Welcome to the Compagnie Financière Tradition H1 results for 2026. Today presenting Mr. Combes, Chairman of Compagnie Financière Tradition, and Dominique Velter, who is heading the Tradition Lab, and myself, François Brisebois, Group CFO. First, to give an overview of the key financial figures for the first half. Strong performance in a particular context with the FX impact on the revenue growth and the performance overall. But in this context, delivering revenue up of 10.4% in constant currency for an amount of CHF 646 million, including our share in our joint ventures. The underlying indicator of productivity by broker is driving mainly the growth with the productivity up 10.4% on the prior year. Delivering an EBITDA, also including the share of our joint ventures of CHF 120 million, up 13.8% in constant currencies for an operating margin of 18.6% with 18.1% for the first half year of last year. At the operating level, same growth, 13.8% to CHF 108 million. A margin of 16.8% compared to 16.4% for the first half of last year. Giving us ultimately net profit group share of CHF 79 million, up 22.5%, with an earning per share of CHF 10.43, which is up 14.1% in current currencies to compare with CHF 9.14 for the prior year, last year. On the balance sheet, the indicators, same situation with strong basis. The shareholder equity up 33%, CHF 564 million if we exclude the treasury shares that we own at June 30th. It represent a return on equity for the first half of 16.1% to compare with 15% for the first half of last year. And a net cash position that is more or less stable in constant currencies at CHF 266 million. Looking at the revenue a bit more in details, but we have first on an IFRS standpoint, the growth is 11% in constant currencies, +3.1% in current currencies. As I have mentioned, 10.4% increase, including the share of our joint ventures. Overall, the FX impact was quite significant. Obviously, it was mostly after the April 2025 adjustment and the introduction of the tariff in the U.S. that has strengthened further the Swiss franc. But overall, looking at the first half, the growth of 10.4% represents CHF 65.5 million of additional revenue when calculated in local currencies. The headwind, the FX impact against it was CHF 51.4 million, giving us the increase in current currency of 2.2%. The growth was both on the wholesales, on the traditional IDB business, up 10.4% to CHF 623 million. Gaitame.com that had a good performance on the revenue side, up 8.9%. More impacted by the yen situation. In current currency, it gives a reduction in Swiss franc of -6.6%. But overall, as we will see, the underlying performance of Gaitame.com was strong during the period. In term of the revenue allocation per region and the revenue growth. Growth in all three region. Similar level of growth between 9% and 10%, led overall by EMEA for again this year, up 10.4%, while Asia was up 9.8% and the Americas 9.7%. Overall, what we can see is an increase of the weight of EMEA in the region that is now around 47%, 48% of overall group revenue. Looking at it from a product point of view, securities and derivative was leading the growth in the first half, up 14.5%. Strong performance in equity derivative, but also in repos overall. Then emerging commodities and currencies and rates up 8.6%. We've seen, obviously, an environment that was favorable to the interest rate environment. In the energy sector, it was a mix between Q1 and Q2 in oil and energy. Overall, the good increase coming from the metals and environmental product during the period, and we've seen the growth of Gaitame.com. I want to mention the data business. I think it was a strong performance, a growth above 20% in the first half. Really a point of focus for the group, trying to expand the client base, but at the same time to launch new product, new data set, and expand across asset classes. Historically more driven by rates and effects and extending to more fixed income products. So a good performance. We also have some income that are associated with migration of new customers buying historical data. This has supported the growth. What we can see for now, it's a healthy pipeline for already looking ahead for 2027. In term of profitability, EBITDA, including our share of the joint venture, so 18.6% margin up 13.8%. As we can see, Gaitame.com was up significantly from CHF 9.2 million to CHF 15.1 million during the period. The IDB business overall in CHF, it's a performance that is results that are stable compared to last year. A slight increase in constant currencies. Overall, headcount growing even though the front office is more or less stable, allowing us to deliver an increased productivity by a broker that is now reaching close to CHF 1 million for the IDB business overall, so still growing. On the other side, looking at the ratio for the IDB and as a percentage of the revenue, so the margin was 16.8% compared to 17.4% the year before. Overall, our non-compensation costs as a percentage of revenue are decreasing, 14.6% last year to 13%. It's on the compensation cost, both on the front office and the support function that we've seen an increase. On the front office, it's correlated to the asset classes and the evolution of the growth per asset classes that can have a different weight in term of variable compensation. This explains mostly the increase in compensation for the period. A zoom maybe on Gaitame.com. As you've seen here, the numbers are presented at 100% to give an overview of our stake, knowing that our stake is 50% in the company. Overall, the EBITDA margin is now 66.1%. The significant turnaround last year, as you recall, we had the integration. Maybe if I rewind one step. At the end of 2024, Gaitame.com bought Money Partners Group. In December 2024, the transaction was finalized. The integration was mostly in H1 having some integration costs at the time. The objective was to, yes, to integrate and deliver the synergies which they did and demonstrated by the strong result in 2026. Operating profit up. EBITDA up 95.5% to reach CHF 30 million, for 100%, hence the CHF 15.1 million for our stake. Another element to mention, in spite of the slight reduction in customers, the amount of cash deposit continue to grow in constant currencies. Overall, we have approximately $1 billion of client deposit. Gaitame.com started on a low basis for the moment, but with a change in the interest rate environment in Japan, they are now earning some interest on this cash. It is a beginning, so it is something that we have not seen in the previous year. It is something that is evolving and obviously need to adapt to this new reality. But it is $1 billion that they have overall in client deposit. Going to the net profit. Already on the operating profit, IFRS, the amount is CHF 88 million for a profit before tax of CHF 103 million. Next to it, what you have, it is the amount in constant currencies. It is to show the impact of effects for the period. The operating profit was CHF 88 million in constant currencies. It would have been CHF 94.7 million. At current currency, we see that it is mostly flat. At pre-tax, it is improving to CHF 103 million compared to CHF 95.9 million. An improvement of the net financial result compared to the previous year, and an increase in share of profit of associates, mostly the contribution of Gaitame.com accounted as an equity investment under IFRS. Financial result improving from a better or a lower level of FX losses that was mostly nil during the period 0.4 Compared to a negative impact of CHF 4.9 million last year. As you will recall, this impact was mostly the result of the abrupt adjustment in April 2025 of the FX rate after the U.S. tariff introductions. At the same time, in the financial result, the net interest income are slightly lower by CHF 0.6 million- CHF 0.6 million. We have both a reduced level of interest income at the same time as we interest expenses with the repayment of the $130 million bond in July 2025. So overall, pre-tax of CHF 103 million. Effective tax rate that is reducing 23.4% compared to 26.1%. An improvement already coming from the reduced normative tax rate. The normative tax rate is driven by the geographical mix of the profit. This is what drives mainly the movement. So an improvement that gives us a net profit after minority interest of CHF 79.1 million, up 22.5% in constant currencies and 12.6% in current currencies. Earning per share CHF 10.43, benefiting from both the improved profitability but also the lower weighted average share outstanding and for the period at CHF 7.52. So that gives us an increase of the EPS to CHF 10.43 for the period. Balance sheet, no significant change. Obviously, the strong financial position is maintained with the aim to have a robust cash position, tangible shareholder equity. So that is part of the pillar of the strategy of the group. As you can see, the goodwill and intangible out of total equity of CHF 514 million, they represent only CHF 51 million, so about 10% of total shareholder equity. The balance sheet overall by our cash position, our net cash position, and tangible equity, it remains a clear differentiator when compared to peers, so to our sector. This is something that is important to the group. Picking up the movement of the balance sheet from the shareholder equity, where we have the net result for the period, we have the dividend distribution in H1. Over the first half, we acquired CHF 22.7 million of treasury shares. At the same time, we had some capital decrease with the cancellation in line with the initial share buyback program. The cancellation of shares were CHF 27.2 million, were done in H1 against reserves. Overall, shareholder equity group share of CHF 493 million. In the total shareholder equity, if we exclude the treasury shares, it is CHF 564 million. Cash-wise, on a reported basis, the amount of cash is reducing with the strengthening of the Swiss franc, but overall, in constant currency, it is stable compared to the amount that we had last year. As you can see, we have reduced also during H1 further the financial debt. Now we have CHF 180 million, and in fact, it is mostly two bonds, one maturing in November 2027 and the other one late 2029. In term of share count, a new share buyback program was announced and launched in June of this year with the objective to repurchase up to 300,000 shares over a three-year period. This is complementing the first one that ended at May 2026, during which we have repurchased and canceled close to 252,000 shares, which represented 3.3% of our share capital. At the end of June, the total amount of shares has slightly reduced. The amount of treasury shares is already, then the number of shares outstanding, there is a movement of treasury shares, where we bought, on the first line, 33,000 shares, roughly, on the second line, 48,000. It is on the second line that these shares would be canceled, and at the same time, there were approximately 60,000 shares that were issued under the stock option programs. Overall, at the end of June, the amount of shares outstanding is 7.6 million. The company owns still 4.6 million after the cancellation of May 2026, so 364,000 shares, mostly through the first line where we have 49,000. The book value, so altogether, it represents 4.6% of the capital, and the book value is 49.6. The vast majority after the cancellation relates the first line. Now we will look at the Tradition Lab element, the element of data science and artificial intelligence, and I will let Dominique explain. Thank you, François. You remember certainly that we established a data science team back in 2021. Over time, we have added GenAI capabilities, a data platform, which is core to what we are also developing. We are moving, I would say from 2025, where the focus was on proof of value and delivery of solutions. This year we have really focused on scalability and integration group wide of solutions and adoption of AI with, of course, short-term focus on adoption, but a medium-term focus on more profound transformation of the way we work. At the core values we are pursuing, and this will ring a bell compared to what we have said in the past. We are really focusing on quality of what we do, be it on the data platform side or the data solutions, data science or AI solutions. Value, meaning also impact and proprietary data because as an intermediary, we are one of the very few market participants with a unique view of the market dynamics, this is really something we want to leverage on. Our organization is step by step really structured around the focus on scalability of the solutions we develop. Efficiency, we will come back on that in a second. Broker value, also one of our key area of course as they generate revenues. New value, because we really think that data science and AI, as we really master those techniques, can bring new areas of value we have not explored so far. To give you an idea of the progress made year to date. We can really summarize this around three work streams. Of course, we have opportunities in terms of efficiency and opportunities in terms of added value overall across the three work streams. One is really efficiency and enablement of our business support functions. You may remember that we had launched last December TradGPT, our own productivity tool, individual productivity tool for the head office, which has first of all delivered additional releases since December for the head office. We are also now preparing for the launch in EMEA and Americas as a whole, with already some test users active on this individual productivity platform, which is going also to be agentic AI in the autumn. We have also developed a very thorough methodology for the business support functions to be able to step by step think about redesigning their workflow. One of the first step to do so is to identify AI champions within each team, which we have done at least at the level of HQ and now we are in the process of expanding this methodology also into the regions. The first AI champions have been established. One of our focus, in fact for a long time now, has been also to use machine learning techniques, not necessarily GenAI in this respect, to improve our risk framework. We have released internal risk models based on machine learning techniques. Of course, we have started to roll out AI coding assistance in various teams, starting with the headquarters here in Lausanne, where all of our tech teams, and we have a few here, are now using AI coding assistant to drive productivity gains. We are not short of ideas because we start to receive quite a lot of use cases from each team, in fact, through their AI champions. Also on the risk management framework, we have a roadmap which probably will move towards step by step using AI for transaction monitoring. As we currently externalize through third parties this capability and which is of course a cost. Really, the target here and why it matters, it is really embedding AI transformation mindset across support functions and regions, and we will continue in that direction. Second is really developing the impact for the front office of the use of machine learning and generative AI techniques. We have two objectives. One is to improve productivity, and we are doing this by recommending clients or transactions to brokers when they receive orders from their client. We have deployed now in almost 100% of one asset class in the Americas. This solution is going to rapidly scale in the other regions, the EMEA to follow. Of course, GenAI is very useful to structure a huge amount of information that we have in an unstructured form in our activities. We are also promoting chat passing solution, which is called Chatdoc, used in the front office, but we can also foresee other usages of this structuring of unstructured data. One of the core capability of the team from the start has been really to use machine learning to develop pricing tools, non-conventional pricing tools to complement our traditional quantitative analytics team in the regions. We are now live in two derivatives markets with machine learning pricing tools. Also another angle that we are now pursuing is to revisit some workflow based on agents, the building of agents. Tradition Energy, which is one of our division, focused on procurement of energy for corporates or industrials or universities or a lot of sectors in the U.S., have asked us to revisit their entire sales and marketing processes with agentic AI. We are deploying as we speak towards all of their frontline people, meaning account managers, salespeople, and analysts and researchers. Yes, so we continue to find areas of value and productivity across assets, brands, regions, and as I mentioned with Tradition Energy divisions, when they are adjacent to our core business. Third track, which takes multiple forms. It's really around data monetization. First and foremost around this data platform I was mentioning earlier on. In fact, TraditionData has started in the first half to use the data that we are cleaning, structuring on the data platform to create new datasets. This will continue not only for TraditionData, but also for many other internal, potentially external use cases going forward. So yes, this is interesting to see that our data platform could become, I would say, a lever of commercial realization at different levels. Also, of course, we are in parallel pushing for all the desks to maximize the use of the hybrid platforms or the electronic platforms that the group has developed in the past so that we can really digitalize the maximum pool of data from the beginning to the end of the life cycle of a trade. So underlying all this, we are continuing to really grow our team here in Lausanne. We started the year including data science, AI, and data engineering, and including interns at about 20 people in the team. We foresee that beginning of next year, we should be more in the range of 20- 30. We are adding some expertise step by step as also the number of projects is growing, as you can see. But also for us, a big milestone this year, and this person has joined two weeks ago. Because of the size of the team and because of the expertise of the team, we have felt that we were ready to create satellites in the regions. We have hired AI adoption lead for EMEA, and America will follow. So these persons will be the bridge, a permanent bridge between the team here in Lausanne and the business in the regions. Of course, we will continue to maintain excellence, which has been our motto since the beginning in our hiring program. The size of the team now is also allowing us to really structure the team in separate, though collaborative, capability streams. Of course, one specific GenAI, agentic AI capability stream within the team. Still a lot of, I think we are just at the beginning of the journey to some extent also because the technology is moving fast, and we cannot completely anticipate what the technology will be able to do in the near time. Yes, we try to be as agile as possible to anticipate this. Thank you, Dominique. Maybe as a conclusion to look at some element of outlook. Still focus on the same pillar of growth, operational performance, and the balancing. We see the macroeconomic conditions to be still the positive momentum across asset classes. In term of core element, obviously, we have demonstrated our ability to navigate those environment. There has been an element of volatility also, as we have seen during H1. The key element in that context, it is the quality of the portfolio across the region, across product. This is really the strength of a global broker to be able to navigate this, adapt, also have the product, the offering that is aligned with the client needs. This is a key element. In term of organic growth, it continue to be the main priority, with the focus mostly on organic growth to recruit really the talented people that can make a difference. There is always a place to recruit, complete the portfolio in one region, in one product so that this will continue. This search will continue, and it is an important element. At the same time, the development of the data analytics, there is a number of dimension, and Dominique has referred to the data platform and the way we gather the data, we clean, we package, but also the way we distribute the quality of our sales as well. There is a number of dimension to support the growth in that business. I think we believe that we have already a healthy pipeline for 2027. Cost management, it remains a priority. The focus is always to expand the region and extract the marginal profitability from the business model. At the same time, we have to invest in the business, and it is to manage properly those investment, and be disciplined on the way we manage the cost. Digital and AI transformation, Dominique has explained all the capabilities on data science and AI in the team that has been developed here in Lausanne. This is of great support to our entire operation from the front office, as explained. In the more short term, it is really the focus on the support processes, gaining efficiency, making sure that we revisit the way we use the data in all our support processes. This is a key element. The data platform overall will play a central role in all this, and it is really to revisit the way we operate. At the same time, with the front office, there is a continued investment in the, well, a disciplined investment in the hybrid brokerage. All the screen that are made available to interact with the customer, but at the same time, essential to collect the data. So making sure that all the desk have this and the capability to capture as much data as possible to enhance everything that we can do, and ultimately to bring the support to the brokers. Ultimately on capital allocation, the focus continue to grow the shareholder equity. But at the same time, maintain the dividend distribution policy and continue the share buyback program as it was presented. Yes, what we have seen in term of the month of July, we had mentioned in term of revenue growth that was roughly in line with the first half overall. Gaitame.com have made a continuum on its performance in term of revenue growth. So positive overall. Thank you. Alain, I think if you want to add maybe a few words. Of course, our main key objective is to grow the business as much as we can. This has been the trajectory so far in the past. We continue to focus on that. But at the same time, financial performance, quality of balance sheet, return on equity, as François was mentioning, we did 16.1% for first six months, which is a relatively nice performance. Have a strong balance sheet, which is relatively unique in our sector. These are our key limits, but growth, growing the business is a key objective, of course. Implementing data science and AI at the same time, including agentic AI, will be one of our key focus. Dominique was mentioning the fact that we are growing the team with very skilled people. We are very lucky in Switzerland because we have some good universities in data science, so we can take advantage of this quality of recruitment. These are essential. We have had some good news in terms of data sales. +22%, that is an acceleration. We were not growing as fast last year. We did something like 6%, but there is a lot of work being accomplished in terms of data sales. We are going to put at the disposal of clients more data in terms of energy, more data in terms of fixed income. So there are a number of positive elements moving forward. So thank you for attending, and we will try to answer your questions. First question. Hello. Can you hear me? Yes. Yes. Thank you very much. Bastien Goumare from Amiral Gestion. Thank you very much for the presentation, and congratulations for the result. So perhaps more specifically regarding Gaitame.com, you are mentioning contribution from interest rate. Of course, we have a significant cash pile with the deposit. You mentioned [inaudible] $1 billion. So, can you help us to quantify the magnitude of this contribution? What is the interest rate you are able to generate from the client deposit of Gaitame.com? And then what kind of contribution or in terms of amount we can expect this year on profit? So, thank you very much. Thank you. In terms of interest rates, as you have seen, Japan is a very touchy situation where they have to try to manage many different issues. Of course, the size of the debt in Japan, which is a major issue, inflation, which is not as low as it was before, and the strength of the yen. So they have a change of policy, and they have started to increase short-term interest rates. They are at 1%. We can expect that these short-term interest rates will continue to increase. At the same time, if you look at the curve, you see that the 10-year now is approaching 3%. So this is a very unique situation in Japan, that they have not been confronted with for very long period of time. So we expect step by step to at least make, let's say, 1% out of $1 billion. Probably CHF 10 million in the period. That is the objective. If I may add, I think that would be at maturity. Now it is a moment of change of paradigm, and they need to adapt and negotiate also with their banks in term of getting the interest. We have seen the first, let us say, couple of millions during the first half. So the potential effectively could be to reach that level, but it will be a process. Thank you very much. Very clear. Thank you. Good morning, everyone. Thank you for the presentation. One question on your operating margin. If you take in terms of IFRS, the operating margin in H1 was a bit lower compared year-on-year, and you had an increase in personal expense. Now for the full year 2026, can we expect that your operating margin in the H2 recovered and that you get to basically 2025 level? Or how do we have to think in terms of cost for H2? Yes, but when we look at the ratio, as we can see on the presentation and the split of the cost base, 56.6% of the revenue is paid to the brokers. The first trigger is really which businesses are delivering the growth. What we have seen in H1, in particular in the equity derivative space, it's a business with lower contribution and therefore tends to have this impact, so it depends. I would say the first element is which businesses is delivering the growth, and at the same time, we are working to improve the businesses that are either losing money or not delivering the return in the entire 300 desks that we have to improve this. This is an ongoing work. On the support element, there were some additional management costs during the first half. I think it was to continue to strengthen the management team in the EMEA, among other things. So this cost will continue in the second half. But overall, I think it's trying to work to normalize this. The objective, obviously, it's to grow the margin, and it's subject to the activity of H2. The variable component is the most significant element in all this. Yeah. Hello. Good morning. Maybe just, sorry, just to complete, if I may. When we look at July, we see some element of correction, but it's one month, so it's too early to confirm a trend for H2. Yeah. Okay. Good morning, Gerhard Schwarz, Baader Helvea. Thanks for the presentation. I got a question on your financial result and the FX improvements that you saw there. Is this something where you have been more active in terms of hedging, or is this just another effect that has improved the FX results and provided the improvement in the financial results? Thank you. We have not. The only area where we hedge is in the U.K., simply with forward contract to hedge brokerage receivable in foreign currencies, and this has not changed. What resulted—the FX loss of last year was mostly the result of the abrupt change in the U.S. It happened in a period, certainly the worst moment at the beginning of a quarter and so on, impacting significantly the balance at that time. We have not done anything differently this year. It's just that it has been more stable in term of evolution. Therefore, from the moment that the underlying is because it's mostly assets, brokerage receivable or intercompany recharges and so on, are issued and connected, paid by the subsidiaries. We were in a normal cycle without abrupt changes. This is mainly the situation. Our base scenario, it's more or less to be flat year on year. I think we were more or less in line with this. Is there other questions? Otherwise, thank you very much for attending, and we stay at your disposal if you have a question or otherwise. Thank you. Thank you. Thank you very much.