Good morning to all of you. Good morning, good afternoon, wherever you are. Welcome to this presentation, where we will give you an update on our first half-year results of 2026. With me, I have Benoît Quirynen, who is in charge of Strategy and Acquisitions at EVS, that you know well. I also have Christophe Piron, our CFO Ad Interim, who is joining me today to give an update on those half-year results. Before we start, just a technical detail about the Q and A at the end. The proposal here is that you raise your hand, and we will give you the microphone at the end of the presentation so that you can raise your questions that we afterwards can answer those questions. That's for the practical details. When we go to the first slide here, which is a typical disclaimer, I'll give the word to Christophe. Yes. Good morning, everyone. As usual, this presentation contains forward-looking statements. Obviously, those statements are made based on macroeconomic conditions, business conditions, financial conditions, which may change. Therefore, it contains certain risks and uncertainties. We would like to underline that EVS has no obligation to publicly release any revision of those forward-looking statements. There's nothing new there. It has always been like this. Thank you, Christophe. Let's move on indeed through our agenda of the day. Of course, we'll start with a short business update. We'll go through a financial update. We'll talk about the execution of our strategy. We'll talk about outlook and guidance. I'll do the conclusions with some key takeaways before we go indeed to questions and answers. Let me start with the highlights of 2026 H1. Overall, I'm quite satisfied of where we are after an H1 that has not been easy when we look to the geopolitical situation. Let me start here with some of the headlines. We see indeed a strong H1 that shows a financial resilience at the global level. That is indeed supported by a strict execution of our strategy, which definitely allows us to prepare for the future when we talk also about growth, profit growth for the future. In essence, indeed, you'll see today that we are confirming our guidance, both when it comes to revenue and EBIT guidance that we gave before. We also are confirming our dividend. Let me focus here on some of those details that allow us to say that. Starting with that financial record, or I should say financial topic, where indeed a record commercial pipeline has been generated. That is always a very good thing to see. That is indeed a very important indicator as it indicates where we are heading with our business. Seeing indeed our commercial pipeline further growing with 20% year-on-year gives us very good confidence for the rest of the year, but also for the years to come. When we look to the revenues of H1, we see a new record at EUR 107.2 million, and that despite the adverse geopolitical and exchange rate conditions. We see that the situation in Middle East still did not improve since our update after Q1, and that has had an important impact on our business in the region. We are happy to see that other regions have been able to compensate for that, but still it is something that we look closely at and that we follow closely. A good thing to see is that we see that the recurring revenues and repeat clients keep increasing. I will let Christophe later on further explain a bit more in detail with numbers what that means, but that is definitely also something that we are quite happy to see and that is underlying the resilience of our business. We see, of course, a strong contribution beginning of the year with those major sport events that happened in Italy and in North America. Next to that, we are very happy to see that VIA MAP has been used extensively for those events and also by other customers. I know that Benoît will further comment on that in one of his slides. We see that our gross profit is growing with 10%, thanks, of course, to a strong volume growth, and that despite margin pressure resulting from unfavorable exchange rates and also coming from a few limited number of large trade-in deals with lower margins. That concludes the EBIT number to about EUR 15.6 million, which is a 5.6% increase compared to H1 last year. When we look indeed to net profit, we see that it is growing with 24% up to EUR 16.5 million. When we look at our execution of our strategy, we definitely see and reinforce position in our core activities, being LiveCeption, MediaCeption, and MediaInfrastructure. That is, of course, linked to those big events that were quite successful, and also with a successful trade show of NAB in Vegas in April. We also see new clients further growing, so that is also an important element that gives us confidence for the future. Next to that, we continue to work hard to further integrate AI capabilities, mainly LiveCeption and MediaCeption, but we are also making sure that AI is becoming a daily tool in all our activities that we have at EVS, including also, of course, our R&D activities. Last but not least, when we talk about strategy, the integration of T-Motion is evolving as planned. All of that helps us indeed to say that we are preparing for the future and that we want to make sure that we can keep on delivering on that sustainable growth ambition that we have. All in all, that is also being recognized externally. On the next slide, which I will show later on, we see what that means on the ESG indicators. We have clear actions in place to address adjacent markets. We will talk a bit about our rebranding, but also the creation of LVS, Live Vision Systems, to address the defense market. Last but not least, as an important message here is that we want to make sure that we implement a cost containment plan to make sure that we are fully ready for 2027, with an idea to get back to a cost level similar to 2025, excluding the acquisition, of course, of T-Motion. The conclusion here is indeed, as I said before, we are confirming the guidance when we talk about revenue, which is about EUR 220 million-EUR 240 million, and that EBIT guidance, which is EUR 40 million-EUR 50 million, as well, of course, as a confirmation of our dividend. Those are a few of the major highlights for H1. When we go to the next slide, we will see indeed how the external market is looking at EVS when we talk about ESG, and there we are very happy to say that we have been receiving again the Top Employer certification for 2026. That puts us really clearly in the top of the companies in Belgium, but also worldwide, getting such a certification. We are happy to say that we upgraded our EcoVadis rating from silver to gold, so now we are in the top 5% of companies that are rated by EcoVadis, and we continue to see a very good scoring from Sustainalytics, where we have a low risk score of 19.5. So those elements definitely show indeed that we keep on focusing heavily on our ESG strategy and that this is also being recognized by external parties. Going to the next slide. Continuing in the agenda, the next topic will be the financial update, and I will ask Christophe to take the floor here. Thank you, Serge. In terms of key figures, we see our revenues indeed growing to EUR 107 million, roughly 70% higher than last year, supported by BER. That is obvious. We will go into the detail. EBIT grows less due to impact on margins and OpEx, and we will talk about that later on. But thanks to strong financial results, we managed to grow the net profit much more than the revenues. What is interesting as well is the balance sheet control, which gets into control because we are actually generating cash flow from operations of EUR 13 million, while last year at the same period, we lost EUR 3 million, which is a EUR 16 million improvement. All in all, we see that profitability has increased and that the cash flow generation as well. All this with team size that continue to grow and will help us further grow the company in the future. On the next slide, I would like first to talk about the commercial pipeline and insist on it. We talk about the 20.5% increase of the commercial pipeline versus first half, but it's actually versus end of the year. The growth of the pipeline has been achieved really during this semester and not during the second semester. Why is it important? The pipeline, I will make an analogy linked to farming. For me, the pipeline is the seeding period. The order intake is the harvesting period, and the revenues generation is the processing period. We have seen since last year, last semester, that the harvesting and processing period, so the order intake to revenues get faster and faster. Therefore, the importance of seeding early enough is critical for us to grow the secured revenues. We have already seen since end of December last year, a significant growth of our secured revenues, and it will continue thanks to this commercial pipeline growth. What is really interesting is if you look at the part of the pipeline, which is expected to mature in second half of this year, the growth is even higher than 20%. For us, it is a very strong indicator of our capability to reach the guidance by the end of this year. Let us now focus on the order intake revenue and order book on the next slide. Order intake, you may say, "Wow, -18%. That is worrying." We need to put things in perspective. First, if we remove the Big Event, it is declined by 5.5%. But if we take into account Middle East, it is actually growing. You have to know that our Middle East order intake declined by 90%. You can imagine that in the Middle East, no one will think for the moment about CapEx investments. We need to have a geopolitical situation that calms down before getting there. Which means that in many areas, the order intake is growing, and in particular, by the way, in APAC and LATAM. The pipeline we talked about grew, especially in North America and Europe, and the order intake grew in APAC and LATAM. What does it mean? Our sales reps were focusing on creating new opportunities in U.S. and America while we were harvesting in the other regions. If we look at the revenues now, so the processing part, clearly we benefited from the growth in Europe. We will talk about that later on. Very big growth of Europe, excluding Middle East. Middle East was actually declining by 50%. That is even more remarkable that if we adjust for BER, T-Motion, and the currency exchange, we see a growth of 1% to EUR 92.6 million. What does it mean? It means that the other regions grew. Base business grew in a way such that it more than compensated the risk in MENA. During our first quarter, you remember that we were careful regarding the MENA situation. The very good news is that our base business could compensate for this risk, and that is also the strength of EVS, is that even if we have difficulties in some regions, we have the other regions that can compensate, and we have the teams to do that, and that has been achieved. On the order book, the satisfaction is on the long-term order book. It is growing by 6%, so that gives us strong confidence for the future. The short term is lower. That is normal. That is linked to the order intake, obviously. Our confidence comes from the pipeline and from the conversion of this pipeline in order intake during the second half. Again, adjusting for MENA, the picture is much better, but we are getting to secured revenues slightly below than last year, EUR 161 million versus EUR 169 million with a pipeline which is totally different since it grew more than 20%. On the next slide, the first chart, the breakdown by type of customer, it starts to be a trend. A trend which was expected by the PLAY Forward, meaning an increase in share of Live Audience Business and a decrease in a Live Service Provider. So nothing unexpected. Obviously, on the Live Service Provider part, we have more and more concentration. That means that looking at it on just one semester might be drawing a conclusion, which is a bit too fast. We need to have a longer period to really have a perspective. But the trend is there. The Live Audience Business is gaining a high share of our part, which is known. In terms of breakdown geographically, we see the strong performance of Europe. Two things we have to take into account is that the revenues in NALA are growing in USD terms, and actually, it is really the USD/euro conversion that does not help us. Otherwise, we would have an even more balanced portfolio, again, highlighting the reduced risk of the company moving forward. I would like to draw your attention in particular on the smallest chart here, what we call the revenue resilience. It is something we did not use to present in the past. That is quite important because we see on our first half revenue base, again, excluding BER, excluding T-Motion. By the way, including BER, this one would be even better. The recurring part of the revenues is 20%, but what we call the reoccurring with repeat clients is actually 45%, bringing the repeated part of our business to 65%. What is a repeat client to us? It is a client for whom we recorded revenues of at least EUR 50,000 in 2005, in 2025, 2024, and 2023. And each time. So that is really clients who are every year purchasing or with whom we are recording revenues every year on top of the SLAs. So that gives us a very strong base and something where we can say, 65% of our revenues, it is not guaranteed, but the level of risk there is very low. What is really interesting to look at as well is the green part on the chart, the 9%. These clients have not bought to us for the last three years at all. So these are new or relaunched clients. These are growth potential. What is this chart showing? In the end, a very low level of risk on the revenue base, plus a 9% growth potential. I would say if that part would not be there, I would be happy because the level of risk would be low, but disappointed because we would not see new potential for growth. The potential for growth is there. It is very significant because 9% of the revenues on just a semester compared to the full year revenue 2022, 2025, is a real potential for the company. Let us quickly jump on the profitability part, which is on the next slide. Yeah, well, I saw it there coming. You see that the margin goes down by 4%. That is obviously not fantastic, but if we dig a bit more into the detail, there are three things to note. The first one is the dilutive effect of T-Motion. This effect is roughly 0.7%, so less than what we expected, but still, it plays a role on the 4% we have lost. For the rest, it is actually half foreign exchange impact and half pure margin impact. Okay? On the margin impact, what is reassuring for us, it is basically three big deals that drew the margin down by EUR 2.58 million in terms of gross profit. These three deals will not have an impact on second half. So it is really a one-off in gross margin decrease. We do not expect it to occur in second half. We have a good hope for an improved gross margin in second half of this year. I think that explains you where the gross profit is going up. Next slide, please. The OpEx is going up by 12%. Half of it is a pure scope change effect. We are talking about T-Motion here, and about the growth of our staff. We have 104 people on top versus last year, but 43 of them are coming from T-Motion. For the rest, frankly speaking, there is nothing unexpected in our OpEx growth. It is fully in line with our plan. It does not mean that we are satisfied with it. We will come back to that later on. It has obviously a clear impact on the EBIT. The EBIT which improves versus last year to EUR 15.6 million. There is not a lot to say. What is really interesting is the 24% growth on net profit. Where does it come from? Much better financial results. That is mainly on our treasury position in USD, and also on a tax rate, which is much lower than last year. That is more a favorable comparison than a pure technical improvement. All in all, strong revenues with very good and solid recurring base, and a potential for growth that has been already delivered. The OpEx which grew faster than anticipated. Oh, no, sorry. In line with anticipation, but faster than the revenues. An EPS, which is showing a real improvement on the net profit. How does the net profit translate into cash? We will see it in the next slide. First, net profit, non-cash items, nothing is surprising there. We have a change in working capital which plays negatively, but given the growth, it is actually an improvement in terms of percentage of sales. The taxes, we need to pay them, nothing surprising there. That leads us to a net cash from operation of EUR 13 million. Last year, as I said, we lost EUR 3 million. The big, big difference is that the working capital starts to be under control in the sense that it is not growing as fast as it did in the first half. In terms of investment activities, there we have, let us say, 50%, which is related to past business acquisitions, so earn-outs and so on. We have EUR 1.8 million, which is the capitalization of the cost that we need to obviously correct from the net profit. All the other blocks, dividend treasury shares are linked to a shareholders reimbursement. That is clear, that is normal. And the EUR 2.4 million is the financial activities. That is mainly the leasing payments, and that is how we end up with EUR 10 million less. But operationally, this is absolutely a strong improvement versus the past years, and we are extremely happy with those results. Now I will give the word to Benoît for the strategy execution. Thank you, Christophe. Serge. Sorry. Serge. Yeah. Before I will leave the floor to Benoît, let me need to start here on that strategy execution part. So on the next slide, you will recognize our BHAG, our big hairy audacious goal to become that number one solution provider in live video industry by 2030. And accessory also achieving something like EUR 350 million by that moment in time. We are convinced that we are on the right path to get there, and that remains indeed our ambition, of course. And in that respect, I am happy indeed to leave the floor to Benoît to explain some of the important elements that we have been working on over those last years that result in certain important realizations and successes that we have seen in H1. So Benoît, the floor is yours. Thank you, Serge. Major events, of course, are playing an important validation our PLAY Forward strategy. This year, as we do for 30 years now, since 1996, EVS successfully supported some of the world's most demanding live production. Leveraging not only our traditional solutions, but also new world technologies such as VIA MAP and T-Motion. These events prove that our customers are increasingly adopting the broader EVS ecosystem rather than individual products. These deployments also reinforce EVS's position as a trusted partner for mission-critical operations, and illustrate how our strategy is increasing both the resilience and the future growth potential of the business. Let's zoom on the next slide on VIA MAP, and let's see how it was used during this big event. VIA MAP is a very good example of how EVS is expanding beyond its traditional market and increasing the value delivered to our customers. During the World Cup, several customers, including a major U.S. broadcaster, relied on VIA MAP to create and publish digital-first content at scale. This is a concrete illustration of our ability to address new workflows beyond pure broadcast production. For our customer, the value is clear. More exclusive content from additional camera angles, faster content creation through human-assisted AI workflows, and higher operational efficiency through unified team and workflows. For one customer, this translated into billions of social media interactions. These are strong proof points that EVS technology contributes directly to audience engagements and content monetization. This extends the addressable market of our MediaCeption portfolio and strengthen our position with content owners and increases our differentiation. But of course, If I can add to that, Benoît, because when we say billions, we're not talking about EUR 2 billion or EUR 4 billion. Now we know that they've done more than EUR 15 billion, which is indeed quite impressive, and even our customer was quite impressed by that type of result. Indeed. Of course, VIA MAP is not the only solution. On the next slide, we can see that in fact, EVS have moved from a product company into a broader ecosystem for a company. Over the past years, we have significantly expanded our portfolio. LiveCeption and MediaCeption have been enhanced by MediaInfra and now T-Motion. So we can now address a much larger portion of our customers' workflow. The objective is clear. We want to be the strategic partner across the entire live content value chain, rather than a provider of individual product. What matters from an investor perspective is not the addition of individual products, but the increasing adoption of the whole ecosystem. The more EVS solutions a customer deploy, the greater the value we create through workflow integration, operational simplicity, and production efficiency. This increases the customer stickiness, expands our addressable market, and creates additional cross-selling opportunity. At the same time, it is not only about a static ecosystem, it is about an innovating ecosystem. Innovation remains a key differentiator. We continue to integrate AI across multiple solutions, expand automation capabilities, very important for our customers, and connect technologies that previously operated independently. The integration of T-Motion, the growth of MediaCeption, and all the enhancements about infrastructure and production solutions are tangible examples of this strategy execution. Ultimately, this ecosystem is a major contributor to the increased resilience of EVS. It reduces our dependency on any single product category, and it strengthens recurring customer engagement and provides multiple avenues for future growth. If we go on the next slide, then we give a status of the T-Motion integration. The T-Motion integration is progressing according to the plan and is already validating the strategic rationale behind the acquisition. We have successfully activated the two main synergy engines we identified at closing. First, leveraging EVS global sales network to accelerate commercial reach. Second, utilizing EVS worldwide service and support organization to scale customer deployment and support capabilities. These are concrete advantages that a standalone company could not achieve as quickly. In parallel, we are strengthening the technology roadmap through a dedicated software and an AI team in Porto focused on integrating T-Motion more deeply into the EVS ecosystem. This creates a foundation for future innovation, cross-selling opportunities, and increased customer value. Globally, T-Motion is not only adding revenue, it is accelerating our ecosystem strategy. As we can see on the next slide, in fact, we already have concrete cases of how T-Motion can be integrated in our ecosystem. In fact, for customers, it means simpler workflows, easier operations, and more seamless production environment across the content creation infrastructure, and now the robotics. At NAB, we demonstrated how a single operator could orchestrate multiple technologies within one integrated workflow combining robotics, AI-assisted framing replay, and content creation capabilities. From the LSM-VIA, one operator could trigger a whole workflow, including robotics. This shows the value of the ecosystem and the simplicity for our customer. At NAB, we demonstrated this case, but of course, NAB was not only about T-Motion. NAB is the traditional trade show in Vegas that happens in April every year. This year, we have been demonstrated T-Motion, and we also saw a growing interest from new customers, from new channel partners, supported by the expansion of our portfolio, T-Motion, but not only. At the same time, we see as well that our position in North America continues to be strengthened, which is particularly important considering the impact of the region. I will have to interrupt you. We have to go to the next slide. The NAB slide? Yes, that is it. Thank you. Thank you. So in fact, ultimately, NAB reinforces the confidence in the future. It supports a continued pipeline, and it confirms the relevance of our overall ecosystem and creates additional opportunities for sustainable growth. Now we are preparing for IBC in Amsterdam in September, to continue with the same mechanic for Europe. So this is about broadcast. If we go to the next slide, we show here that an important other dimension of the PLAY Forward. We want to expand beyond the traditional broadcast market. So the change that we did of the name from EVS Broadcast Equipment to simply EVS is more than a rebranding exercise. It reflects the reality that our technologies, our expertise, our workflows address a broader set of customers and applications than just we did a few years ago. During the first half, we also increased our presence in the corporate and enterprise video market through major industry events such as ISE in Barcelona and InfoComm in Vegas. These segments are very attractive because they leverage many of the same core competencies and expertise that have made EVS successful in broadcast. It is about live production. It is about content management. It is about reliability. It is about operational efficiency. We are just systematically expanding our addressable market while leveraging existing technologies, teams, and knowledge. This creates additional growth opportunity without changing the DNA of the company. Beyond the corporate and enterprise market, if we go on the next slide, in fact, we see that we also developed another pillar of our strategy, the expansion into other adjacent market where our technology and expertise creates natural competitive advantage. Earlier this year, we launched Live Vision Systems, a dedicated division focused on security and defense. The rationale is obvious. Many of the capabilities that make EVS successful in live production, particularly around real-time video processing, AI-assisted workflows, and mission-critical operations, they are also relevant for defense and security application. This is already being validated by the award of a first research contract to a consortium including EVS. This long-term ambition of growth is just supported by this investment into this adjacent market. We recently established a dedicated legal entity providing the structure required to address the specific requirements of this market. While this activity remains at an early stage, it just illustrates how PLAY Forward is helping EVS expand its addressable market and diversify the future growth drivers. This illustrates the different parts or different elements that support the strategy execution, and I will now leave Serge conclude on this section. Yes. Thank you, Benoît. Indeed, let us do a small recap of this section here on this slide. We think indeed, or we are convinced that our PLAY Forward strategy is bringing indeed that resilience and also is providing with that growth potential that we are looking for indeed enabling our future growth. There we see indeed different messages that we want to bring across here. We see on one side that our operational risk is significantly decreasing over the years for different reasons. You have seen Christophe talking about that share of recurring revenue and revenues from repeat customers that is now reaching 65%. That is clearly an important message that we want to bring across. It is also the first time that we put a number on that, but it shows indeed the strength of the resilience of our business. We have further enlarged that product range and solution range drastically so that we are reducing heavily, of course, the dependence to LiveCeption and to the different servers that we have in that family. We have been also able over the last year to do pre-production of our products, which indeed helps us to more rapidly serve customer needs. As indeed, we can reduce heavily the delivery terms. We have been further increasing the client base worldwide, and we have been also able to avoid excessive client concentration. That is really helping us to reduce the risk from indeed very large customers, and also further reduce the dependence that we have every two years from those Big Event Rental. Last but not least, in that first bullet point here on the development and support capacity that we have worldwide, we have been further able to grow that in different regions. Not only Belgium, but heavily also in Portugal and in the U.S. So we are definitely being able to reduce our operational risks. When we look indeed to the future, we think that the strategy that we are implementing is helping us indeed to reinforce our position and our core activities. When we talk about LiveCeption, MediaCeption, MediaInfrastructure, we see clear progress in all of them. The fact that we are delivering very successful big events is definitely also helping us towards customers to show that we are indeed the best technology provider when it comes to critical solutions for live production. Next to that, indeed, we are demonstrating that on important trade shows like Benoît was explaining at NAB in Vegas, and in September at IBC in September in Amsterdam. Last but not least, as you heard from Benoît, we did set up that division, and indeed, also a specific daughter company called LVS, Live Vision Systems, that will help us to further position ourself, our technologies in clearly a market that is heavily growing here in Europe, but also worldwide, which is that defense and security segment. All in all, indeed, the conclusion that we have here is that we feel that our strategy is delivering on the expected results when we talk about resilience and growth potential. Good. That brings me to the next slide and the next topic here today, which is an important one, of course, when we will talk about outlook and guidance. There I will leave the floor again to you, Christophe. Thank you. Obviously, to deliver the guidance, we have key priorities for the second semester. The first one is implement the cost containment plan. It has been a while that we are talking about it. We are currently delivering this cost containment plan. The objective is really to reach a level of cost which is comparable to 2025. This plan is done in a way such that it still allows for growth, obviously. It is not blindly done. It is done in a way that we play on the fixed costs, and we are making sure that it does not impact our future growth. The second priority is a conversion of the largest ever commercial pipeline into order intake. That is what will make us reach the top line guidance. Where I want to insist as well is this pipeline, it is not growing just by the fact of big orders. It is plenty of smaller orders, which also it is very fragmented, which reduces the risk of non-implementation. It is not a make or break thing. It is really plenty of smaller orders that have been identified. What we are doing now is putting in place incentive systems in order to make sure that our sales teams, our sales reps, are really focusing only on conversion of that pipeline and a bit less on the seeding part on the pipeline development. Still, the pipeline development is important for the longer-term future. IBC will be key there. For us, IBC will be also a key moment to get to the 2026 figures. Focus on NALA and LAB continues. Channel partners, you already know about that. It is a core pillar of our strategy, so we continue on that, and obviously the integration of T-Motion. For us, AI is not a threat. It is, on the contrary, a competitive advantage. We want to continue to leverage AI to further differentiate our solution, enhance our ecosystem with a clear focus on customer value and monetization. What we want is that the AI embedded in our tools makes a difference to the customer for the customer. Help them to get the money out of the content they do own and they distribute. So that is absolutely critical to us, and we really use that within our systems to have products which are better than competition. If we succeed in those priorities, cost containment, and when we will succeed on cost containment and the conversion of the AI, based on this, our secured sales of EUR 161 million and the pipeline, which is growing at 23%, if we look at the shorter pipeline expected to mature in second half, we are confident that we can reach the EUR 220 million-EUR 240 million revenues guidelines. Again, keep in mind that 65% of our first half revenues can be considered as recurring or reoccurring. That will obviously clearly help us and will continue to help us. The long-term order book is very favorable for the long term, and the EBIT will be supported by two things. The first one I told you, the fact that our margins were impacted by a limited number of contracts with lower margins, that won't have an impact in second half, number one, and the fact that we start to implement the cost reduction, which will have limited effect in second half to be completely honest, because we have cost to implement that, but it will still be positive. Therefore, we are confident as well that we will reach the EUR 40 million- EUR 50 million EBIT that we already promised in the first quarter this year. The guidance is confirmed, and the management is really doing everything it can to make everything in place to reach those targets. The takeaways, Serge? Yes. That brings me indeed to the conclusion and the key takeaways of this first H1 result. Let's go through those key takeaways. It's all about resilience and growth potential for sure. We see a record performance with a strong commercial momentum. We see that record H1 revenue and a growing commercial pipeline, which has never been as big as before. We are really happy to see that, because that gives us indeed a solid visibility on that continued growth, and that helps us indeed, as Christophe just said, to also confirm those guidance that we gave before. We see a more resilient and diversified EVS, of course. That strategy is progressively reducing the risk, as we are increasing our geographic reach. We are increasing the number or the type of customers. We're increasing the solutions to provide those full workflows to our customers. Of course, North America continues to further grow and becomes an increasingly important growth engine for our company. We also see an increasing visibility and quality of those revenues. That shift that we've started some time ago towards more software, more services, and more recurring business is definitely helping us to increase that predictability and reduces the dependency on individual projects and market cycles, of course. That's an important element to note here in those key takeaways. As you heard Christophe say, we are really focusing now, even more than before, on the disciplined profitable growth. Which means indeed that we're putting into place a cost containment plan, and that will allow us indeed to make sure that we achieve that EBIT guidance for this year, but also make sure that for the future we'll be able to deliver on that sustainable growth ambition that we have. Last but not least, a larger addressable market, stronger diversification, and increasing recurring revenue reduce the overall risk profile of EVS, while creating that additional growth opportunity. To end all of that, in the blue box below, you see indeed that we are convinced that our strategy is delivering not only growth but also greater resilience, improved revenue visibility, and a structurally lower risk profile for the company. That is in essence the key messages that we wanted to bring across here today, and we'll be happy to take your questions here. I said in the beginning, please raise your hands, and we will give you the microphone so that you can ask it. I already see three hands raised, and I will give Alexander the floor first. Alexander? Good morning. Alexander here from Kepler Cheuvreux. I have three questions, or I will stick to three. I have more, but I will stick to three. The first one would be if you could provide some details on the transition to the new server next year, because last time you switched to the XT-VIA, I think that was in 2018, that led to an upgrade of the installed base. Do you anticipate something similar in 2027? How much is that weighing on sales and pricing this year? The second question would be on the Big Event Rentals. Last World Cup year, the Big Event Rentals was EUR 6 million in the first half. Now it is EUR 12 million. So what sparked that increase, and how much of the Big Event Rentals is now in secured revenue? The last question. You invested a lot in the U.S.A. to grow strongly in North America. I think from slide 10, we can conclude that the organic growth in North America, barring the FX effect, is actually only low single digits. That is clearly below expectations. Could you please explain what is going on there? Thank you. Okay. Thank you, Alexander. Three questions. The first one, an interesting one, is about the transition to a new server. Indeed, as a technology company, we are working on new technologies, and we keep on delivering new generations of solutions. Before going to the next generation server, remember also that we keep on delivering new software capabilities on existing servers, which also still supports the sale of existing generation servers. That is something that is quite important. A good example of that is the introduction of our new zoom capability. We see now several U.S. customers are using that zoom capability on our XT-VIA service and additional infrastructure that we are delivering to customers. Let us not forget that a customer is not buying a server that was for the first time put on the market in 2018. But in the meantime, we keep on delivering new software versions, new software capabilities that keep on increasing the attractivity even of existing servers. Nevertheless, indeed, we are working on a new hardware solution, and that will be announced maybe next year, maybe the year after. We will keep that still as something in the air. That is a fact, of course. But in the meantime, if certain customers would hesitate, for instance, to go from the current and wait for the new one, we will make sure that commercially there is also a path to go from the current to the new one. I am absolutely not afraid about that. You are referring to new hardware server, but also think that there are software servers that in the meantime will also be launched. I invite you to stay tuned to what we will be seeing in the next weeks or next months about that. To jump to your second question, the Big Event Rental. I will leave Christophe answering that one about revenues in H1 and revenues in H2. Yeah. So, in H1, we recorded EUR 12 million, EUR 11.3 million for EVS and the rest for T-Motion. EUR 12 million in the revenues. We still have a bit more than EUR 3 million to be booked in second half. Obviously, all this is already in the secured revenues, because it was ordered. So it is part of it. So we have roughly booked already 80% of the event. Okay. Thank you, Christophe. The first question was about U.S. growth. Let us be careful not to jump to conclusions by looking into the first six months. Remember also, and that was also highlighted by Christophe, the pipeline growth is quite big. A big part of our pipeline growth comes also from North America. 51%. 51%. Thank you, Christophe, for being precise on that one. We see indeed a growing pipeline and a required confidence that by the end of the year, we'll also see that growth absolutely materializing. The conclusion that you take now, Alexander, be careful because that's only six months. Let's not forget it also is impacted by the dollar evolution, of course. But when we look to dollar figures, we see indeed and we're quite confident that we'll see again an important growth of our business in North America by the end of the year. Okay. Thank you. I hope that Yes, Alexander. Yeah. That's clear, and if I maybe ask, it's not an extra question, just basically on the LSP market, it's 18% down year-on-year. That reflects, and sort of reflects in the press release. It implies that the long-term growth trends is laid out by the PLAY Forward strategy plan. But accumulatively, you're looking at 24% decline versus 2024, 30% versus 2023. We went to the Investor Day, we met there, and I think the last one was in 2024, and you mentioned that you were going to defend your leading position in the LSP market, and that total addressable market was going to be flat. The question I really have is on the long-term growth trend is it basically the market declining or is it your market share that is declining? Thanks. Well, again, let's not jump to conclusions for first six months. That's a dangerous thing to do. We have always said indeed that we expect the LSP market to be more or less flat. To answer one of your additional questions here, definitely, we don't see our market share reducing. Far from that. We see that LSPs, as expected, are indeed under pressure. Their business model is under pressure. We see more and more Live Audience Business customers making those productions by themselves and investing themselves. What we've been saying in our strategy is effectively happening. We see some LSPs also further consolidating, so acquiring each other. Depending on the region, we see indeed also different dynamics. Where in Europe, we still see a tough market for Live Service Providers. We see on the contrary, in North America, still quite some Live Service Providers are also investing in new infrastructure, even in new trucks. We have to be careful when we look at that. To answer those questions, our market share is definitely not decreasing. We think that overall we keep with a very high market share. What we've been saying is that the LiveCeption market overall will not grow a lot over those next years. But in that LiveCeption market, you not only have LSPs, you also have Live Audience Business customers. I think that there definitely we see the growth happening, and that is in line with the thoughts that indeed we had before, that this was for us the most important growth engine in the different type of customers that we have. Okay. I take away that LSP market is declining market? Again, I'm saying that for the first six months, you have to be careful in taking that conclusion. I think you have to look at the whole year to see in detail what's happening and to be able to come to that conclusion. I think it's too early to say that, Alexander. Okay. Thank you, Serge. Okay. David, you have your hand raised. Hello. Good morning, everyone. Sorry, I needed some time to unmute myself. I had basically a bit the same question as Alexander on the LSP market, and Serge, you've answered that question. I would just maybe as a short complement, do you think that the LSP market is impacted somehow by the anticipated change in server, the new generation of server? Or, Serge, you would rather not play that element? Then I'll go back to a couple more questions. If you remember, in August last year, we signed a large deal also with Gravity Media, which shows indeed that a big player like Gravity is investing in upgrading their whole fleet to the latest XT-VIA fleet. So that is a nice example of a very big player who is, as we speak, still upgrading their fleet. I would definitely not jump to the conclusion to say that LSPs are now waiting for the next hardware server. And again, you heard me say that there are other things than hardware servers. There are also software servers that we are putting on the market as we speak. So that is definitely also a solution that we are discussing with our customers. Again, if customers are hesitating or would be hesitating to wait for the next one, we have commercial programs that we can offer to limit the impact of that so that they don't need to wait, but that we give them a path to start potentially for some time with existing technology and then smoothly evolve to whatever new generation might come. Thanks, Serge. Then switching now to H2 and the needed, let's say, acceleration in the order intake. Do you need an acceleration of the conversion, let's say, of the pipeline? If you see what I mean. So compared to historical average level of conversion. Or is it just really that you have a fantastic short-term pipeline based on the feed from your sales? Because you indicated, just as a very quick add-on to that question, I think you or Christophe mentioned that you need to tweak your sales incentives, in particular in the U.S. So yeah. It seems you need a bit to change their behavior or it would point towards still a need for them to be more active on conversion. Thanks. Yeah. I'll let Christophe comment on the conversion rate. No. Conversion rate are roughly stable. When I say roughly, it's 2%, 3% variation from year on year. We obviously took. We're on the safe side when we accounted for conversion. When I said twist the arms, I don't know what I said. You should see it rather as a normal management action to make sure it happens. If we would not do anything, in all normal circumstances, our guidance are based on normal conversion rates. Standard ones would be from pipeline to order intake and order intake to revenues. So there is nothing specific there. It's really the size of the short-term pipeline that makes us land to those guidance. The stuff is just, I would say, normal management to make sure that everyone is aligned to get to those figures. Nothing else. There is nothing like, oh la la, we're in panic. No, not at all. It's just doing the normal job of sales management. I will add to that when we talk indeed about sales incentives, what we try to do is to make sure that big wave that we see coming for the end of the year, that we can anticipate or try to pull in that earlier. We have seen also last year that in December was again a major month for indeed order intake, deliveries, and revenues. What we try to do here with some additional, I would say, incentives towards our sales, is to make sure that they try to bring in those orders more rapidly. So that also on the production engine that we have, we can smooth out or try to smooth out more the delivery than indeed having again, a huge December month. We know we will have again, a huge December month, but we try to pull in the wave into October and November so that indeed we are reducing the pressure on our production engine. It's just a risk reduction incentive for the operations, nothing else. Okay. Thanks very much. Does it mean that we should already be reassured, let's say, in term of orders by the Q3 figures? Or it will still be a bit nail-biting, let's say, with, as you said, a fantastic month of December in 2026? How confident are you that you will already book in quite an order by Q3? Which is two months away. Well, I think that we are in an industry with cyclicality in that respect, and we've always seen that Q4 is a much stronger quarter than any quarter before. We hope to change that a bit, but reality will not be easy to adapt. We continue to know that Q4 will be our most important quarter. We'll tell you after Q3 in detail where we are with those results for Q3, but we already anticipate that Q4 will be, as all the years before, the most important quarter of our order intake. Yeah. Thanks. Then on OpEx, can you give us a rough OpEx growth guidance for this year? I think you have quite some good idea. I know visibility on sales and orders is difficult, but on OpEx, you have more control. I'm looking to Christophe for that question at this point in time. Basically, you have it. Since we gave you a guidance for the revenues, you know the margins, we told you what will change. By difference, you have the OpEx guidance. Implicitly, the gross margin guidance is unchanged. So flat, and then an impact of the motion of 1%-1.5%, a negative impact of 1%-1.5%. Implicitly, a gross margin of 69.3%-69.8%. And then some OpEx growth guidance, and we get to euro a bit. I wouldn't be so precise on the gross margin. Otherwise, I will give you a net profit and down to the non-profit. Okay. I would have tried as well, David, but I will not do that. But I think the order of magnitude makes sense. Okay. Thanks very much. Very last question on T-Motion. I think you disclosed that the sales booked in H1 was EUR 5.9 million. It looks a bit on the low side for video robotics, or is this why I'm missing something for the video robotics? Could you give us some rough sales contribution for video robotics for this year? Well, we agree with your comment that it was a bit on the low side, but we expect that H2 will definitely be an opportunity to catch up on that, and that we'll see indeed overall a much better figure for our T-Motion in H2. Again, we can say that because the commercial pipeline of T-Motion is very strong. I don't know if, Benoît, you want to add something to that as you're very close to that file. Of course. Compared to the pipeline that we inherited at closing, we very significantly increased the pipeline. But indeed, we need to convert it now. If I may add something, last year, the share of the first half was also low versus the total year. If we look at secured revenues on T-Motion as of today, we are not afraid for the full year on T-Motion. Okay. Thanks very much. Thank you, David. Good. Next, I see Guy. Guy, the floor is yours, sir. We don't hear you yet. You're muted still. Yes. Thank you. Okay. There you are. Sorry to come back on the pipeline conversion. What level of pipeline conversion do you need in the second half of this year to reach the midpoint of the guidance, and how does that compare with historical conversion rates? The second question is on Live Vision Systems division. How large do you believe that the security and defense addressable market could become for EVS over the next three to five years? What milestones should we, as investors, monitor? On the AI monetization, you continue to emphasize AI integration across LiveCeption, MediaCeption, and VIA MAP. Are customers already paying a premium for these AI-enabled workflows? When do you expect AI-driven products and services to have a visible impact on revenue growth and margins? Thank you. I can take the first one if you want. Okay. Thank you, Guy. Christophe, yeah. AI conversion. Yeah. Pipeline conversion. As I told you, we're not communicating on our pipeline. Since you know our secured revenues are EUR 165 million, and our mid-guidance is EUR 230 million, you know what we miss. The only thing I can answer to that, if I give you the conversion rate, you know the pipeline. Obviously, I will not comment on that. The only thing I can tell you, it's stable conversion rates versus the last three years. Nothing changes. We convert at the same rate as in the past to get to the midpoint of the guidelines. Okay. Thank you, Christophe. On LVS, size of the market. This is a good question, of course. For us, this is also a new market that we are moving into. This can be quite big, but we approach this from an entrepreneurial approach for the moment. We are seeding, we are indeed setting up partnerships. What we see is that indeed, our technologies for live video handling and our AI capabilities in that video recording and recognition are critical elements that are very much needed in different environments in that respect. The size of that market, we all know it can be huge when you see effectively the amounts of investments that are being made in Europe, in NATO environment and overall. How much we will be able to do in revenue over the next years, that is a question mark, of course, and we have no answer yet to that. We hope it can be substantial, but we also know it will take quite some time before that really translates into revenue. We think that in the beginning, the first years, we will mainly be talking about development contracts, like the one that we have just announced. We expected that others might follow, and that will help us indeed to further accelerate the adaptation of certain of our products that can go into that market. Again, this is for still a very entrepreneurial environment, where we are indeed making our first steps, where we won the first contract. As I said, in the initial phase, it will be mainly about development, adaptation of existing products. Again, it's about using our AI software and some of our hardware capabilities in that environment. Again, what to follow? I think in the beginning, it will be mainly indeed what contracts do we gain to help us grow our team on the development side, mainly to indeed adapt products or deliver new products that go into that market. I'm sorry I'm a little bit, I would say, not precise on numbers, on what is that TAM and our possibility, but for the moment, I think it's really too early for us to put numbers on that. What we try to do is to indeed see the opportunities, and what we need to do to take those opportunities to enter more forcefully into that market. All right. Then here, I'll go to the AI impact. What is the AI impact, or when we will see that in our figures? I think we already see that in our figures, as we've been launching already a few years ago, some of our solutions like XtraMotion based on AI. You might not see that as a specific line linked to AI, because that's just part of our ecosystem. It's one of the capabilities in our ecosystem, and that is already part of LiveCeption, with XtraMotion capabilities. It becomes also more and more important in our VIA MAP or in our MediaCeption environment. Again, there is no line that specifically says, "Well, those are the AI revenues." But I can tell you it has already an impact, and it further helps us to differentiate our solutions, our products to our customers. Where initially our AI capabilities were geared, and still are geared, to further improve the quality of the emotion that is being brought on the screen. We also more and more focus on tools for our customers that help them be more efficient, to further reduce their operational costs. Where in the beginning we were mainly focusing on what goes on screen, the quality of what goes on screen, the speed what goes on screen. We also now more and more focus also on the tools that help our customers to be more efficient. But again, we don't have a specific line that says AI revenue. But I can tell you it's already part of our product portfolio, and it helps us to differentiate our solutions compared to other players in the market. I hope that answers your question, Guy. Yeah. Thank you. Thank you, Guy. The next hand is from Michaël. And we'll have to unmute you, Michaël. Can you hear me now? We can hear you. Perfect. Good morning, gentlemen. I have a couple of small follow-up questions on the question from Guy about Live Vision Systems. You mentioned that you may have to adopt some products. Would that be small tweaks to existing products, or will there be an entirely new development of new products for this particular end market? The second question is your sales force currently big enough to also start addressing this particular market, or will you have to hire additional people? The third one, does your sales target for 2030 already include expansion into these adjacent markets, or is this something that could come on top? Okay. Thank you, Michael, for those questions. First question about adaptation. The absolute objective is to be able to reuse EVS building blocks, and only adapt in certain ways to answer certain specific requirements. It is not our ambition to start a big development program to develop new products. It is really taking existing technology building blocks from EVS, adapt them to specific market requirements. That is our ambition as we see it for the moment. That is also in line with the first contract that we have to further develop certain capabilities. It is building on existing technology, but of course, with certain adaptation. Your question about the sales force, it is also an important one. You have seen us saying that we are setting up a specific subsidiary. We want absolutely to make sure there is a clear distinction between what we do in LVS and then rest of EVS. Our current EVS sales force is not impacted by LVS. Those are different type of customers, different type of partners. We are making sure indeed that the sales, and I would say at this moment in time, or the business development capability, is present in that division itself. We are not leaning on our sales people to help us grow LVS. Most of those customers are anyway different type of customers. On the sales force, again, we are not putting extra stress, if we say it like that, on our existing sales force to also start selling LVS. That means indeed that from the beginning of the year, we have hired a few colleagues who are dedicated to that business and who also come from that environment. Because LVS, and that market is a completely different market from the live broadcast industry that we know. That is another language, another way of working. We have hired a few colleagues with specific knowledge and specific experience in that domain that help us to investigate the possibilities. That is what we have been doing up to now and what we expect to continue doing in the next months and years, of course. Your last question about, is this part of our sales target or ambitions for 2030? For the moment, that is not, because we do not know yet what the numbers might be. That is something that is further increasing our total addressable market, and which comes on top of our current business growth ambitions that we have. When we talk about number one, in 2030, we are doing EUR 350 million, that we did not include LVS contribution into that. I hope, Michael, that answers your questions. It certainly does. I also have two questions about other topics. The first one is, in the press release, it appears as if clients are currently taking longer than usual to decide on investments, and I was wondering if this may be related to the fact that you have shortened your lead times, which allows them to order later than usual. Is that indeed the case, or is there maybe something else going on? Let me also try to answer that one. Remember the first half, there were some major events in the world. A lot of broadcasters have been very busy in delivering those major events to consumers around the world. When you are in such a period of delivering those major events, you are not talking about acquiring new equipment in that period. We do not think that there is a longer delay. We, of course, recognize that some customers and some important customers, and in fact quite some of them, are busy in delivering those major events, and that is putting back the acquisition cycle. But overall, when we look to our commercial pipeline, we see that it is very strong and that we expect that over the next weeks and months, we can translate that into order intake and to revenue. What is the role of lead times? We do not think that lead times is impacting that negatively. On the contrary, for certain products, we see that shorter lead times is also a competitive advantage to be able to win certain contracts where customers need rapidly certain solutions. We definitely do not think that shortening our lead times has a negative impact. We think that it is the contrary. Okay, that's helpful. Basically it was healthy operational stress at the customers, which made them think less of investments for a little bit. Yep. Then the final question. Every three months, I see new statistics about memory prices, both DRAM and NAND, and they keep rising exponentially every single three months. I was wondering if you are still comfortable with, well, the memory components within your products, if that is something that sees inflationary pressure but also supply chain issues. Could you give an update on that? In conjunction to that, have you raised your prices this year for your products on average, and if so, by how much, roughly? Okay. Happy to answer that one, or Christophe, if you want to contribute here, feel free to do so. Okay. This is an important topic. Definitely it's high on our radar. We have a tight follow-up on that situation, both on pricing, of course, and on availability. We feel confident about availability. We've been securing that quite in advance, and we see no, I would say, negative impact on availability of those memory solutions. It's clear that from certain suppliers, we are following it very closely. Sometimes for certain products, we have to limit the price. How do you say that? The price validity for only a few weeks. Typically, when we also resell, for instance, certain memory solutions from third parties. That puts definitely a stress also on customers to pass on or to accelerate certain decision cycles. But overall, when we talk about our products, we feel that we have that situation under control, especially on the delivery side and on the pricing side, the impact on our BOM. Also let Christophe comment indeed on what we do or what we have been doing with our pricing in the recent weeks and what we plan to do going forward, of course. Yeah. The first answer is, okay, our margins, as I explained, went down by 4%, right? Actually, most of it is a fix, and there is only a very limited part which is pure margins. As we said, it is limited to three, four contracts. So that means that we have been able to manage that increase. That said, we also see an increase in speed of price increase, of price revision. What we are doing now since July is a price committee revision based on the evolution of the component, and that is being frank. It is true for everyone, so it does not create a competitive disadvantage. The market knows it. It is everywhere. So the point is, from now on a monthly basis, because you talked about quarter, we are even more careful than that. On a monthly basis, we will just make sure that the prices we propose to the customers really incorporate any price increase. That can go, as you said, in the component, but also in the transport, in everything which is completely inflated for the moment. We are really putting in place the right processes to make sure that we can preserve our margins in the future. Where we are not afraid is that it does not put us in a more difficult situation than our competitors, and everyone will do the same because everyone is facing the same problem. What is important to us is that from a supply side, we are a good customer. We have the means to pay. We order way early enough, which helps our suppliers to make good forecasts, and therefore, we are treated in a fair way. We are sure we can get the necessary products in order to answer to our client needs. For the rest, we make sure that in our pricing, and as Serge said, it can be absolute pricing or just an offer which is limited in time to make sure that there is not a change that would hurt us, and we are doing that more and more on the sizable offers, obviously. Does that answer your question? Yes, it does. Very helpful. Thank you for that. Those were my questions. Okay. Thank you, Michael. Thank you. I am looking at the time. It is 23, seven minutes to go. I see, Patrick, you raised your hand, so feel free to ask your question here, Patrick. Yes. Hello, Serge, Benoît, Christophe. Do you hear me? Yes, we can. Okay. I have two questions for you, Serge, on management. First of all, Christophe is currently serving as CFO Ad Interim. Do you expect to make his appointment permanent, or is the company still searching for another candidate to take on the CFO role on a permanent basis? That is my first question. The second one, of course, many of us were somewhat surprised with Veerle's sudden departure based on Veerle's LinkedIn posts. Her experience and interests extend beyond finance into general management transformation, operational leadership, and growth capabilities that could also support EVS' future development. Without commenting on confidential personal matters, could you explain whether EVS considered retaining her in another strategic or leadership role, and if so, why this did not ultimately lead to a new position for her within the company? Okay. Thank you, Patrick. Let me indeed try to answer that one. First on the CFO. That is a work in progress. We hope that indeed over the next two weeks, we can make an announcement on that one. I will ask you to be a little bit patient and stay tuned on that one. All right. Then for Veerle's departure, you will remember that Veerle has been with us for about five years, that she had a very broad scope, and that we decided together last year to reduce that scope because in that scope before there was IT, there was production, there was logistics, there was a facility, and there was finance. Last year, you remember that we took a decision to indeed hire a new colleague that would take some of the burden from her shoulders. She fully acknowledged that that was indeed the right thing to do for EVS. She also said at that moment in time that she feels more motivated by having a broader scope than a smaller scope, and that she felt indeed the time was right for her to indeed leave the company as indeed a pure financial role was not in her ambition. That is also what she has been saying, I think, to you and to many others here around the table. So any other question you have about Veerle, I think you will have to ask Veerle, as I do not know exactly what her plans are for the future. But I know that she wanted to stay in a more broader role than only the finance CFO role. That is what I can say on that at this moment in time, Patrick. Okay. Thank you. All right. Thank you for those questions, of course. Good. 27. I see no further hands are raised, so I suggest that we conclude here. I hope indeed that we have been able to pass on the main message here, that we are satisfied of where we are with H1 revenue-wise. We also see, of course, that we need to take some actions, and we are taking those actions to make sure that on the profitability side and the cost side, we reduce our cost base, so that we indeed guarantee the future capability of delivering that profitable growth that we are expecting. But again, with that sales pipe that we see growing quite extensively with more than 20%, we are quite positive and I would say cautiously optimistic about H2 and the future, of course. That is why we can indeed confirm the guidance that we gave before to all of you revenue-wise, EUR 220 million- EUR 240 million for the full year and that EUR 40 million- EUR 50 million EBITDA. We are looking forward indeed to deliver on those guidances in this H2 that is already ongoing since the beginning of July, of course. Thank you for joining us. I really appreciate your presence, and I appreciate your contribution and your questions, of course. I look forward to meet with you in the next days or weeks. I thank also my colleagues here, Benoît and Christophe. Christophe, our CFO Ad Interim, first time you participate to this, so thank you indeed for your contribution here. Very much appreciated. Thank you. Thank you. Everyone. See you. Bye-bye.