Hello everybody, thank you for joining us today, and welcome to this Airbus Pre-Q2 2025 Call. This call is planned to last around 10 minutes, and it does not include Q&A. It will remain accessible on our investor website until our H1 2025 earnings are released. Throughout this call, I will be making forward-looking statements. I invite you to refer to our safe harbor statement that appears in our most recent disclosure presentation slides published on April 30th. That safe harbor statement applies to this call as well. Please read it carefully. The purpose of this call is to assist you in the financial modeling of the Airbus Q2 2025 Financial Performance. Our quarterly closing and audit processes are underway. As such, we will only refer to information that has already been disclosed or is otherwise publicly available in the market. Any updates to our guidance or forecast. Would be communicated through a formal announcement. Although we have taken note of the latest announcement from the U.S. administration regarding potential tariffs on the EU, as well as potential countermeasures, I will refrain from commenting on the topic in this call. Our quiet period begins on July 17th, 2025. Our H1 2025 earnings release is scheduled on July 30th, 2025, after market closing. Let's now start with the mechanical elements impacting our profitability on a year-on-year comparison for the quarter. To make it clear, all the statements I will be making refer to Q2 2025 versus Q2 2024. Now starting with our commercial aircraft business, and with the usual building blocks. On volume mix, we delivered 170 aircraft in Q2 2025 versus 181 in Q2 2024, meaning - 11 aircraft versus the previous year Q2. Thereof, + 8 A220, - 19 A320. - 2 A350, and + 2 A330. Consistent with what we say at the business update. We continue to observe persisting tensions on engines for the A320, resulting in an increased number of gliders in the 2nd quarter of the year. Overall, the lower volume of commercial aircraft deliveries in Q2, as well as the less favorable mix, which I recall includes - 2 A350 and - 19 A320, should result in a mechanical negative impact on fixed cost under absorption for the quarter. This is particularly true in a situation of excess staffing and in a back-end loaded year with higher annual volume. Moving on to FX and as per the Q1 2025 disclosure, slide 19, roughly EUR 0.02 improvement was forecast in the average blended rates for forward and euro conversion for Q2 2025. EUR 1.18 in Q2 2025 versus EUR 1.20 in Q2 2024. As a reminder, the rule of thumb. To a EUR 0.01 change in hedge rate results in a ± EUR 150 million for the full year at present delivery rates, depending on the portfolio volume and direction of the rate movement in the quarter. In light of the relatively low volume of the 2nd quarter of the year, we expect it to result in a mid-double-digit positive impact quarter- on- quarter. Nevertheless, the euro-dollar average spot rate has not been favorable in Q2 2025 as compared to Q2 2024. When it comes to inflation, as previously mentioned during the full year 2024 earnings call, we still assume a low triple-digit negative impact in 2025, but probably slightly less than in 2024, which for the record was around a couple of hundred million negative. This headwind is expected to be relatively low in Q2 2025, in line with the delivery profile. Moving on to the LEED initiative, which I remind you has been designed for the purpose of prioritizing our activities to focus on what matters most. LEED was announced and hence materialized in the 2nd half of last year. This will be continued in the course of 2025. Up to a couple hundred million, as said during the full year 2024 earnings call. In Q2 2025. And consistently with what we said during the Q1 2025 disclosure. We expect it to be reflected in our R&D expenses. Last but not least, we did not record any non-recurring elements for our commercial aircraft business in Q2 2024. Overall, and in line with our previous communications, we expect the result for this quarter to reflect the back-end loaded delivery profile of the year. Let's now have a look at the performance in the divisions. Starting with Defence and Space. Let me 1st recall that in Q2 2024. We recorded a EUR 989 million charge following the in-depth technical reviews of some of our space programs, of which roughly 2/3 should be normalized. Consistently with the Q1 2025 performance, we expect the division to contribute positively to EBIT adjusted in Q2 2025. With regards to Airbus helicopters, despite a slightly higher volume of helicopters delivered, there is no reason to believe that the financial outcome will be materially different. Now I will briefly address some elements of the free cash flow before customer financing. It should reflect the soft level of deliveries while we are ramping up, which should materialize in significant inventory build-up. Consistent with what we say at the business update, we continue to observe persisting tensions on engines for the A320. It results in a further increased number of gliders throughout the 2nd quarter. Please bear in mind that in Q1 2025, we observed a favorable phasing of cash receipts and payments in our working capital. With this, I would like to end this pre-Q2 call. Starting from Thursday morning, we'll enter into a quiet period and therefore we will not be able to answer any questions concerning the Q2 2025 performance before our results are announced on July 30th, 2025, which, as you recall, will be in the evening. Thank you again, and speak to you soon.