, most of the ones that are assisting today know us, but let me just recap who we are. We are a service company. So we provide technical services to large accounts that delegate to us, the provision of such services to their clients. It's very critical for them, for several brands. It's the only moment where there is a physical contact between their clients and their brand. So we represent them. It's very important. And it's important to be entrusted by large brands in the space in which we operate. Our core competencies is to operate a large network of technicians across Europe. We are in a market that is very fragmented. There is lots of small companies, still lots of moms and pops that operate in our sector. We are one of the largest. Being largest, we have a certain density in certain geographies that are important in Europe. And therefore, we are more flexible than competition, and we also have a better cost structure. Today, we have a network of 16,000 people across Europe. We cover 9 countries. We manage about 80,000 interventions per day, made a bit more than EUR 1 billion in '23 with 7% EBITDA margin growing. I think that's the most important message that we want to deliver today, big focus on margins this year and also the coming years. This is a snapshot of the geographical coverage where you see that there is 2 large geographies today, Benelux and France, but we will talk about Germany because we believe Germany will be as large as Benelux and France quite quickly. And then we have 3 verticals. Telecom is the historical one. So 3/4 of our revenues are still made in telecom. But energy that is today 14% is growing faster. And we believe that in the midterm, energy will be as large as telecom. We will see it later. We have some logos below. It's not exhaustive, but it's just to give you some examples of the companies we work with. So basically, it's the largest telecom operators in Europe, largest utilities, largest manufacturers of electronics and very prestigious companies. And this is the recipe that we deploy with them is 3 main things. So I said before that we are in a fragmented market and to be strong unit volume. So what we do when we are in a geography, we focus on the largest accounts. The ones that can feed us big volumes. We try to allow them in. Our service is sticky. So it takes time to build processes together with our clients. And once they are in place, they are there to stay in the long run. So that's the first step of our strategy, develop a strong relationship with important accounts in the geographies in which we are. The second step then is to handle these volumes. Entering these volumes, you build economies of scale. You have a large back office, that is efficient. You work on standardizing interventions. You learn a lot because you have lots of volumes. And little by little, you become better than competition. The third step, once you have these volumes, is that then you are very dense in an area. And when you are dense in an area, you are more flexible because you have more people than competition, so you can juggle with people. And also, we have the best cost structure because your technicians drive less. So they don't waste time as smaller companies that do send people right and left. And across with these 3 ingredients that we use, there is an IT platform, our IT platform. That is extremely important because as you can imagine, 80,000 interventions per day, if it's not automatic or most of it automatic, it's just unmanageable. And we keep investing in this platform because we try to squeeze out every day, I would say, some bits of automation. So our objective is really to become every day more and more automatized and efficient. The recipe has been applied as of today to 3 main sectors that you see. So you see these waves of technology that are coming. The first one for us was telecom with DSL. We are continuing with fiber. IT came in quite early in 2009, 2010. And the last one is energy. That is really picking up. But there will be other ways. Our recipe can be applied to any market, I would say, where there is large volumes of interventions and some digital equipment that need to be installed and people who need a system. So the recipe can be multiplied many times. Luc will talk about some of the new markets that we are addressing. A few examples of how we have applied this recipe successfully. One is Benelux. We had nothing in Benelux up until 2015, EUR 40 million revenue. We had nothing, very small presence. We did some small acquisitions. Overall, up until now, we have acquired about EUR 40 million revenues with 4 small acquisitions. And then most of the work has been organic. And as you can see, in less than 10 years, we have multiplied our revenues by 30. And we have become one of the strongest player in this geography. We opened a joint venture with Telenet, that is the second largest operator of the country. We have been very instrumental for the country in the deployment of fiber, having taken the fiber in hundreds of thousands of houses, and it's continuing because it's a geography where there is a big potential. Energy. Now not geographical approach, sectorial approach. We began energy in 2015, EUR 4 million revenues, so nothing. And then as you can see, like in Belgium, we multiplied these volumes by 30 in less than 10 years, some acquisitions and a lot of organic growth. We deployed 1/3 of the smart meters that France deployed. We have become an important player in the solar world. That is becoming important for all of Europe. We are installing the largest solar floating farm in the east of France. And we are working now with important utilities across Europe for the upgrade of the grid. It's an important thing that all of the European countries have to do, improve the quality of the distribution network of electricity. Germany is the last one where we applied this recipe. Luc will talk more about that. Very important, Germany is doing 2 things today. They've been late in investing, but now they are investing. Fiber plan is launched bigger than the French one, like 2x bigger than the French one. Germany is investing about EUR 50 billion in the fiber deployment. And they have also -- they are also very aggressive in terms of renewable energy. As you know, they don't have nuclear. They have to get out of coal and fossil. So they are investing in renewable energy and, in particular, in solar. So big potential for us, both in telecom and in energy. Very short-term focus is telecom because we signed contract with all of the operators in Germany, and we are doing the ramp-up. So we are seeing double-digit growth today, and we believe that there will be double-digit growth for many years. What the clients are telling us is that deployment and the connection of clients to fiber in Germany will take longer than in France, at least a decade, we believe more. So we are talking about a way that is going to last 10, 20 years with good prices. We are seeing prices better than in other countries. And therefore, while Germany is growing and still doesn't have really the critical mass, we have seen very good margins, margins that are better than in other places. So Germany, certainly an important pillar for us in the short term. Now on the left side, you see the summary of what we are today. A company that is making EUR 1 billion revenues, quite well diversified, both in terms of geographies and in terms of activities. A good experience of M&A, we managed to do 30 acquisitions and, more importantly, integrations successfully. 2/3 of our revenues today come outside of France, that was the country where we started. And we have been capable to riding these technological waves in the past, and we will do so again in the future. And on the right side is what we are doing now. So after a few years of very strong growth, it's time now to clean up a little bit our contract base. So we are being very selective, I would say, in the past few months, and we will continue to be selective in the coming months because our focus now is margins and cash generation. That is very clear. And then in terms of places where we focus for the growth, as I said before, Germany will be the third pillar of the group soon and energy that will grow faster than all the rest. And of course, we will do this, keeping in mind compliance, sustainability, as you will see in the rest of the presentation. The proof that what we are doing is really done that what I'm saying is really done is the outcome of the first half of this year. So you have seen that we have reduced revenues in several places because we've been selective. But at the same time, in the important places, Germany energy, good growth, 25%, 30% growth. The work on the margins now is visible. We gained 200 basis points in the first half of this year. And also the focus on cash generation. We have improved our free cash flow by EUR 26 million, and we'll continue to do so in the coming future. And this is the road map, just a snapshot. You will get more details, don't worry. So one priority short term. And by the way, we are saying '26 because we want to give you some guidance quite short term on what we consider important and we believe we are capable to deliver. So this is why we're talking '26. So Benelux, we are one of the strongest players of the geography. We are there to stay one of the strongest. We are not going to have an easy H2 this year. You will see later with the guys from Benelux. Why? We told you already, but we are going to get more details. But in any case, we see a good trajectory of growth for quite a while with double-digit margins. France, the game there is to rebalance the mix. It was mostly telecom and now it's becoming balanced between telecom and energy with energy bound to increase size significantly by '26. Germany, third thing. So third pillar of the group and should be best performer. Best geography for us by '26. And then for the Rest of Europe, the smaller countries, we will be extremely pragmatic. Either we see that there is the potential to grow and be profitable. I mean, bottom line profitable or we will consider getting out of some geographies. We'll not stay there. If we see there is no potential, we are not capable to make them profitable. And of course, we will do that keeping a good balance sheet as we have today with a limited leverage and without any dilution for our shareholders. Let me pass the ball to Luc. Thank you.

Good morning, everybody. My name is Luc Brusselaers, cannot title on Belgium with the name like Luc Brusselaers. And I want to talk to you today about what we call market programs. Markets is 2 things. It's vertical markets, energy connectivity, but it's also geographical markets countries. And programs is what we do in those markets, right? For example, mobile installation of antennas or IT support for HP. That's a program, right? So I want to talk to you about those things and how market programs make the company evolve and make the company grow. On the slide, you can see on the left side, the slide that already was shown by Gianbeppi. And you see that when we started, we invested in technology support, technology services. We bolted on in-home support for telcos, and that generated the next growth wave, right, new program for telcos. At the same time, we entered new geographies, new area, new market, so that generates growth. Recently, we've looked at the energy market, and you see that the energy market is now -- and the programs in that market are now causing the next wave of growth. To show you what energy does for the group, today, energy is about 11% of our revenue or in '23, it was 11% of our revenue. But if I look at the funnel today, then the funnel is about 31% of energy market programs, right? So the energy is really picking up in our business. Why? Why do we look at those markets? Connectivity is EUR 150 billion addressable market for us, right? So the numbers you see on the left side are addressable market numbers for us. So the market is much bigger, but we don't produce transformators for the energy sector or nuclear plants, right? So we don't do that. So the numbers you see there on the left side is the addressable market for us. In connectivity, you're talking about EUR 150 billion of addressable market. The biggest countries there for us are Germany, where only 40% of the homes passed are deployed and about 10% of homes are connected to the fiber. So that's a huge market. But also Belgium, 28% of the homes passed deployed, 7% home connect. The U.K. is still a big market, 47% HP, about 12% HC. And there is lots of markets where the home connect is not as widely deployed as in France, for example. So interesting market still for us to be. The energy segment is much bigger. The EU sees EUR 2,500 billion as investment that goes into that market because of decarbonation, Net Zero by 2050, programs that EU is pushing into the countries. Our addressable part, around EUR 800 billion. And I will talk about these markets more in depth. Technology. IT is a big market, but there are other markets in the technology space that are very interesting for the group. Just to talk a bit about the programs in those segments. Fiber construction in the connectivity space, customer connections. We still do a lot of legacy fix. And certainly, when I talk about Germany, you'll see that legacy fixed, copper and coax is still very important for the group. It's not gone. Copper is still there for the next 10, 15 years in many countries. And mobile, we've got mobile presence now in U.K., Spain, Poland and Italy, and we'll continue to invest in the mobile space. In the energy sector, there are 4 main segments that we're looking at. The power grid and you'll hear about some recent projects that we won in the Benelux on power grid upgrades and expansions, very important. It's not only the grid, but it's also the connections to the grid. Photovoltaic solar and BESS, B-E-S-S, so BESS, battery, storage. EVC, there will be a time that electric cars will be used by more than just the Belgians, the Norwegians and the Dutch. I'm an early adopter. I drive Tesla since 2015. So I'm sure it will come. As smart meters, France is deployed. But in Germany, only 20% of the houses have smart meters; in the U.K., 40%. So there's still a lot to do in the smart meter market. The technology space, traditionally, we've looked at IT and retail, but there are more things. We're looking with a lot of intensity to the rail market. We've got a Solutions30 rail company now with a couple of specialists that are looking at the rail segment. There's lots of signaling, lots of communication, lots of train stations that need support. So it's one of -- it's a very big sector in Europe, and I'll show you in a minute. IoT is a market that we're looking at, and we're also looking at elevators. So just to give you an idea of some of the customers we operate for in those markets. Connectivity, Deutsche Telekom is investing EUR 6 billion a year in their networks. Virgin Media in the U.K., we're deploying fiber for Virgin Media, EUR 4.5 billion a year. I'm not going through each bullet but just to give you an idea. And it is an important customer for Solutions30, EUR 4 billion a year. Fluvius, we've won some of those projects that make up that EUR 1 billion a year. So large investments in that energy space. Why is rail important for us? If you look at the rail in Italy, EUR 16 billion a year in rail. In France, EUR 10 billion a year in rail. Deutsche Bank needs to do a real upgrade of their network and signaling and so EUR 8 billion a year. So it's a huge market, but there are opportunities for Solutions30. Just a quick deep dive on the energy programs and how we see that evolve. We started in 2015 with smart meters linking in France, was the first big contract in the energy space, and we've deployed about, I think, 20% to 25% of the market. In the meantime, we've done Belgium. We've done the Netherlands, Italy with smart meters. So it's a program that is well perceived by the energy providers. Electrical Vehicles. In 2016, we obtained the first contract with the grid operator in Belgium. In the meantime, we've installed more than 25,000 EV chargers in our countries. Solar, we did an acquisition. South of France, Perpignan in 2018. Since then, we've grown the business. We've recently done an acquisition in the Netherlands, a company that is active in the Netherlands but also Belgium and Germany. It's an engineering office from which we can absolutely grow in that space in those 3 countries as well. And certainly, Belgium and Germany are very important solar markets in Europe. And then the power grid. We've recently won a program for Fluvius. And it's not just the grid upgrade that we're doing, we're also upgrading the home connects from [indiscernible] that consumers can get more energy in their houses. What we are seeing though is that a lot of our customers are now asking for integrated solutions. So you have customers who are asking for solar panels, but can you also change the smart meter, which is a requirement in Germany. You have -- in the Netherlands, we have projects where because of the congestion, we always need to install battery with the solar panel. So we're seeing that, that market is looking for more integrated solutions. And I think with our [indiscernible] of smart meters and solar and EVC and grid, we can offer that end-to-end solution to many of our customers. I think we've got a pretty unique solution there for that space. Just a little bit around markets from a geographical perspective, in the vertical markets, connectivity and energy. I have not put technology on this slide. It's a very, very fragmented market on a technology space. So we've chosen to do just connectivity and energy. The dots are our countries and where they are today on market share versus market opportunity. As an example, Germany is in the top left corner. The market opportunities are really big in Germany, but our market share is not there yet. So we can grab market share in Germany. Whereas in the Benelux and France and Poland, we are a very important player in that market. We are one of the top 3 if not a top player in the market. But the market opportunity is not necessarily as big in Poland as it is in Germany, right? So that's how you need to interpret the slide. On the energy side, however, you see that there's a huge market, but most of our dots are on the low market share side. So on the energy space, we can certainly win and create that next wave of growth for the group. Technology was not on the dot slide, but just the new things we're looking into in the technology space. So for rail, we already provide services to SNCF in France. For stations, Olympic Games, we did things for ERTMS. So we are in those stations already, and we can expand on that in other countries. In Belgium, for example, we have a service for digital meters and clocks in train stations, right? So train stations is an important thing. Facility management is something we do for SNCF as well. A lot of the train signaling today runs on copper. And if we have a failure of the tracks in Belgium, then it's often because somebody stole the copper. So what's happening across Europe is that the copper cable is being replaced with fiber cable, not just as a communication means, but for signaling, that move is happening. There's actually a program called ERTMS, European Rail and Train Management System, whereby all of the signaling will be upgraded in the next year. At the moment, there is 3 countries that are a bit ahead, around 60% deployed. That's Luxembourg, Switzerland and Belgium. But there is major opportunities to upgrade the signaling and bring the signaling from outside into the train. I was talking to ProRail in the Netherlands, and it was -- the manager was saying, give me 1,000 Teslas and I'll make the trains drive on its own, right? So that's what ERTMS is in that space. Lifts is a segment that we're investing in. We've got a company started on lift maintenance. A lot of the lifts that are running are a bit older and need upgrading. Lift technicians is a bottleneck profession. So if you have a lift technician that is from outside the European Union, you can get easily in the European Union because for the last 7 years, there was not enough lift technicians in Europe. So it's a very important market for us to look at. Now last but not least, we believe that within the energy space, home energy management systems and energy efficiency applications will be an important part for us as well. We are doing already heat pump maintenance. We are doing a lot of smart thermo, remote control of heating in houses that is smart thermo. So we believe that, that's a market that we can look at isolation, solar panels glazing maybe. So there's a lot of things to do for us in that segment as well. So that gives a bit of an overview of our market programs. I'm fanatic about it. So if you have questions then please approach me. Wojciech?

Good morning, everybody. My name is Wojciech Pomykala. My surname will not tell you, let's say, the country I'm coming from like Luc's, but I'm coming from Poland. And I will tell you a little about margins, what drives our margin and what we did during the last 2 years, 2, 3 years to improve our margins. So a short recap of the beginning. What drives our margin? What influenced our margin? First of all, business sites. I will tell a lot about that on the next slide. But this is the mainly very positive influence to our margins. The second part -- the second point, our customers very often have their own challenges, lack of financing, changes of the market, some acquisitions, some other changes in the macroeconomy. And this influence the volumes we are delivering. And we are not able to stop the cost, stop delivering the volume from day to day. It happens in Italy. It happens in U.K., and it happens in Belgium as well this year. The next one is very interesting. Have you ever heard the story about the frog in boiling water? If you put the frog to the boiling water, the frog will jump out immediately. But you put the frog to the cold water and start boiling this water, you boil the frog together with the water. And very often, we are asked by the customer for small gradual changes, over here, over there. These changes are not really important if we are taking the small change separately. But if we are taking the -- discussing the all changes together, this is the undesirable consequences for our business. So this is -- it was one of the reasons why we decided to leave some contracts. The last point, which is right on our margin. This is the delay in the projects on the customer side. Very often customer has their own processes. The project is delayed. But eventually, we are asked, do it faster, faster and faster. So we are ramping up. And our business model is prepared for the medium-sized, but when the volume is going up, we are sometimes losing our margins. So we need some time to adapt our business model. Business cycles. First of all, this is the very positive influence to our business. The business cycles for our business, for the markets we operate are very, very long. We're not talking about 1, 2 years. We are talking about plus-10 years. FTTH construction, FTTH customer connection, smart metering, smart grid. These are the cycles when the margin can be -- the high margin can be generated for a very long time for the plus-10 years. Additionally, maintenance, this is something recurring and can take much, much longer. Of course, we have -- there are some initial negative influence at the beginning of this business cycle and at the end of the business cycles, just to give you the couple of examples. The first one, this is the ramp-up in Belgium, FTTH construction. We started in 2021, at the beginning, small volume, negative EBITDA. But when the volume increased, our EBITDA was very high and very positive. In the middle, on the mature market, when the market has the certain maturity, we can even improve our volumes and improve our margin. This is the example from Poland, and this is example of FTTH customer connections. At the end, you can see the -- on the right bottom corner, you can see the example from Spain. This is the customer connections. The market in Spain is very, very mature. There is no possibility to grow on the FTTH customer connection or FTTH deployment. So the volume are decreasing. The distribution of volume is, let's say, not preferred for the partners. Therefore, our margin is decreasing as well. The other point, which influence our margin, this is the volume. At the beginning of the project, we have a lot of costs. We need to have the field managers. We need to have the cars. We need to have the warehouses. We need to have a lot of trainings, some city managers, field managers, a lot of cost at the beginning. And our performance is not so high at the beginning. And additionally, the volume cannot bring the positive results. And at the certain moment, the breakeven point, we are starting to generate positive margin. We implemented several points, several actions in the group to speed up, to move this breakpoint from this middle to the left. I will show you in the past -- in the future on the next slide, what we did in there to make it happen. And still, we believe that we need to have the certain scale on the country level. And additionally, we need to have the certain scale on the activity level. So we have started to focus on the country level to really deliver the certain amount, certain volume per particular activity. And what we did? What we did during the past 2 years, you saw the improvement of our margin over the last 2 years and what we did to achieve it? First of all, there is no gold ticket. There is not something we can implement one thing and everything will be perfect. We implemented several things, and there was the things, which let us understand what is going on in this business on the particular activity on the part of our countries, but we focus on the cost as well. We focus on some particular countries. We rationalized our IT spendings. I will tell about the later stage as well. Just to give you some examples. We implemented a completely new monthly business reporting. We are meeting with the countries every month. And we have the very standardized model. So I can understand the trends. We can understand all the details, not only on the level of the entire P&L, on the country P&L, but we can see everything together with the profitability of the KPIs, with the revenue comparison to the revenue, comparison of the countries. We can see whether the -- for example, the logistics in one country is too expensive versus the other country, having the same business. We can compare the SG&A. We can compare the IT costs. So all the parameters on the country level, on the business level, activity level, segment level, we can compare quite easily based on this business reporting. Of course, we have as well the KPIs. We can see what is the level of healthy of business. So we can see whether there is the certain share of subcontractors. What is the productivity of technicians? What is the productivity of the best technicians? What is the productivity of the word technicians? What we can focus on the particularly country? And of course, we can compare the segments. We can see as well the headcount. So all the details, which can bring the knowledge to the group, what we need to -- how we need to react and when we need to react. Examples. These are the 3 good examples. U.K., in 2022, revenue are almost the same over the last 3 years. But in 2022, our margin in U.K. was very negative. Our business model was not adjusted to the market. We did only mobile business. And we decided to change it. Change to how they sign the people, how to work with the subcontractors, what is to adjust the cost of SG&A and direct overhead to the group standards. It influenced profitability per U.K. over the last 3 years. This year, our revenue will be a little lower than last year, but our profitability is much, much higher. This is the -- on the graph, you have the same scale. So you can compare. You can see what is the revenue per country, what is the EBITDA and this orange line, this is the zero EBITDA. In Poland, over the last 3 years, we were able to really do a lot of the organization on the internal side, but as well, we increased the KPIs, increased the market share. About Germany, this is one of the success stories, Luc will tell much more in the latter part of the presentation. I presented to you the breakeven points. Do you remember the moment when we are starting to deliver the positive margin. And we decided to implement several actions to speed up, to move to this breakeven point much more to the left. Just to start bringing positive EBITDA faster. Market program is one of these ideas. So it is the common work of the operations and sales. We build the program, which helps countries to start faster to have the knowledge, to understand how the market is organized, which customer we should address, what should be the outcome, what -- how we should be prepared? So the program is -- was prepared and this is the mainly focus on this energy market, which is growing significantly in Solutions30. And something new. It was mentioned by Gianbeppi at the beginning, termination of negative contract. This business -- monthly business reporting is providing to us some knowledge. And we understand whether we are positive or negative on the certain activities. And when we see that the margin is not good enough, then we need to do some actions. Of course, sometimes actually -- very often the EBITDA is good enough. So we do nothing. But when the EBITDA is below expected level, we believe we can achieve, then we are trying to analyze what is the source of it? We see the activity with speed activity per contracts, with speed activity per customers. And we try to understand what is the source of the problem? Is it the B2C, is it the B2B? Is it a particular customer, when we understand that, we have the first step, we start from our side. So we try to understand what is the model of business, what is the productivity of technicians, what is the speed of subcontractors, how we manage the subcontractor, what is the logistic. So all of these aspects, we analyze, we compare with the group standards just to bring the changes to the business to improve the margin. But sometimes, this is not enough. Sometimes, we are facing that even changing significantly the business model, we are not able to deliver the positive margin. Then we are trying to talk to the customer. There are some -- maybe we have the volume on outside of the city. So the driving time is very long. So we need to discuss, renegotiate, maybe we need to change some conditions. Sometimes, we are not able to achieve on the operational side, on the contractual side the positive outcome, therefore, eventually, we decided to terminate the contract. And this year, we terminated several contracts in Spain, in the U.K., but we were able to renegotiate the contract with ORANGE, with TIM as well in Italy. And what we are planning to do to improve it further. I just put a couple of examples over here. What is the most important for us for the next future or the short future. We implemented the market programs, and we have this business review. But very often, when there was the very big ramp-up, very big increase of the volumes of the business in the particular country, countries are not experienced enough to look for the all aspects of the business. We are not looking how I'm going to calculate the WIP, how to decrease the WIP, what is the cash flow of the project, what is the model of the acceptance, how I can speed up the acceptance. There was a lot of details, which we are trying to understand together with the countries. So we implemented something like the project verification template still is on the paper version, but we are going to digitalize it as well. Just to spend a couple of hours with the country. The country understands all the aspects to see the big picture of the project from beginning to the end. And we understand what is the level of maturity of understanding the entire project on the country basis. This process should bring the increase of the acceptance, speed up the -- increase the cash flow, the positive cash flow, limit the penalties. So there is a lot of different benefits we can bring with this process verification -- project verification template. The next thing, call center. Our business is based very much on the support from the call centers. We have something like 2.5 billion calls every year. We are working from 13 countries. We are supporting 7 countries. We have the half of the call center is internal; half of the call centers is external. So we decided to do the step -- the next step to increase the maturity of our call centers. First of all, to increase the automation, verify whether we are able to put offshore much more than we have today. It could bring significant savings for the group. And this is the project, which we started a couple of months ago. And so we expect that it should bring next year significant improvement. I will return back to this breakeven point. We implemented to move it to the left to increase the margins from the beginning. So we implemented the market programs, and this is the something additional. We implemented, I call it deep dive to the business. So the first meeting was already done in Perpignan in France. We sent the team from Germany, from Spain and from Poland, and they spent a week together with the local team, just to understand all aspects of the business, how to prepare, how to structure this business from the organizational point of view, from the logistics point of view, from the health and safety, from the price calculation, from the customers. So all aspects during the week were discussed. And of course, in terms of the visit to the field, just to understand how the work looks like in reality. So this is the, let's say, fresh new pictures from the couple of weeks ago. It was the first such meeting. Right now, innovation, automation. So there's a couple of examples which we are working on and which we already implemented. This is the example from Belgium. There is the project for smart metering and technicians exchanges the meter to the smart meter, and then he's doing the picture of the smart meter. And this picture is verified with the ideal one. So the all aspects -- if the all parts of the service were delivered properly and the technicians receive the answer immediately. So there is no risk that he needs to go and return to this customer because something was not done properly. So this is the process, which increase the first time right. We are almost 99.8% of the first time right with this tool. Smartfix, our internal -- our tool, our proprietary solution, which I will describe in the couple of minutes. And that's something we are doing additionally, we implemented the chatbot for the technicians. So having -- our technicians having the smart smartphone and the Smartfix can ask the system, what they should do and receive some tips how to deliver the service successfully. And the next step we are doing and we won the subsidy in Belgium, and we are preparing right now machine learning solution. We have the very big database in the Smartfix of the interventions. So we are trying to find out the scheme how the time of the day, competencies of the technicians, type of intervention, type of the customer, driving time, time of the day influence to our first time right. Just to increase the first time right, we -- the system will automatically support technicians to avoid the problem during the installation. And 2 other examples. Route optimization. This is the tool who analyze and look for the shorter possible distance to travel. So our automated dispatcher adjust the tickets to the technicians. And then this is assistant, this route optimizer is working in the background, just a rescheduling, moving the tickets between the technicians just to find out the lowest possible driving time. And this is -- the system allows to deliver something like up to 20% savings of the minutes per day. The last one, we started to use it a couple of weeks ago. This is the tool, which support us with the hospital documentation and with the control of the trenching. So during the FTTH deployment, our subcontractors are building the trench, but the trench need to be -- have some parameters, the width, the depth and there should be the right pipe inside. So the technician is going through with the tablet next to this trenching. The system automatic doing the measures and provide to our center of the design, the information about the added documentation. So big saving of time and cost. The last part, the IT platforms, how our IT platforms looks like today. This is something we believe is our competitive advantage, is going to be our competitive advantage in the future. First of all, just rough picture how our system are organized. We have the 3 parts of the system. First one is Smartfix. This is our own tool. I will describe it on the next 2 slides. But the Smartfix is the tool for the B2B2C customers. So every customer with the high volume, the ticket is delivered to the technicians, and we are working on this -- of this tool of the all segments. It is the connectivity. We are delivering FTTH connections. This is the energy implementation of the EVC charges for the private customer, individual customer or technology, we are working with the customer to repair the PC, for example. So all the tickets, all the projects which are based on the end customers. Individual customers are based of the Smartfix. For projects, we started to implement IT tools. IT tools is the system which support us with managing the projects for FTTH deployment or B2C, B2B EVC. And our general systems, just a couple of words about the IT. We start the migration to Amazon Cloud this year. We had the different data centers. This migration is in 60%, 70% advanced, we should finish in the couple of maybe 2, 3 months. And it's going to save the 0.5 million this year and more than 1 million from the next year. And for NetSuite for the accounting for the finance, we implemented NetSuite together with use of the workflow. And this is going to increase the possibility to close the financials faster than today. We work, of course, of the 365 Office, and this is something which we as well speed up because there was -- during the -- a lot of acquisitions in the past. Some of the acquisition didn't work in the Solutions30 talent. So we implemented -- so we are migrated these new acquisitions, new entities to the talent as well. And additionally, we implemented some savings based on the verification of the type of the account and deactivating the accounts which are not used anymore. IT security, this was a lot of work during the last year. So we have the SentinelOne, we have CRM, we are doing the penetration as we have SOC. We implemented the ISO 27000 in France, and we are very advanced with the NIS 2. So we did a lot just to prevent potential interruption to our systems. We can even -- with the [ CM ] we can even match the different types of the attacks in the different systems just to understand whether it is the one entire big try to penetrate our systems. Smartfix. So this is something, which gives us quite big competitive advantages. This is our own system integrated with the customers. So we have the real-time integration with the several IT customers, telco customers. So tickets are delivered directly to our system and directly to the technicians. System is scalable, there is a lot of features, a lot of interventions. 150 projects were implemented in the Smartfix and how the system works. So in the real time, the tickets are delivered to the Smartfix from the customer. Then the tickets are automatically assigned to the technicians via automated dispatcher. A lot of our customers do not have the automated dispatcher yet. This automated dispatcher is working on the competencies of the technicians. So the technicians only with the certain competencies will be assigned to the particular ticket. There is the availability of calendar of technician availability. So only the ticket will be assigned to the technician who is available on the particular day. We can see the map, we can see the status. We can -- this is Uber like solution. So the customer can see whether the technician is going to the interventions, if it is delayed or this is -- the intervention was successful. We can have the NPS. We can have a lot of reportings. In general, the system delivers something like the 1,000 different features. So we believe that this is something, which we can develop further, implement this AI solution and machine learning, just to keep our competitive advantage in the future. Thank you. Denis?

Hello. I'm Denis Coleu. I'm the HR Director of the Group, and I'm delighted to be able to present the Group HR policy to you. This HR policy is based on a simple principle but is worth remembering, HR is not about HR. HR is about business. I would like to first go back to the fundamentals that have made the success of Solution 30's HR policy and on which we will continue to capitalize. Then secondly, address the highlights of the HR policy to go further and finally address a specific and apparently paradoxical subject on the level of turnover. To start with the HR fundamentals of success of Solutions30. As I said, we will continue to capitalize on these fundamentals. Concerning the question of recruitment, for example, both in its sourcing on its integration, we are similar logic for employees and subcontractors. Solutions30 has proven its ability to lead an effective HR policy, in particular, by carrying out massive recruitments quickly whether employees or subcontractors. We recruit all types of profiles, and we have a solid recruitment team with agile and who knows how to rely on operational managers who are, in my point of view, the first actors of the HR function. Massive achievement after being able to be achieved, in particular on linking market with 5,000 recruitment over 7 years or recently 200 people recruitment for Olympic games in 3 months with original approaches in street market, in train station and in a very agile approach. 37% of our employers are under 30 years of age. And the investment in training is significant with an average of 28 hours per new recruit. Sourcing relies on the variety of channel partnerships with different organizations, local missions, job center or market street in train station, as I said previously. Our fundamentals also concern the remuneration. An incentive system with a basic salary at a minimum wage most of the time, but highly incentivized on the results. These fundamentals are retained and must be completed by addition to constitute the HR policy block. We are leading the development of the employer brand, support and sharing of good practices and HR development. The employer brand must be based on the desire of new generation to experience regular changes in activities. Thus, our strength indirectly linked to our ability to offer these candidates, prospects for changes in activity and profession. For example, to start in telecom and then to move to energy. Our employer brand is evolving by moving women and men from Solutions30 before Solutions30 into this new line of communication. That's important to put people inside our communication line and speak about people to offer visibility to our employee brand. Cross-functional development is an asset for retaining employees. When we do not have 100% promotion capacity, although 50% of own managers come from internal promotion. HR support is mainly linked to the sharing of best practices with the example that Wojciech presented to you on the visit, for example, of team from Spain, Poland and other countries and Germany to the Southwest with the energy teams in Perpignan. We are developing our agility in terms of international mobility, as we said previously also, by recruiting in various European countries to mobilize competent teams in the different countries, especially in lifts, as we said, in lift activities. The creation of an HR compass with best practices but will be shared with -- allow us to move faster and a lot less mature countries in certain markets to save time to penetrate them by benefiting from the experience of others. As we said, concerning how to improve margin, we said that a way to go further is to share this best practice to go faster to improve margin. To conclude this presentation, I would like to highlight a specific subject of our HR policy and which consider the desired level of turnover. This is part of our policy because our 30% turnover rate is well managed and now a strategic level for renewing talent, optimizing costs, improving performance and strengthening the employer brand. The 5 positive factors of turnover are as follows: regularly onboard new talent with fresh perspectives and modern SKUs boosting innovation and creation; second, review compensations and benefits to optimize costs; invest in training new employees; encourage internal mobility to certain Solutions30 culture of flexibility and excellence; and finally, adapt quickly to market changes and fluctuation in demand. Thank you for your attention. And now let's watch a video of why we illustrate the evolution from activity to others. [Presentation]

Okay. Coffee break is upstairs, and we'll be back in 15 minutes. [Break]

[Presentation] Good morning, everyone. So this video is a good introduction for the next topic we are going to talk about since we are going to talk about France first and then the other countries. The group initiated its activities in France back in 2003. And over the last 20 years, we have built up a strong presence covering the old country with more than 60 -- with more than 6,000 technicians. Building up on this historic presence, we have France pioneering in terms of business diversification, and we have a well-diversified group of activities. Since we are covering the whole offerings of the group. In 2023, French generated a revenue of EUR 403 million and an EBITDA of 8.8%. Over the last 2 years, France went through a deep transformation since we had to adapt to new market conditions, and we had to develop a new positioning on new activities generating new opportunities. The Linky smart meters rollout stopped at the end of 2022. The fiber activity is entering into a phase of maturity with a decline in the deployment of the optic network, but the stabilization of the maintenance activity, which is even slightly increasing. The technology segment is a segment which continues to provide recurring maintenance activities, and we have invested a lot in the energy transition-related technologies. Which is -- which are a booming sector for us, offering very large opportunities for the coming years. So we have a number of assets in France, and our sales strategy for the next 3 years is extremely clear. We will continue to develop our maintenance activities across all verticals as these activities generates a recurring revenue. And on top of that, we will develop our activities on new emerging markets, which offer very promising opportunities. The first opportunity is the decommissioning of the copper network. There are millions of kilometers of copper in France, and each turn is worth around EUR 11,000. So this project is about to start and could generate large opportunity for Solution 30. And the second very large opportunity is the energy transition and all the technologies that we need in order to produce and consume differently or more efficiently in the coming years. So in terms of margins, France has always been a driving force for the group. In 2020, France showed the resilience of its operating model since we had to adapt to a sudden shutdown of our certain of our activities in 2020 with a quick recovery of this activity while protecting our margins during this period. In 2022, France faced 2 massive shocks at the same time. First one was the termination of the Linky rollout. And the second one was the operational transition in the telecom sector with the integration of Scopelec activities just after the -- this company went bankrupt. So margins were adversely affected temporarily in 2022, but then quickly recovered under the effect of a massive transformation plan that we initiated at the end of 2022. This transformation plan was designed in order to improve our profitability, and it was based on 5 pillars. First, we reorganized our energy activities and built an offer around renewable energy generation plants, smart grids, energy renovation and other emerging applications such as EV chargers, smart thermostats, Two, we developed versatility, sorry, of our technicians in order to have technicians capable to work all across our verticals. Three, we completed the integration of Scopelec activities and worked on the optimization of our model. Four, we worked on the optimization of our processes. We pursued the industrialization of our operations in order to maximize synergies. And finally, Five, we adopted a set of measures in order to cut costs at a central level. Let's now have a look at the fixed telecom French markets. After peaking at EUR 3.6 billion in 2021. As you can see, this telecom market is entering into a phase of maturity. But nevertheless, it presents significant opportunities for us in the coming years. What you can see on this graph is that the copper maintenance activity is naturally declining which was expected as it is gradually replaced by the fiber optic network. And in the fiber activities, there are actually different dynamics. The construction of the network is actually coming to the light gray part because now in France, most French people have fiber in front of their house. But the client-facing activities related to fiber, which are the core business of Solutions 30 are actually stabilizing and the maintenance part is even slightly increasing currently. What we see on top of that is that a new project is taking shape, the decommissioning of copper that I was mentioning. This could represent a very large opportunity for Solution 30 and a potential addressable market of EUR 1 billion per year. So the telecom market in France changed radically over the last years. And these new challenges can be turned into opportunity for Solutions 30 provided that we adapt our operations to these new challenges. The first challenge for telecom operators is to complete the connection of the old population to the fiber optic network. Since there are still a large number of customers who do not -- who are not connected to fiber currently and especially the business clients. As you can see on the graph, only 2 out of 3 business clients are currently connected to fiber. Two, the telecom operators are facing a strong pressure on their margins currently. So that means that we need to continue to optimize our operations in order to meet the requirements of our customers in terms of pricing. And in some cases, we'll have to accept to terminate some activities when the prices are not high enough. Third challenge is related to the new policy of telco operators. Over the last years, the priority was given to the acquisition of new customers. So the operational challenge was to connect as many customers as possible in a limited time. Now the objective is to retain these customers. So that means that telco operators need to rely on partners who have a dense network of technicians covering the whole territory and able to fix the issues when a customer has a breakdown so that to avoid that the customer goes to the competition and subscribe an Internet connection with another telco operator. As this network of -- as this fiber network is being deployed. There are also new opportunities, new emerging trends coming on this market and challenges. The first challenge is to develop the resilience of the fiber network in order to avoid climate hazard and the other challenge is to remove the former corporate network in order to cut down the costs for the telco operators. So our strategy on the telecom market will definitely be to prioritize efficiency and profitability while keeping a focus on the maintenance activities, which are generating revenue. We will continue to optimize our operations in order to meet our customers' requirements in terms of prices and quality. We'll continue to develop a selective policy in the management of our contracts. And we will terminate some activities if we are not able to meet group standards in terms of profitability. And in terms of business development, we have just started a new business relationship with a fourth telecom operator and we will stay close from our other telco operators and our historic customers and especially to assist them in their new challenges related to decommissioning of the copper network. Of course, this ambition goes along with an HR strategy, where we plan to develop the skills of our customers and adapt the skills to the new challenges facing this industry in France. Just one word on this HR topic. Denis mentioned a turnover of a churn of 30%. This only concerns our technicians since keeping aboard our technicians, our managers is extremely important. Let's now talk about the energy market in France, which is definitely the most promising market for us in France. The energy transition has started and is even accelerating. Currently, 20% of the energy that we consume in France is green. The ambition is to increase this level up to 33% by 2030. So that means that the production of solar energy, the production of biomethane will be multiplied by 4 by 2030. At the same time, the number of EV chargers will be multiplied by 5 and this dynamic is not just a good intent. It is framed by a number of flows, which supports this acceleration dynamic. And especially this law called ENR voted in 2003, which make it compulsory for all the parking lots exceeding 1,500 square meters to be covered with solar panels. The multiplication of green energy production units and the new consumer uses, obviously, call for a transformation of the power grids. Here is an illustration of the massive investments, which are going to be -- to come on the French market with Enedis. So this document coming from Enedis you can see that Enedis planned to increase its maintenance budget from EUR 3.5 billion to EUR 5 billion. So Enedis is spending more in 1 year than the 4 telecom operators when the fiber was at the peak. So it's really a massive investment. It's more money than Enedis' invested into the rollout of smart meters. So currently, we are already performing these operations for Enedis. We made last year a revenue of EUR 10 million approximately. And we will assist Enedis in this challenge for the next coming years. And obviously, we will deploy the same strategy with all the other energy network operators like GRDF or Veolia, who are already customers of Solutions 30. In terms of strategy, we want to focus on the high potential activities where Solutions 30 can leverage on a recognized knowledge and where we have a competitive advantage. First of all, we are working on the installation of this green energy production units. And we have a major position today in France. We are installing -- we have 18% market share in the installation of solar plants in France, exceeding 1 mega. We are also working, as I just said, on the transformation and upgrade of the energy grids. And here, what will be important for the network operators is the ability to scale up our existing business very quickly in order to address their growing needs. And finally, we also work on all the energy applications at the residential office premises. So namely installation of EV chargers, installation of smart thermostats. And here in this market and especially the energy renovation market, which is booming, what is important for our customers is to rely on a partner with an industrial model able to deploy a new technology across the all fronts. So our road map for -- on the Energy segment is extremely ambitious for France in the next coming years. We plan to triple our revenue, we want to reach the threshold of EUR 150 million of revenue per year as from 2026. And this strong dynamic will be mostly organic. We will leverage on our existing portfolio of customers who will leverage on our existing capabilities. But it will also be supported by M&A acquisitions since this market is still extremely fragmented, and we want to consolidate our position on this market. So we will continue, just like we did over the last 2 months -- the last 12 months with the 2 acquisitions that we made in France. Profitability will remain a focus for us. We have good margins on this segment. And we expect to keep the double-digit margins over this period, leveraging on our strong expertise. Of course, this goes along with an ambitious HR policy since we will have to recruit and train a large number of people to manage this growth. So France in a nutshell, our organization now is ready to take up the challenges on our markets. On the energy markets, you have understood that the market is there. We have a clear plan. We want to triple our revenue by 2026 and on the connectivity, we will work on stabilizing our revenue on this segment. And this objective actually combines 2 different strategies. On the one hand, we will continue to apply a selective policy in the management of our contracts to be sure that we meet the group standards in terms of profitability. And on the second hand, we will deploy an ambitious sales development strategy and especially on the large corporate decommissioning opportunity. In terms of margins, we are already closed from the double-digit level and we confirm that we will reach this level -- this 10% level by 2026. Let me now introduce a video, which is -- that will give you an insight on our solar business in France, with Cyril Lefort leading this activity for us in France. [Presentation]

And now I'll leave the floor to Ton.

Good morning, everybody. I'm Ton Bosters, CEO of Unit-T, representing the Benelux today. The Benelux has a specific country because it's not a country. It consists of 3 countries. And then that's Belgium and Luxembourg. And we have coverage in each country as Solutions 30. It's based on a joint venture with Telenet in Belgium and a specific group for the other teleco operators, and 2 specific groups in the Netherlands and Luxembourg. We started the business in 2015 and has expanded it in 2017 to the Netherlands and afterwards the Luxembourg. Currently, with the 2,900 technicians and the revenue of last year of EUR 382 million and an EBITDA of 11.4%. As you can see, we have a mix of our activities on all the activities that we provided Solutions 30 based on telecom operations, energy and technology. And if we look and dive into the possibilities of the market in the Benelux, we see that there are unique opportunities for growth and for stabilizing our revenue in the upcoming years. The first one is telecom market, where we see that the Dutch market is already at a mature market. I will explain in more detail in the next slides. Belgium, on the other hand, is still a growing market. It's just starting the fiber rollout, and we are investigating and trying to find solutions how we can help our operators to build a network as smooth and fast as possible. As you maybe know, there are some specific things ongoing in the Belgium market. It's the first country where telecom operators work together to find a solution to roll out a network, a single network where all the operators could connect. It's an ongoing discussion at the moment, which will probably have a first announcement at the end of the year, beginning of next year. But it will be a unique situation that could probably be used in other countries in the near future as well. The energy market is different. If you look to the Netherlands, the Netherlands has a huge problem in the energy market. And they have a lot of congestion on the network. If you want to start a new plant, it could be that you are not able to start the plant because they can't connect it to the energy. So that's one of the biggest problems that they have. If you look to the Belgium market, they are more advanced in how they build the network. They need to invest as well, but they don't have the problem of congestion yet. So they have more possibilities to avoid this situation. In the technology market, it's a very mature market. We see volumes coming in, but we also see that the Internet price companies are changing their models, and we need to find a way how we can help them in changing these markets. And as already mentioned in the beginning of the presentation, huge possibilities in the rail market. Rail in the situation where we can track the trains where we have safety in the network. But on the other hand, also in stations and building security solutions in finding ways to install fire alarms and all that kind of things. So if you look to the mid-term outlook, it's a strong possibility for the Benelux, excellent business prospects available and just signed contracts, which I will explain a little bit later, a well-established organization ready to be able to grow together with our customers but a real focus on operational excellence and a progressive ramp-up in the energy activities. But we have some challenges this year, beginning of next year. As already mentioned, these discussions currently ongoing are slowing down the rollout at the moment, which have an impact on our revenue, also challenging on our EBITDA and what we also see, and that's a thing that's currently ongoing is the elections. We have elections ongoing in municipalities in October. And what we see is that municipalities are really blocking several activities at the moment. They don't want to have any disturbance in activities ongoing when elections are going. And that's what we're feeling and impacting our revenue at the moment. Diving into the points. Connectivity is the first one. You can see that the markets per country are slightly different. First, the Netherlands. The Netherlands, the rollout of the fiber is already in very mature way executed. And even in several cities, we have multiple networks already lying in the ground. So that means that the coverage of the network is already at 82% and it means that only rural areas are the last ones that can be connected to the fiber network. Flanders, on the other hand, is just starting. So a lot of things are ongoing. As already mentioned, telecom operators talking together. The Walloon area, which is also trying to find ways if they can create a similar model like the Flanders teams did. And it means that we haven't hold back on the rollout at the moment. And the first one to be sure what will be the approved model. And based on the approved model, they can make decisions how they roll out in the next years. On the other hand, if you focus, first, build the network afterwards, you need to connect the customers to the network, it's a part that is huge in both countries. In the Netherlands currently around 30%, means that we still on our possibility of 70%. What is challenging in the Benelux countries is that there is a dense HFC network. So the quality of the existing coax is a lot higher than the old PSTN networks that the French Telecom has, means speed and quality of services is rather high, still rather high. So the need for change is not really at the moment, the most important one. They need to change. They know they need to change, but the customers are more or less still waiting. Is this the right moment. So that moment will come very short and very fast. But customers need to adapt to change and adaption takes place, the speed up of the Home Connect will grow very, very fast. As you can see in the graph, the Dutch version current Dutch situation currently around 32% and the Belgium situation just around 7%. So it means there's a lot of things that needs to go on -- to get all the customers connected to the new fiber network in the Benelux. In these services, we are the top free in the Benelux, offering end-to-end solutions for legacy fiber-to-the-home services. We have a unique partnership with Telenet, which enables us to not think only in the field services, but also help our customers in optimizing their full processes, connect to our customers with the SmartFix platform so that we can really connect together on process optimization and finding ways how we can optimize the cost for our customers. And this for diverse and complete client coverage, which has all our customers, I think, are available in the telecom market like KPN, like Orange, like Telenet and Fiberklaar a few of these examples. The energy markets, as you already heard by multiple presentations as one of the huge advantages and possibilities that we have a Solutions 30 for growth. If you look specific to the Belgium markets, we see a growth possibility for more than EUR 20 billion in the upcoming 5 years. We expect also a huge growth in the PV market, which is not that big at the moment in the Benelux. But there are some regulations that will push companies to invest in PV in the upcoming years based on the fact that if you have a building as a company, you need to invest in the upcoming years, and that will have a huge impact and possibilities for us to grow in this specific market. Smart meter rollouts is in the Netherlands already executed. Belgium currently ongoing. In the Netherlands, they have a challenge because the smart meters in the Netherlands are still connected to the 2G network, GPRS, that needs to be changed because it will be cut down in the upcoming years. That means that a lot of smart meters that were rolled out in the past, again, needs to visit from the technicians to move to a different telecom platform. So that's an activity that we can provide for those customers. For Fluvius, we're rolling out the smart meters in this year, the upcoming year. And then we have the long tail and long-tail exist the most -- the more difficult swaps that need to take place. Currently, we only do the easiest versions just swapping meters. But the last 20 meters will also need an adaption in the connection towards streets. And then, of course, EV charging, as Luc already mentioned, Belgium, together with the Netherlands and Norway are the early adapters of energy and EVC cars and also very soon trucks. And it means that there's a lot of investment ongoing and needs to be done for the upcoming years. And if you see how we can then connect to these opportunities, we see that we already have a lot of opportunities where we do connect with the customers. I think a recent one in April this year, we have won the tender with Fluvius, where they invest in the upgrades of the grids in the upcoming years. However, we have signed a contract for a minimum of 1,000 kilometers of grid that needs to be upgraded in the upcoming 5 years. We are looking for possibilities how we can expand our knowledge and our technician base towards the Walloon area because they have similar challenges as well. They are not -- they are currently just starting those activities. So smart meter is just picking up. The investments on the network are not really started yet. So that means that there are also opportunities for us to grow in that market in the Walloon area. In the Netherlands, we bought a company called Xperal, its specific engineering company that focuses on delivery of PVs, B2B solutions in Belgium, the Netherlands and also in Germany, which will help us in picking up that specific PV market in the upcoming years. And then last, and as already mentioned, we have the knowledge of smart meters. We can use it to help our customers in rollout that they still need to do, but also help them in how they can use the data of those smart meters to do smart investment in the networks. A specific thing that we do for our customer in telecom, where we use data for modems to translate it into some kind of proactive maintenance, and that's something that we could also do for our energy operators. So that's knowledge that we could share in the upcoming years with them. And finally, technology. Technology, as already mentioned, IT market, slightly declining in service ticket, but still a stable market, where there's a lot of focus on cost efficiency as already explained by Wojciech, a lot of programs currently ongoing over there to optimize as much as we can on those activities by using tooling optimization, route optimization, BI analysis and train technicians multi skills so that not only can do the services for a printer, but they can also do the services for computers or other services. In the specific market of security and then mainly, of course, physical security, we see that our customers are struggling because there's a lot of new equipment on the market which self-installs themselves. Which for them makes the market very difficult. And they try to find ways how they can change their models for a way that they can survive and can grow again. And that's what we are discussing with them. How can we help them with our knowledge in the EVC market in the connectivity market to help them develop these models and build again stable working packages that we can provide to them. And last on this one is real. As already mentioned, we are currently connecting with all the customers in the Benelux market. A on the ERTMS system, as already mentioned, the system that will track the train and will make the network safer and of course, also the possibility of our knowledge that we have on technology on fiber networks, our security knowledge that we have using that information and that knowledge for them for the specific stations, they have the buildings that they have, that they need to maintain and those kind of things that we can serve and it can help them on. So if you look to the Benelux road map then 2026. I think what we developed in the last 5 years is a unique internal training center, as already mentioned by Denis, finding people already trained at school with all the knowledge is not possible anymore. So we need to train our technicians for the job. Sometimes bridges, sometimes people are switching from one technology to another technology and we have our internal training centers that we use to help those technicians grow into the next level. There's a video at the end of the session today, which shows the Unit-T training center. So you will see it later on. We have long-term contracts with our customers, which means, of course, also for our people, some kind of job security that they can invest in themselves. We can invest in technology, we can invest in new things. Sometimes you hear that Unit-T is working on this, Unit-T is working on that. Solution 30 is investing and helping us to do those kind of investments and help them grow new things that we afterwards can use in other countries and optimize in that way, sustainability but also the profitability of our services. Duplicate and adapt successful processes and tools and leverage on our unique partnership with a lot of our subcontractors because these are very important to be able to scale and downscale without a huge impact on our rentability. So the tap to the growth of opportunities, growth areas are the power grid, rail has really big opportunities for the Benelux as well, maintain the top 3 partner in the fiber, continuously improve, find new ways or better ways how we can provide our service to a customer at a lower cost and, of course, improve our margins. Our objectives as a last slide for today from my point of view is the sustainability growth as mentioned, we see that this year will be a little bit lower based on the fact that I already mentioned the slowdown, especially in the Belgium market on the fiber-to-the-home. But we will be growing again in 2025 as soon as there is a green light or red light and everybody knows how we can move on for the telecom operators and then again, above the 10% on the EBITDA.

Germany, building our third pillar, I said yesterday to my almost country man. I spent a lot of time in Germany nowadays. It's my new favorite country. There's a lot of things going on in Germany, I'd like to take you through what we're doing in Germany. Today, we have about 750 technicians. That's about 140 more than we were at the beginning of the year. We are starting on fiber, and it's mainly addition of subcontractor technicians in that fiber space. Today, we have 70-30 don't think it's the right mix. It needs to be another mix, but we're 70-30 internal versus subcontractors. Last year, we did about EUR 63.8 million in Germany. And this year, that will be increasing. Our EBITDA was a good 6.3% in Germany. So not bad, but not super. And we've been in that market for a long time already, right? So we were celebrating our 10 years this year in Germany. We are mainly in the South in Germany. So the orange space is where we have operations today. So that's Baden-Württemberg [ Thuringia and Saxony ]. So that's the areas that we cover. We've recently moved up into other areas mainly for telecom. Telecom is our main business in Germany today. And you see the large blue part, that's the connectivity space, the telecom space. And so North Rhine-Westphalia Nordrhein-Westfalen so that area, west northwest of Germany is an area that interest sales a lot, and we've been expanding there. A bit of a view of the German market. The German telecom market has been liberalized for 25 years, but Deutsche Telekom still does 75% of the German market. Right? So there's lots of players, 200 outlets in Germany. But the market is really for a major part divided by telecom and their challenger Vodafone. Another thing that is pretty specific in Germany for what we're doing in the telecom space is that everything in Germany is trenched. There's no ducts, there's no pulls. There's no facade, everything is trenched. So you can see at the pictures below what our subcontractors are doing in Germany, trenching. On the energy market, Germany is a bit specific as well. Germany is one of the countries in Europe, one of the few countries in Europe that said, let's stop nuclear after Fukushima. The green party was very, very strong in that desire to get out of nuclear. So Germany went to gas, Russian gas and then it's on the picture, it happens, right? That's Nord Stream 1. In the Baltic Sea got attacked still don't know precisely by who, Ukraine or Russia, but it was a big shock for the German market because all of a sudden, they had to massively invest in green energy or renewable energy. Germany is also an industrial nation. The picture below is from Ludwigshafen I go past that plant very often when I drive to Stuttgart it just immense, it's 50, 60 kilometers of industry along the Rhine river between basically Darmstadt and Ludwigshafen [indiscernible]. But its causing a very bad CO2 footprint in Germany compared to other countries. There's a lot of electrification that still needs to happen in Germany, in the industry. On the technology market, it's a very mature market, IT-wise, software-wise, cybersecurity, data protection, very, very important topics in Germany. And it is a very mature market in that space. However, on rail, road, bridges, Germany has been lagging behind a little bit. I've been holding back investments as a country. But we're seeing that, for example, the German government pulled out large amount of shares of Deutsche Telekom to invest in Deutsche Bahn. So there's lots investments going into Deutsche Bahn as part of the green move towards more sustainable mobility in the German market. Okay. So that gives a bit of a view of why Germany in my view is one of the kind in Europe. It's also a very big market. It's the biggest market in Europe. On the connectivity side, I'll start with the left side of the graph, which represents the home connection in Germany. And you see the pink is DSL from Telenet, from Telekom, sorry Deutsche Telekom. So 70% of German households still have a DSL connection. The green part is Coax, it's 1 gig coax. It's good quality Coax and is supported by Vodafone. And actually, you can see that in the last couple of years, Coax has been growing. So Coax has been taking away customers from DSL. Coax is our historical business in Germany. The top 2 parts, the blue part is what competitors of telekom have done on home connecting fiber and the red part is what telekom has done on home connecting fiber, okay? So a lot of things still to do on the home connect part. About 10% of Germany is connected on fiber today. If you look at the right side of the screen, then you see where fiber is deployed. So that's the homes passed work about, about 40% of homes passed have been deployed. And you see that mainly in Eastern Germany, and in the north, that's where the fiber has been deployed. The reason is that that's where the DSL was not so good. In the other parts of Germany, DSL quality is much better because of factoring 400 megabit is what you can get out of DSL cable in Germany. But on this -- but in the South, you see very little deployment, very little penetration of fiber still. So that's also why we concentrate on that region, right? So South and Northwest. The bottom pie chart shows you who is deploying fiber in Germany, who is doing the homes passed. And you see the pink part is Deutsche Telekom, they built the most fiber in Germany, followed by and large, distance, Deutsche Glasfaser, EQT private equity, WestConnect it's EON that provides that funding Unsere Grüne Glasfaser, that's Telefonica and Allianz. Vodafone is also deploying together with Altice. And then there's a bunch of very, very small ones. Okay? Mainly local companies Stadtwerke so local municipalities that are deploying fiber. So it's a very specific market, almost 200 outlets that provide Internet services in Germany. So what's our approach in the market. So we've been focusing with our -- in our connectivity space on 6 large customers. Vodafone is our traditional customer in Germany. It's our biggest customer. And we do coax support customer installations, customer maintenance, multi-dwelling unit connectivity, the network support of Vodafone in the south, right? So that's our area Baden-Württemberg. But we have been working and closing big contracts lately with GlasfaserPlus, Telekom UGG, Deutsche GigaNetz and Deutsche Glasfaser right? So we're in the Big 6, as I call them, to deploy fiber networks. But we will not forget coax and copper for a while because a lot of home activation is still happening on coax and DSL. Actually, when we started doing fiber connections for Deutsche Telekom they said, "Look, we'll give you the fiber, but you need to assist us with the copper as well." So it is still something. Now we've got the big contracts in place. We are doing the first cities. We need to expand our capability. So I call that grow and expand our capabilities in that market. We also need to enter those new regions more solidly, right? So Nordrhein-Westfalen, Saarland talked about that. There's new cities being awarded to us in those areas. We also still want to expand our coax business. said we're in the South. We're looking with Vodafone, other areas that we can cover where we can pick up from competitors or others as agile as we are. And then we're still looking at new solutions with some of the telcos, WiFi in home and for businesses, IoT, even EV charging for Deutsche Telekom is something that we're looking at. On the energy market, what is very specific in Germany is that there is not one energies. There's about 1,200 energies and some of them have grouped together. So there's about 980 (sic) [ 985 ] Stadtwerke they're called, that are responsible for the grid in their city municipality. So if you want to attack the market, you have to go out to a lot of potential customers. Now the good thing is these Stadtwerke are trying to do group purchases because not every Stadtwerke has the knowledge, the capability to take care of their grid. So there is lots of cooperation. As for transport, networks, mainly from north to south, the 17 providers in Germany. So that's a bit the scale of that market. There is some legislation coming out of the German market for the grid operators as well. They are obliged to start deploying digital electricity meters. Today, about 20% of Germany has got a smart meter. But there is an obligation to have smart meters in place for all customers that consume more than 6,000 kilowatts per year, meaning if you have a heat pump, EV charger customer, if you have solar panels, you will get a smart meter by 2026 -- 2028 sorry. Dynamic tariffing needs to be in place by 2025. And what is specific is that to avoid congestion a law in Germany also enables the grid operators to reduce the number of energy going to some houses for a period of time to make sure that there is no congestion on the network. So even the 20% of meters that have been deployed already will be changed to bidirectional meters where you can monitor that and change the consumption of a household. So very specific for the German market. Germany is also the biggest PV market by far in Europe. If you look at the PV solar per capita, much more Germany than in other countries. And actually, the plans for Germany is to deploy another 104 gigawatts by 2028. Smart meter rollout talked about, by 2030, that needs to be 100% deployment. There are big grid upgrades, the Bundesnetzagentur has predicted investments of EUR 110 billion by the Stadtwerke until 2033. There's also a good EVC network in certain parts of Germany, but there is parts of Germany where the EVC network is not that deployed, so we're looking at that part as well. So how do we approach that market? And I always think in terms of attack plans, attack the competition attack the market program. So we've got a plan for Germany, and we'll start with PV as you've seen from the first slide, we've got a small PV business in Germany. We are expanding that. The M&A of Xperal in the Netherlands who already have business in Germany, Western Germany is helping us paymensly to make that happen. That B2B PV opportunity. So we'll grab a good part of that market. And then we'll approach that market as an EPC partner, right? So we'll to the market, we'll look for customers, developers who will work with us as an installation partner for engineering, the procurement part the commissioning part as well as the maintenance and monitoring part. So we're approaching that market as a complete EPCM partner. We will still do some B2C in that market, but the B2C market is very volatile. Sometimes, you have subsidies, sometimes you don't, sometimes it rains, sometimes it's snow, sometimes it's sunshine. It's very, very volatile. So we're trying to focus on B2B. With that PV will automatically become storage, energy storage, so battery solutions, EV chargers and energy management systems as part of the monitoring solution. We will, of course, look at the power grid, we will of course, look at the smart metering. We will, of course, look at IoT in that space as well. Smart Thermo is something that we've done a lot in France, in Belgium in the past, so we'll certainly look at that in Germany as well. So that's our approach to the market in Germany. Today, we've got a well-filled order book. We've got a rollout plan for 130,000 homes passed, 17,000 homes connect. So we've got a big backlog to fulfill in Germany from those main customers that I talked about. And we have a funnel of new opportunities coming in to make sure that our order book stays at that level. We will leverage our legacy knowledge and grow our fiber position because of that. What you see in Germany, there's a lot of companies that can deploy homes passed, but there's not a lot of companies that do Home Connect well. So we're going to use that home connect knowledge, Home Connect capability to make sure that we selected for the Homes passed. We have margin improvement plans in place. We were 3 separate companies. We've already merged 2. We're going to merge the 2 remaining companies into 1 structure. We're moving from a company structure to a BU structure that enables savings, savings that Wojciech already talked about. And what we're seeing is that the business that we are adding fiber business, the energy business drives better margins than our legacy business. So the margin improvement programs are in place. What we do focus on in Germany, and I must say the team has done a tremendous job with that is working capital. If you have that big growth, you need to have the capital to fund a big growth. So Germany has been a country where we've been investing in the past. Now Germany is returning some of that capital to the group. So we're well cash positive in Germany. Our expectations midterm '26 to be between EUR 150 million and EUR 200 million. We were EUR 64 million, so you're looking at 35% to 50% compound annual growth rate for our company in Germany. And we believe that our margins will be -- our EBITDA will be well above the 10% in Germany by 2026.

Welcome again. So my colleagues presented 3 main geographies. I will present the rest of Europe. Accidentally, this is the countries located in the Far East east, west, north and south of Europe. In these countries, we have the free group of the countries. First of all, it's Poland, which is a very strong performer, good EBITDA, good growth over the last couple of years. We have U.K. just after the restructurization ready to go for the -- on the next level. And we have the 2 countries, Spain and Italy, when we have the certain challenges, and we are doing a lot to improve our margins. So let's talk shortly about one slide for each country, Poland. We started in Poland 2019, and Poland is growing from this time over the last couple of years steadily with a good margin. The last year, we have EUR 50 million. We started from EUR 18 million. So the business was always triple during this couple of years. We have good margin, slightly below the group expectation, slightly below the double digit, but Poland has a very good market position. We are one of the biggest player of the market on the connectivity market, that's the FTTH and copper. And there is the very wide range of services. We maintained a lot of copper network. We do the installation of the copper. We maintained FTTH. We do a lot of customer installations. We do the FTTH deployment. And we entered 2 years ago in the mobile market. And this mobile market is growing quite well. Last year, 100% revenue growth. And last year, we entered as well EVC. So the Poland has quite a good perspective. There is a quite big organization behind these numbers. We have 1,200 employees, almost 2,000 in total of the subcontractors, but there is the exchange rate, which is not presenting the size of Poland well enough. In the future, for the next 2 years, we would like to extend our market share. We are working in the entire Poland. So we have the full country coverage already. And we would like to enter much more in the energy sector, like the Power Grid, Xtend EVC, entered the big PV. The market is growing as well, and we would like to start some activities on the IT. We are doing right now the trial with one of the biggest IT players on the -- in Europe. U.K. completely different market. We started with very negative EBITDA 2 years ago, and the business model was not adjusted. The business was focused on the mobile side and the full process the full mobile site construction. So we changed it significant over the last 2 years. We entered FTTH deployment, much better margins. And last year, we decided to start significant test utilization, which was eventually finished with the termination of some contracts. Right now, our revenue are decreasing. Maybe not significantly, but there is some decrease due to the termination of this contract, but our EBITDA is growing up. We started EVC business. We signed significant contracts with the connected car. It was announced. I think, 2 years -- 2 days ago. And we believe that we are going -- we are able to improve the revenue and the profitability of the U.K. we changed as well the CEO last -- this year. The new person is very well experienced in the energy market. And we already started some constructing with -- on the energy market. So we believe that the power grid. It is something when we are able to benefit from on the U.K. market. We have the certification up to 33-kilowatt and we are waiting for the certification up to 135. So we believe that this is the -- this will be the growing market in the next years. Two other countries, much more difficult. In Spain, the coverage of the fiber is one of the biggest in Europe. So there is no possibility to grow on the FTTH market and the more, both on the customer connections as well on the FTTH deployment. So we have certain challenges. And we -- we started the restructurization at the beginning of 2023, but it was the process like chasing the rabbit. So we improved the improved results, but the volume decreased. We improved the results again. The volume increase again. And so eventually, we decided to go out from the connectivity market almost. And we are in the middle of the big restructurization. We have over there, the business with EVC and the IT, with the very good margins. So in Spain, we are going to focus much more on the energy market and the IT market in the future. And -- but we are in the process to -- in the restructurization still. And so therefore in the next quarters, we need to make the decision what to do with this connectivity part of the business in Spain. We don't want to have the business which is not profitable. We have the certain expectations. So we started much more push to terminate the negative parts of the business you've been much more selective with our contractor. Italy, quite similar case. We had that 2023 the issue with one of the contract for FTTH deployment. And we started a significant restructurization. We just almost finished. Yesterday, we received a good information about the almost final approval of this process. So the revenue decreased in 2024, but we believe that we are able to increase the revenue again in 2025, even of the -- on the connectivity market. As you remember at the beginning, I presented that one of the results of these processes we implemented was the renegotiation of the contract with the one of the customer. Therefore, we believe that we can have the much better margins. and Italy as well, energy market and IT will be our main growing part. But still, this is the same question I explained. If we are not able to bring the positive margins, we will decide to divest to terminate the part of the -- of our business. Energy is growing, good margins, IT as well, but so the connectivity in Italy is a situation is much more difficult. Thank you very much.

Thank you. Q&A session. Do we have any questions here from the people who are in this room, everything clear? We kept you awake? Not sure.

I'm going to start with question from the webcast. It's about Germany, the HR in Germany you are expecting very strong growth in Germany. How do you make sure, you be able to recruit the sufficient number of technicians and how you cope with the possible salary inflation.

Okay. So a question on Germany, how we are capable to find enough technicians and make sure that we handle the salary inflation.

So there's multiple strategies that we're deploying in Germany to find the right people. The first one is local procurement. But in Germany, unemployment rates are very low. So local procurement is not easy in Germany and finding good project managers, bow lighters in the fiber space is difficult. We are also to find technicians. We have a relationship with a company in Bosnia. Who are recruiting in the Balkan area for us. There is in Germany, something is called the Balkan [ indiscernible], which means that for bottleneck professions, you can easily obtain a visa for Germany. If you have basic German language skills and the right diplomas. So we have -- I think half of our technician base comes from Bosnia, Herzegovina, Serbia and those countries. And it's something that we will continue doing. We provide housing for them for a while. They pay for the housing. We ensure that they can find proper housing. So that's a second part of the strategy. The third part of the strategy is what I call our mySupplace strategy. mySupplace is our compliance tool. We'll talk about that later, distributor compliance tool. But in mySupplace, when distributors are in mySupplace, we can also ask for -- distributed subcontractors are in mySupplace. We can easily ask, would you have technicians available to do this or that or that job? So that's how we find new technicians out of the market as well. We have a person that is responsible for that mySupplace finding of technicians, finding of subcontractors. And that database is growing steadily, not only in the telecom space, but also in the energy space, one of the things that those Stadtwerke in Germany do is publish the certified subcontractors for the Stadtwerke. So it's easy place for the mySupplace team to start hunting new subcontractors. So 3 strategies.

Thank you, Luc. Very clear. Questions from the room or from remote? Yes, Emmanuel.

Emmanuel Matot from ODDO. You have been very successfully in Benelux. I just wanted to know if you are excited or not by this memorandum of understanding signed by -- between the telcos in Belgium to invest in the fiber network? Is that positive or negative for Solutions 30 over the mid and long term? And second question, you are not guiding for sales in 2026. I understand there are still some issues in Spain, in Italy. I think this is part of the explanation. But overall, to achieve more than 10% of EBITDA margin, do you need top line growth compared to the EUR 1 billion of sales you are currently doing?

Okay. So two good questions, different questions. So the first one is Benelux, I will let maybe Luc, Ton elaborate, but I can answer the first part of the question. It's a must, this agreement among operators. Building a national network of telecommunications is hell of a lot of money. And in all of the countries at a certain point in time in this market that is regulated, there is an agreement. So usually, what I've seen is that in the areas that are very dense, basically, you are free to do what you want. It happened in France, [ contredanse ], everybody can build. And then in the second layer, which is the areas that are average dense. There is some kind of agreement among operators. So basically, the spot infrastructure, and that makes it more interesting to invest there. And then there is the rural areas where usually nobody wants to go, and then there is some public money that is injected to get that going. Benelux will get to that somehow. And what's really important is not so much the details of the deal, is that the deal is made because when this deal is up in the air, basically, everybody stops and wait for the rules of the game being published. The good thing is that these rules will be known by end of the year, more or less, end of the year. So next year, things should flow as normal. Anything you want to add on, [ Ton ], Luc?

[indiscernible] We operate for all the parties that are in that discussion. So we operate for Proximus for fiber clad and for wire Telenet. On the rural part, we actually see a big advantage. On the rural part so -- the less dense 20%, the decision is made to use coax and not copper. So we'll see Proximus customers moving to the coax network as well, which we've got kind of an exclusive arrangement for -- with Telenet. So I think in the end, it will be positive. But as Gianbeppi said, it puts a break because no new zones are awarded at the moment until it is decided who deploys which zone. There's still overbuild happening in cities, right? So that is continuing. But on the mid-density zones, there's a temporary break.

Okay. Anything else to add? Okay. Second question, why you're not guiding on revenues? And do you need revenues to have double-digit EBITDA? You remember that for a very long time, we spoke only about revenues, the rationale being that you need to have a certain size in a geography to be profitable. That is still valid. So when we are in a country, we want to be a significant player or we prefer to be out. It's the situation we are facing in the small countries, where [ Wojciech ] said next year, we're going to decide if you stay or not. No point stay in a geography next year if we see that this bottom line negative, we don't want that. So that is one [ per sleeve ]. So midterm, we still want to be important in a geography. But there is a time for everything. Now we have seen that during this Capital Market Day, we spoke a lot about margins and cash because the idea of being dense and be large enough in the geography is good, long term. But in the midterm, you have all these little things that can go wrong that [ Wojciech ] spoke about. And it's now the right time to clean up those things. So basically, we are spending 1 or 2 years to clean this up, make sure that we have the right KPIs in place, the right processes. With that -- only with that, without growth in the current situation, we are capable to be double digit. That's actually what we are suggesting. And we are saying we'll see it later in more detail, but 3 main geographies, Benelux, France, Germany, double digit by '26 latest. And then all the rest we will manage accordingly to our capability to be profitable or not. We think that at this time, that's the most important message we can convey to our investors, okay? So our company is going to be double digit by '26, that's what you are saying. And then long term, we believe that we are in markets where the potential is huge. So longer term, we believe we will grow like we did in the past and be a significant player in certain geographies. But that will come in a second step. Focus now, margins and cash. Other questions?

We've got another question from the webcast on France. How big is the copper exit opportunity? What sort of revenue could it represent for you? And could it stabilize the role of your connectivity business? Amaury?

Yes, good question as well. Well, as I said, it's a significant opportunity. This represents significant additional volumes amounting to EUR 1 billion per year. So it's very significant. Already the good thing is that Solutions 30 is already positioned on the pilot. So we are currently doing this activity in the South of France, and we are currently managing more volumes that we expected a few months ago. So it's starting. Now Orange took strong commitments to terminate the connection to copper network. So it's starting. So it's hard to give you a precise estimate, but just I will share some insights so that you can have an idea of the potential for Solutions 30. Currently, we are 10 companies operating in the copper network for the maintenance activity. And we have a strong competitive advantage since we already perform this activity for Orange in Poland. So we know what needs to be done. We are currently doing that in the pilot phase. So we are shooting for a large market share on this activity.

Thank you, Amaury. Any other questions?

Well, I'll carry on with the question from the web. We've got two questions on Germany. The first one is on working capital. You mentioned that the working capital dynamics were good in Germany. Could you elaborate a bit on that? And is it sustainable? And the second one, in your revenue target between EUR 150 million and EUR 200 million, what's the split between energy and connectivity?

Working capital, first thing. First thing we've done is sanitize some of the businesses that were not as profitable. We've renegotiated contracts with existing customers, had significant price adjustments, negotiated salary indexations adjustments for the future. So we've changed existing contracts, which led to better margins. So that was the first thing we did. The second thing we're actually doing now is to ensure that we create savings and synergies between the companies we have in Germany, right? So that drives another [ EBITDA ] plus. On the new contracts that we've negotiated, we've negotiated much longer than I thought we would negotiate. And I hoped to be much further in the fiber deployment business, but we've negotiated those contracts well because what we've asked for from our customers is to ensure that we can stay cash positive as we ramp up the programs, so we get prepayments for each contract in Germany that we start deploying. And that gives us a cash advance and a continuous cash positive rollout. So we don't see the dips every time we start a new project. So that's kind of the three things that we did. On the mix, at the moment or just until now, recently, our focus has been very much on the fiber deployment side and the home connect side. We've got contracts with some of the parties that I mentioned that are just for the home connect and vertical cabling. 50% of Germans live in apartment building. So an apartment building, vertical cable is very important in Germany. So a lot of focus has been that. We have recently hire the business developer in the energy space. We've done the Xperal acquisition, which was important. And we're looking at -- of that 150 million to EUR 200 million to have by '26, about EUR 25 million to EUR 30 million in the energy space and then growing from there.

Okay. Thank you. okay, thank you. So now we continue, right?

Yes. Good morning, everybody. I will start off this last part of the of our session by looking into how Solutions 30 is monitoring its profitability KPIs. First, let's have a look at adjusted EBITDA as this is the polestar of Solutions 30. For the company, this is the most accurate reflection of business performance at contract and activity level, is used to steer internally and drive performance improvements of our acquired companies. Secondly, we use it for our internal reporting as well as for our external communication. Like mentioned today by [ Wojciech ], we are very much focusing on improving our margins, improving our EBITDA margin. If you look at the box to the right of the slide, you will see that when we improve our adjusted EBITDA, we are actually also improving our adjusted EBIT. There is almost a one-on-one correlation between the adjusted EBITDA and the adjusted EBIT. We can identify two main lines, cost lines between the adjusted EBITDA and the adjusted EBIT. For starters, we have the IFRS 16 lease depreciations, which consists of the fleet of vehicles and of the rent of buildings. And the group, Solutions 30, is trying to use its leverage to be a group to drive down these costs across all countries by negotiating good terms. Next, we have the other operational depreciations. These depreciations are mainly consisting of workforce equipment and our IT platform, which is the backbone of our company. If you go below the adjusted EBIT, we see several cost lines that not always are reflecting the operational performance of the company. But nevertheless, we will look into these lines, and we are trying to optimize these costs. The first one is the amortization of intangibles. As already communicated several times, this amortization of customer relationships of acquired companies do not have a cash impact and nor do they have an operational reality. Further down, we go into the nonrecurring items. These items are coming from events that are outside our normal course of business. For instance, restructuring costs, which we are trying to avoid where possible. The next line, the financial results, we have seen rising lately. Due to increased interest rates, we are seeing it rising. Solutions 30 is trying to lower these costs or counter these increased expenses by decreasing its gross debt. Finally, we are incurring our corporate taxes to come to the net income. On the bottom of the slide, you will see a reference to the restated net income, which is an adjustment on our net income by reducing the post-tax impact of our amortization of intangibles. Let's now have a look at our financing policy at Solutions 30. We have three core principles, which have been existing for many years. And those are the following: first, we are reinvesting our earnings. We are reinvesting our earnings by not paying dividends, but investing it in our growth to fund our growth efficiently. Next, we are using bank debt financing to finance our external growth. And our solid financial position is making sure that our -- that the rights of our shareholders are being pursued by not having to raise capital or increase [ our ] capital. Let's now take a look at our Solutions 30 is financing its operations. In the start of a project, we are seeing that we are having high costs with low volumes or no income. So we need to finance these needs. How do we do this? We have a certain toolbox at our possession, which we can use. First, we have the advanced payments. We are asking our clients to give us advanced payments to cover some of these prepaid expenses. Next, we have -- we are taking our own earnings and investing them into new projects, making sure that we are able to grow. We are externally financing our capital expenditures and our M&A. Finally, we have a deconsolidating factoring program in place to reduce the time between the invoice that we have sent and the cash on our bank accounts. On the left box, you will see a lot of examples of financing needs we have in the launch phase. The bottom part of this box, the WIP, is one of the most important ones. It is actually the lead time between when you are performing the work -- when you have performed the work and you have sent the first invoice because once we have sent an invoice, we can factor it due to the factoring program, but the lead time in between is also very important. Maybe let's take a deeper look to the WIP. In this particular project, this is the deployment project, a fiber deployment project, which we have selected. The average time between the start of the project and the first invoice sent is around 130 days. What's happening in this 130 days is we are training, hiring, equipping our technicians, we are staffing our back office and we are starting the first works in the field. We are designing -- doing the designs. We are having the first diggings and so on. What actions do we do to reduce this WIP after the first year? Like mentioned also by [ Wojciech ] earlier today, we have tried to automate a lot of processes of trying to reduce the invoice approval cycle. For instance, we are using an artificial intelligence and our iPads to measure the depth and the width of a trench. This, together with our investments in our IT tool, Smart Fix, which creates interfaces between our clients and ourselves; we are trying to reduce our WIP after the first year by 70%. Solutions 30 has a set of key drivers that they are monitoring on a daily basis to optimize their cash position. First, we are negotiating -- for instance, we are negotiating customer and supplier contracts. We are pushing a back-to-back model towards our subcontractors. We are incentivizing our employees to have a focus on cash mentality, and we are constantly controlling and monitoring our WIP position. Solutions 30 has a method -- a proven method on trying to learn how -- across the companies to learn how to manage these drivers. We identify a key driver. We train all employees of a certain company, all key employees. We copy this training, and we roll it out across all countries. And further, we are developing -- monitoring dashboards to follow closely day by day, how this key driver is evolving. In the end, we are monitoring the cash flow on a client basis to see what the effect is of these measurements. As already mentioned, Solutions 30 is able to finance its inorganic and organic growth without having to raise extra capital. And how are we doing this? By strictly controlling our working capital requirements by, for instance, negotiations with clients and suppliers but also our deconsolidating factoring program. Next to that, we have low capital expenditure requirements of 1% to 2% of yearly revenue. Together, this brings that we have a low cash requirements to fund our growth. Solutions 30 is also investing money in bolt-on acquisitions. But even by doing these investments in these acquisitions, we are able to remain -- to have a leverage ratio, historically, the net debt over adjusted EBITDA, historically, below 2x. Finally, I would like to present you a standard life cycle of a fiber project. The first phase, the launch phase, which is remain -- existing for 6 to 12 months, you will see that this is the phase where we have the highest working capital pressure, like mentioned before. In the beginning of the growth phase, we are implementing these processes, we are putting in place the consolidated factoring program to reduce the pressure on our working capital. This is also the phase where we reach our critical size due to the increasing volumes, and we are able to drive down our travel time and drive down -- and optimize the planning of our technicians. The latter phase, the maturity phase, that's where we see a long shaped -- bell-curve shaped phase, where we have nice volumes and where we are training technicians, the technicians have been fully trained and our productiveness is at its maximum. Most of the time in a normal life cycle, you will see after the certain period that the -- when the maturity is reached that you will have a declining phase, where the volumes will go down and also your productiveness will go down. Fortunately, Solutions 30 is able to also offer maintenance/repair activities that are generating a recurring stream of revenues for the group. I will now hand over to Amaury.

So a word on M&A. As you know, M&A is a key component of our strategy. We have started to make acquisitions in 2009. And since then, we have closed 30 -- more than 30 deals. We have always been able to buy these companies at very favorable conditions. And the last acquisition that we announced 2 days ago, shows and proves that we are still able to buy at very favorable conditions. And in total, the revenue that we acquired through these deals amounts to EUR 350 million in total. So through this M&A strategy, our objective is always to accelerate the implementation of our strategy. In some cases, we have -- we make M&A deals that enable us to gain access to strategic markets or to strategic customers. This was the case of the acquisition of [ Sirtel ], which allowed us to enter the Polish mobile telecom market. It was the case of [ Gaertner ] in Germany that helps us to enlarge our customer database on the fiber market. And it was the case of Brabamij in order to accelerate our transition on the Energy segment. In other cases, we are looking as an opportunity to extend our coverage and extend our activities in some regions. This was notably the case of ELEC ENR, the company that we acquired in the north of France, and allowed us to increase these activities related to renewable energies in the north of France. This was also the case of -- with Mono Consultants, which enabled us to extend our presence in Southern England. Well, in other situations, what we look for is to increase our density because when we have a good density, then we are able to manage larger volumes. And when we are in such situations, we can offer better response time and better pricing conditions to our customers. In all these M&A deals, each time we consider an M&A deal, we are always looking if there is room for improving the profitability of the target company. So based on this experience, we have developed a proven methodology to sustain this M&A strategy. So first of all, we are continuously screening the market. We know our strategic markets. And in our strategic markets, we are always looking at potential targets. Then when we think that some of these targets could be interesting for Solutions 30, we execute our due diligence processes, which are -- which deliver good results. So in these due diligence processes, we assess the potential and risk across different dimensions: finance, compliance. We look at the customer portfolio, we look at the processes, we look at ESG -- compliance with ESG regulation. So -- and then we make an overall assessment. And during -- this phase is very important because when we have a good assessment as from the very beginning, then we can start as from day 1, the integration of the company, which allows a quick integration. So let me share with you some examples illustrating this M&A strategy. The first example is in Poland. So it's not exactly an M&A deal, it's rather an outsourcing deal that we concluded with Orange in 2022. So at the end of 2022, Orange decided to outsource part of its operations in the area of Warsaw. So Solutions 30 was selected to take over this business. So we insourced more than 340 employees in the group. And this -- in exchange of this deal, we managed to improve our relationship with Orange in Poland. We got an additional contract for 5 years. And we also received additional volumes on the very promising activity that I mentioned earlier, the copper decommissioning. And as you can see on the graph on the right-hand side, the team did a great job, and we managed to successfully integrate this part of business and the EBITDA margin significantly improved as from the very beginning. Other example, ELEC ENR, a company that we acquired 1 year ago in France, specialized in the renewable energies. So during the due diligence phase, we identified a number of assets. This company has a very well-established reputation in this field. Customers were very happy with the quality delivered. The team was extremely motivated and had very strong capabilities. But we also identified a number of weaknesses which are just related to the size of this company, which has a very local coverage, managed as a small company, high cost of support functions, no incentive policy for -- in order to foster productivity of the technicians. There was no financial management, which could be a problem to gain additional contracts. So we identified these weaknesses as potential leverage for us. And so we addressed these weaknesses during the integration phase. And we proved to be a very successful deal and integration since -- just 1 year after, we won several reference contracts. We mentioned earlier this floater this -- sorry, floating solar farm, the largest one in Europe that we have installed in this in this region, especially. We have been able to double the revenue of this company. We have been able to reach the profitability standards in 1 year. So it has been a good integration. And the other good thing is that in this region, now this region represents 50% of the sales pipe that we have in the solar business in France. So definitely, it was a good deal for Solutions 30. So looking forward, M&A will continue to be a key aspect of our strategy. We'll continue to make acquisitions. Obviously, we will focus on our strategic markets and especially the energy market in France and Benelux. But we will also have a focus on the connectivity, the opportunities on the connectivity segment on the very promising markets of Germany and U.K. In all this situation, we will also focus on the acquisitions with a long-term potential, so target companies that can bring maintenance activities generating recurring revenue. Or we will look at opportunities to consolidate our market share to develop a long-term relationship with strategic customers. Our market is still very fragmented, okay? And we are still competing against a large number of small companies. So what we see for the next coming years is to continue this bolt-on strategy where we'll acquire medium-sized companies, which is a good thing because what we have proven over the last years is that with this bolt-on -- when we make this kind of deal, we are able to integrate quickly. There is no risk in terms of integration, and we manage to get a quick return on investments on these acquisitions. The other benefit of this strategy is that over the last years, we have been able to keep a good balance sheet structure, Jonathan was mentioning a net debt-to-EBITDA ratio below 2%, and we do not plan to exceed this threshold in the coming years. I will now leave the floor to Nathalie to speak about the ESG topics. Thank you.

Hello. Good morning, everyone. My name is Nathalie Duchesne, I am the Group Head of Risk, Compliance and ESG. After finance, M&A, let's talk about ESG. In fact, both topics are really highly connected. For the third year, early next year, we are going to publish our annual report -- integrated annual report, including financial and nonfinancial items. And one item, which reflects, I think, the best, the link between financial and nonfinancial items is taxonomy. We will talk about that later on. But I would like to start my presentation with our bold ESG achievement, which allow us to meet 6 sustainable development goals of United Nations. I will comment two of them only because I think you know them. Training, I think you understood during the presentations that training is key to us. We train, train and train. This is really important. In 2023, we delivered 20 -- almost 28 hours per employee of training. This is really important when you know that the average on the market is about 16 hours. On the right side, you see that we are working on the secular economy. This is really important. In 2023, we repaired more or less 140,000 printers and 80 computers. So this is really -- this is the opposite, sorry, 140 computers and 80,000 printers. All these achievements are based on our strategy, strategy based on 3 pillars, environment, with the reduction of CO2 emission as a key priority. Then social. We insist on training to maintain a high level of training. We insist on -- we focus on the injury severity rate, which is the ratio between the last days and the worked hours. And then on governance, we have several topics, the TPDD process, which is key, third-party due diligence process. We have two business code of conduct. We focus on cybersecurity. And as already mentioned earlier today, we just got a new certificate related to cybersecurity. I forgot to show you here, this is quite important. This strategy comes from our double materiality metrics, of course, but we have no time to talk about that. But if you have questions, don't hesitate, I will answer them. Of course, to implement our strategy, we have defined KPIs. We are measuring our -- the evolution of our CO2 emissions compared to the evolution of our revenue. This is an intensity target. For the social, we want to have 0.65 injury severity rate. Training hours, 25 hours. It's really important. In 2023, we had almost 28 because we hired a lot of people, and that means we had to deliver a lot of training. It will be the case still in 2024, but not to this extent. We want to maintain a certain level of women in management position, at least 25%. And for governance, we want to have 95% of our subcontractors registered on our database called mySupplace. For CO2 emissions, you see that from 2022 to 2024, we have reduced our emissions thanks to different measures. I have listed here four of them. The first one, this is the optimization of the trips of our technicians. [indiscernible] talked already about that. We have dedicated tool to do that, [ ODL, Praxedo ], for example. We work on the polyvalence of our technicians. So that means that we don't want them to work in a different area, but we want them to work on several activities in the same area to reduce their trips and reduce exactly, not at the same level, our emissions. We have mandatory eco driving training. And last but not least, of course, we are introducing step-by-step hybrid and electric cars in our fleet. At the beginning of this year, we committed to SBTi, so this is a really big step for us. We are in the process of defining our absolute targets to reduce our CO2 emissions, talking about Scope 1, 2 and 3. To do that, we have set up a dedicated team. It's -- was highlighting that 2 members of the Management Board are team of this dedicated project. For this project, we are working with an external company called EcoAct, a company from Schneider Electric. A slide on taxonomy. So 3 of our activities have been categorized as green activities, let's say, and they can be taken into account in the EU environmental taxonomy. This is the installation, maintenance and repair of EV chargers, smart meters and panels -- photovoltaic panels. As you see and as you understood during the other presentation, our activities in energy are going to grow. So our taxonomy is going to improve accordingly. 8% is quite good, but we -- it's going to increase during -- in the near future. One slide on social. So training, I think you understood training, training, training, it's really important. And you see here, it's quite important, who received the training. We see that most of the training was delivered to the technicians. On the safety, so we work on the injury severity rate, really important to maintain a certain level here. And then gender equality at the end of last year, we have set up a new association with women within the group. Within this association, we have a mentoring program. And for the time being, we have 17 mentor, mentees projects ongoing. And among our mentors, we have prestigious meters coming from the Supervisory Board, from the Management Board and from the Executive Committee. The last point is on rating agencies. So as you see, we have good result, satisfactory result. But we -- of course, this is a continuous improvement cycle. So we work all the time on improving this result. We have a dedicated team following closely the rating agencies. Every year, they change the methodology. So we have to know that. We have to be aware of the change and to be able to adapt quickly. We also work on the details we give to them. We have to improve that, that part. And the preparation of the -- of our next ESG report according to CSRD is going to help us because we are going to give much more information, we are going to publish much more information. And this should improve our rating. Last but not least, really important to say that the maintenance or improvement of this score is part of the bonus of the managers. So the last part, governance, is going to be dealt with by Katarzyna.

Thank you. Hello, everybody. My name is Katarzyna Kuszewska. I'm heading the Legal Department at Solutions 30. Today, I would like to present you with the sort of update on our transformation, GRC, governance, risk and compliance project that we have initiated back in 2021. So very briefly what happened in -- between the years 2021 and 2022. What is the objective of GRC of the transformation project? The objective was very clear from the start. We wanted to ensure the continuance improvement of our existing compliance and governance framework. We focused on our existing policies and procedures. We reviewed everything in detail. We identified areas of improvement and ensured the implementation of best-in-class practices. We identified several work streams to focus on. We looked into standardization of the third-party due diligence process, which is essential, as you heard today. We wanted to ensure uniformization of risk management and risk mitigation procedures as well as internal controls. We reviewed our code of conduct. We improved our existing whistleblowing process as well as we implemented the whistleblower platform. We ensured it was a mandatory requirement. Very important for us that all employees are well trained on GRC, so the mandatory training was organized. As well, we identified the disciplinary actions, catalogs and practices. Obviously, monitoring is also very important in these kind of projects. So we focus very much on ensuring that subsidiaries are following that subsidiaries are invested, involved and committed to respecting these procedures. Here, a little bit of an update of the recent years. As I said, involvement of the subsidiaries was essential. We wanted to make sure the awareness is high. We created -- we had a lot of sessions. We had training that I mentioned. We implemented and kicked off the third-party due diligence process with a dedicated team that manages everyday verification of our not only subcontractors, but all business partners. We designated and enhanced as well the Compliance department. We hired a Head of Compliance and Risk. We build up a bigger organization, compliance organization across the group. We created for our employees a GRC knowledge center, where they can look and review all of the policies and procedures across that we have implemented. And very important, we ensured that our whistleblowing platform is up to the highest standards, is in line with the EU Whistleblowing Directive. And of course, last but not least, we launched a number of compliance verification controls across the group. Something Nathalie already mentioned, part of the Management Board annual objectives is also focused not only on revenue, but also ESG and GRC. For instance, last year, we have focused on the GRC training rate. And this year, we are focusing on implementation of internal control. So additional motivation for our managers to focus on these topics. We continue to monitor the policies and procedures and its implementation. And let me show you the last slide focusing on the GRC deliverables. Here, you have, in a nutshell, a sort of a quick summary of all the work streams that we worked on. You see the third-party due diligence that we have already talked about, very important. We -- I think last year, we verified almost 3,000 business partners and subcontractors. We verified every immaterial red flags, which turned out to be approved at the end. We had a whistleblowing platform. This year, we had so far 5 whistleblowing cases. In comparison to last year, it was 4. The process has been applied. They have been investigated. There was nothing material at the end, but it proved that our whistleblowing process works, and that's the most important. And it proves effective. Training, training, training, as you hear today, it's very essential for us. So we focused on that very much. Code of conduct. We share with our business partners, our code of conduct. It's very important for us that they share the same values as we do. Also internal control, constant verification of subsidiaries on site and -- every day in daily work. On top of that, we have introduced another layer of controls. We set up an internal audit department. What else? Verification, respect of these procedures and constant communication with the countries is the key to ensure the proper implementation. And in conclusion, for us, it's very important to continue to improve these practices, to continue improve our governance and compliance, not only to foster trust and the accountability within our organization, but to ensure that our shareholders, our clients, our partners and key stakeholders are satisfied with our everyday performance. So yes. Now just to give you a little example since throughout all the procedures -- all the lectures today, we talked about the training a lot. Please take a look at the one of the videos on training. We -- as Ton Bosters mentioned before, we were talking about the training space at one of our subsidiaries in Belgium, which is very well organized and shows very effective for our technicians. We also have -- just to give you an update, we also have a training university that we do online training across the group. And yes, so take -- please take a look at the video that is coming soon. [Presentation]