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Vaishali, Franck, welcome.

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Franck, to you first.

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What do you make of this year's
Mobile World Congress?

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First of all, I really enjoy
being here.

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I think we can see the energy
around the industry.

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And what I really appreciate
this year is how we see all

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technologies fueling telcos for
innovation.

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So we can see a palpable energy
this year.

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Vaishali? Well, it's always good
to be back, this year as well.

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You can see the attendance
numbers are amazing.

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There's a lot of excitement.

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I think the whole AI-GenAI

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space has created a real stir.

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And so really looking forward to
it. Franck, let's talk about the

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top performers in the telco
industry. What are they doing right?

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I think the keyword now is
profitable growth, not only growth.

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And I think the companies who
came in '24 with healthier

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margin can invest in automation,
in technology, in AI to drive

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efficiency and growth.

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The second thing, and Vaishali,
you said it, AI and GenAI

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are everywhere across the value
chain of telcos and across all

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the Mobile World Congress, and
this will be a key competitive advantage.

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And last but not least, I think
we still see some players

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growing in noncore business—in
ICT, in financial services—but

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requiring now to be profitable
growth.

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Vaishali, how do you see telcos
adding value—value creation.

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Where will that come from this
year?

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So I think the levers are what
Franck described. But if I just

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step back, value creation has
been a challenge.

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I mean the cold reality is that
while they did better telcos

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this year, in this five-year
period,

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it is still, you know, among the
lowest versus other industry sectors.

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So I think a laser-like focus on
how do you create

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value—dividends were the main
source—that needs to continue.

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But at the same time, making
sure they apply the levers

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Franck talked about will be key,
and picking two to three that

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you really bet on. It could be
radical cost optimization,

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GenAI and AI—this is really the
time for telcos not to miss their boat.

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I mean we've missed it on many
other fronts.

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I think it can really add to
both productivity as well as new

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services and cost optimization.

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And the last is how do you
maximize asset leverage, because

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I think the capex intensity and
returns expectations in this

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business is not going to get
easier.

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So, lots of fun ahead, but a few
challenges too. Lots of fun

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ahead, but a few challenges as
well.

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Yes, a few challenges.

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But as Vaishali was saying, I
think that on a more personal

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note, and when we talk to our
clients, we also see some

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positive spin, positive spirits,
for sure.

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The telco industry has faced
some challenges—

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is facing some challenges.

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But what we see on the ground is
that also telco executives are

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ready to take bold decisions,
bold moves, either on cost and

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growth or asset monetization.

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And so I'm finally quite
positive this year.

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Fantastic. Franck, Vaishali.

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Thank you so much.

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Thank you.

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Thank you.