We retain or Hold rating and our EUR15 TP, implying 12.4% upside. Despite a potentially good outcome with the VOO scenario, we still see challenges. First, when and what will be the impact from the new mobile entrant that acquired mobile spectrum in 2022; and 2/ what fibre roll-out strategy will be agreed upon between the operators. On the former, our forecasts already assume lower mobile retail prices in 2025. On the latter, the Belgian telecom regulator has asked operators to present a framework for investment collaboration that can support a faster roll-out of fibre across the country. A co-investment scheme outside the very dense area, as seen in France, could help OBEL limit its fibre capex bill. Alternatively, competitor overbuilding would have negative impacts.