Good morning, everyone. Thank you for joining us, on this call at such a short notice. I am here together with Marie-José Donsion, our CFO, you know well, as well as Marc Schuller, Erwoan Pezron, and David Dupont, representing the business. Also with us is the RR team. You will find a set of slides on our website, which you can download and use as a reference. As you know, we have organized this conference call as we announce this morning a project to acquire a 54% controlling stake in PI Advanced Materials, PIAM. I'm very excited to announce this transaction, as it is a company that we had looked at in the past, and I have followed closely for some time. The timing is now perfect to seize this fantastic, wonderful opportunity to broaden and strengthen our high-performance polymer range. As you know, Arkema's growth strategy is based on high value and innovative materials, serving megatrends around the three pillars of adhesives, coatings, and advanced material. In advanced material, we have significantly strengthened our profitability over time, our geographic balance across the three key regions, as well as our innovation. With polyamide 11, PVDF, and PBAT, which are all benefiting of the strong sustainability-driven growth of high-performance materials. We were missing one very high-performance polymer in our portfolio, but there are almost no opportunities in the market. polyimide is that missing piece in our puzzle. PIAM is an exceptional high specialty company with a relatively small size and huge potential. It stands out from peers, as its unique ultra-high-performance polymers are perfectly positioned on megatrends and combine significant sales growth with high margins. Their offering is highly complementary to ours in terms of end market, technologies, and geographies. PIAM will enable us to strengthen our geographic footprint in the faster-growing Asian region, including the strategic South Korean market, and in two end markets at the heart of growth linked to megatrends: electric vehicles and electronics, which benefit from numerous subsidies like the IRA in the US and the Green Deal in Europe. Strategically, the fit is evident. This acquisition is an important step toward our ambition to be a specialty materials leader, offering innovative, highly technical, and sustainable solutions. We are adding a third family of polymer to our portfolio, together with polyamide and fluoropolymers. The deal is highly synergistic, and we estimate that together with PIAM, we'll be able to deliver around EUR 30 million of synergy at the EBITDA level within five years. Let me give you a brief overview of PIAM before detailing the company's growth potential and synergy. PIAM is headquartered in South Korea, is listed on the Korea Exchange. The company has a highly focused portfolio of polyimide, which are ultra-high-performance polymer, offering exceptional properties, such as very high temperature resistance, flexibility, stability, and electric insulation. PIAM is a leading producer of polyimide films, with over 30% market share, serving attractive and high-growth markets, including consumer electronics and electric vehicles. Competitors for such specialty products include DuPont, Kaneka, and Toray. PIAM is very well positioned, thanks to top-of-the-range quality and a competitive cost base. In 2022, PIAM generated sales of approximately EUR 200 million million, virtually all in Asia, with a very strong EBITDA margin of around 30%. It benefits from a strong track record, with sales growth averaging 12% per year between 2012 and 2021, before the company was impacted by the significant destocking in the consumer electronics market in 2022, like the other players. PIAM will generate superior sales growth in the medium term, expected at 13% per year, faster than its underlying market, which are growing by some 9%. Supported by recent capacity expansion, this growth will be driven by PIAM's solid innovation pipeline, as the company has recently successfully qualified products in high-growth and highly technical markets, like 5G antennas, flexible screens, or OLED displays. PIAM is also increasingly well-positioned in EVs, with its polyimide tapes for battery cell insulation, films for flexible printed circuit boards, and varnishes for motor coils, and this market will generate substantial growth in coming years. The EUR 30 million expected synergy at the EBITDA level should be progressively achieved over the next five years. They are driven by the promising cross-selling opportunities, which we have identified precisely thanks to Arkema's and PIAM's complementary positions in terms of market and geographies. Firstly, around 2/3 of synergy will be achieved through the growth of PIAM's sales outside of Asia, specifically by leveraging Arkema's global presence and strong customer relationships, in particular in the US and Europe. We have identified significant opportunities in advanced industrial application and in the electrical vehicle market, where PIAM's product should benefit from Europe's and the US initiative to accelerate their own EV battery supply chains. The remaining 1/3 of synergy will be achieved by driving Arkema sales with strategic manufacturers in Asia, in particular in Korea, thanks to PIAM's unparalleled customer intimacy in markets like electronics, EVs, and batteries. We have a strong range of complementary product with PVDF, polyamides, Bostik and Sartomer also, which all have leading solutions to offer in those cutting-edge markets, and we are convinced that PIAM will help us gain access to the key OEM in this region. From a financial standpoint, the offer is based on a multiple of 20x the average 2021, 2022 EBITDA, taking into account the temporary low point of 2022 in the consumer electronics market. Factoring the full amount of synergies and organic growth, the multiple will be reduced to 8x EBITDA in 2027, and will continue to decrease in the coming years. As a matter of fact, this is really a very good timing for this deal for three reasons. Firstly, we are buying the asset at a trough earnings level, as the exceptional macro environment of the past year led to significant destocking in the consumer electronics market, where polymers players across the board were impacted. Secondly, the growth in EVs is accelerating and globalizing. Thirdly, we can benefit from recent and significant capacity additions by PIAM, which are mainly unused at the moment, given the current destocking, and which will support the growth we plan. For sure, I am aware of the question you may have on the current trading in light of the recent news flow in the industry. With regards to Arkema, we reaffirm that we remain fully in line with our full-year guidance, and we are completely consistent with what we said at our previous calls, even if the macro has not changed materially since the start of the year and remains rather weak. As I said earlier, with this acquisition and all the work done to reposition the portfolio in previous years, we believe that we have now the right technology positioning to address mega trends. Therefore, over the coming years, we will focus mainly on organic growth, and our M&A policy will be focused on completing the disposal of intermediates and small bolt-on acquisitions, in particular in adhesives, to continue to leverage the fragmentation of this market. I and Arkema's leadership team will talk about this in more detail during our Capital Markets Day in Paris on September 27th. As a conclusion, this was a great and strategic opportunity we didn't want to miss, and completely consistent with our M&A strategy after the disposal of PMMA and the acquisition of Ashland Performance Adhesives. The world is changing, and everybody is impacted by this change. The question is whether we want to stay motionless or seize the opportunities available to us. With the acquisition of PIAM and the repositioning of the portfolio that we have been working on for more than ten years, it is clearly this second path that we have chosen. Thank you for your attention. I'm now ready, together with the rest of the team, to answer your questions. Cheers. Thank you. If you wish to ask a question over the phone, please press star and one on your telephone keypad. If you wish to withdraw your question, please press star and two. Again, please press star and one on your telephone to enter the question queue and wait for your name to be announced. The first question is from Matthew Yates, with Bank of America. Please go ahead. Hey, good morning, Thierry, and everyone else. Just on the technicals of the deal, you are acquiring the controlling interest, from, I guess, a single shareholder. Can you talk about the plans to acquire the remaining stake? From a funding perspective, in order to keep the balance sheet in check, is it reasonable to assume that you have? Hello, Matthew, your question was interrupted, so we could not catch the full question. If you can start again, I think? Okay. Let's start again. You're acquiring the majority stake of the company- Yeah ... today. Can you talk a bit more about plans to buy out the minorities in due course? From a funding perspective, in order to keep the balance sheet in check, is it reasonable to think that you have line of sight or confidence on disposals to help release some capital that could be reinvested to fund this deal? Thank you. Maybe, Marie-José, you want to start with the question we complete? Sure. Regarding actually, the minority shareholders, it's a listed company in the Korea Exchange. We do not intend to acquire the minority stakes. This will be fully consolidated based on the controlling stake that we are buying now at EUR 0.44. Regarding actually the disposal process, as you know, we are fully committed to the disposal of the fluorogases business, and as we're looking into the Asian acrylics business. This is definitely something that is in our radar screen and plans for the coming months. Basically, we are doing things in parallel. They are not connected to each other, if it is your question. As you know, you can never monitor exactly the timing of disposal. I would say the determination is there. It will take the time it will take. As I've mentioned many times, there is no urgency because on the fluorogases, the economics are quite good, so we want to make sure that we have a good deal. Anyway, without counting on that, as you could see, the balance sheet with the acquisition of the Korean asset will remain quite strong. I think we have this flexibility that we are happy with, and which, so we have at the same time, determination, but also, we have this chance not to need to connect everything together. Sorry, one question about the business. I think the press release references a significant CapEx program that's just been completed. Is there a way of translating that into a certain amount of capacity, i.e., how many years of double-digit growth can the business deliver before it has to do another significant round of CapEx? Yeah, the good thing is that you have that. In fact, if you look, I know it, everything is on short notice, so it will take for everyone a few days really to go into more detail. If you get to the presentation on page eight, exactly, and by the way, it's coming from PI directly, which is, as you know, a listed company. In fact, there are, they give a lot, compared to you know, the tradition of Arkema, but here you have really everything. You can see that, with this new capacity, which have just come on stream, so they have been financed. It represent on a couple of years quite a significant amount, and it will allow us to cover the growth for the coming years for most of it. Yeah, till 2027, it covers the large majority of the- Yeah, yeah. For the next three years, we should be easily covered, even more than that, depending on which grade exactly. Cool. Thank you. If you want to the beauty, I would say that these two points that you have mentioned, Matthew, are quite good point, because the first one on the 54% stake that we can consolidate 100%, even if we have not made a key argument on the press release, it's a good point. It's a positive point. The fact that on a different note, the fact that a big plan of CapEx has been finalized by PIAM before the acquisition is also quite a positive point. I take also the advantage to mention that we have visited, as you can imagine, in detail, their asset, a manufacturing asset, and frankly speaking, in our life, and it was really the return of the team, we have never seen such asset, including competitors, peers, and partners of this quality. It's not so much in the press release, because we say state of the art, but it's really more than state of the art, and it's really top-class manufacturing asset. We are very pleased also because of that. We are really in a position by the innovation pipeline, by the manufacturing assets, by the reputation also of PIAM in this world of electronics and batteries, we are in a position really to develop the growth of the top line for the coming years. Thanks very much. The next question is from Alex Stewart with Barclays. Please go ahead. Hello, good morning. Thank you for the call. Very interesting. I just wanted to clarify something on the synergies. Did I hear you right, that 100% of the EUR 30 million of EBITDA synergies is revenue synergies, in other words, leveraging the capacity they've added? If that's the case, should we think about the 13% revenue growth and the EUR 30 million of incremental EBITDA as one and the same thing? In other words, the EUR 30 million of EBITDA comes from the 13% revenue growth pattern. I just wanted to clarify on that. The second thing is that if I look at the consensus numbers for the company you're acquiring, there's been some pretty steep downgrades for a couple of years now, both this year and next, the sell side consensus is expecting an EBITDA in 2024 that's below the level of 2021. Why is it, you think, that the current market expectations for this company don't quite match your internal expectations? We'd be very interested to hear on that. Thank you. Okay. I propose that David Dupont is answering the first one, and I will take the second one. Indeed, the way we see it is that there's a strong underlying business plan, it's a combination of Arkema and PI Advanced Materials that allow us to do this superior market growth. Their standalone business plan would be more complicated to grow into Europe and the US in particular, it's the combination that allows us to do that much more efficiently and much faster than as a standalone company. The underlying growth is actually 13%, and it's, obviously, in addition that we are performing the EUR 30 million synergies that, you are correct, are revenue synergies. It's 30%, 13% revenue growth per annum, and then on top of that, there's additional. Yes. revenue growth to achieve the EUR 30 million of EBITDA? Yeah. Yeah. This is correct. In fact, you have three levelss. You have the beauty of this deal is that the underlying demand is growing at 9% for the market we are targeting, mostly electronics and batteries, okay? Batteries being exponential electrical vehicle. You have the fact that PIAM, with its positioning technology, can beat and has beaten in the past, this end market. The third one is a synergy. You have three levelss of top-line support, which are quite positive. With regard to the PIAM evolution or reason, I mean, our experience on that, we have seen a lot of things going on in the industry, is that you have the choice. Either you buy the assets at peak conditions, at peak price, or you take advantage of a more challenging period, which is the case, in fact, not for PIAM, not specifically for electronics, but which is the current trading, as you know, okay? You take advantage of this specific period, even if the multiple relatively remain high. What is important is the absolute number based on the potential, and you take advantage of this period in order to make sure to pay it looking at the potential forward at a reasonable price. This is what we have tried to do all in our life, to sell at the right moment, to buy at the right moment, and this is what we will do with PIAM, and we are happy about that. You are right to say that PIAM is temporary, as every company which is supplying the consumer electronic or even company in consumer electronic, by a temporary destocking. For us, this is okay. This is part of the equity story. We prefer to make a transaction when we buy when the market is more challenging and to accept that. Could I just clarify one thing? Again, sorry to push on this. EUR 30 million of EBITDA from revenue synergies is, let's say, EUR 60 million-EUR 70 million of revenues. 13% revenue growth over five years is about 80%. You get 80% revenue growth over five years, and then another EUR 60 million or EUR 70 million of revenue from the revenue synergies. You're looking at a sort of doubling of revenue- Yes. within five years. Is that what you're expecting? Because you're talking about a company which has, with a size of EUR 200 million, which is inside a polymer portfolio, which is in billions of EUR. They are nearly all Asia, and we bring all our footprint in Europe and U.S. I mean, there is a big part of the world which is not touched today. This is why you have to separate what is the growth in the Asian region and what is on top of that, to a certain extent, is also what we did for Arkema. It's not very far. It's the same method that we use and which is working, and what we can add in Europe and U.S. On top of that, which you cannot, because a part of the one side of the synergy on 10 million is not on PIAM top line, but will concern Arkema legacy top line. We benefit from their incredible presence in Asia, in particular in Korea, to accelerate the growth of Arkema in Asia and in Korea, in consumer electronics and also in batteries. Okay, this you cannot apply to the top line of PIAM. You have to apply it to the top line of PVDF and polyamide 11 and 12. Very useful. Thank you so much. You're welcome. The next question is from Jaideep Pandya with On Field Investment Research. Please go ahead. Thank you. The first question really is on the whole sale process. If I'm not wrong, the Glenwood guys had put this up for sale in Q1 last year, roughly around the same price. In press in Korea, it was said that, you know, several players, including your competitors, were looking at this. You know, about 15 months down the line, you have paid roughly the same price for an asset where there has been significant destocking in the second half. Just wondering what has been really the negotiation process, and, you know, how strategic has this been? A follow-up to that, you know, Glenwood didn't enter this deal very long ago. Why is it that when they entered the deal, you didn't consider this asset? What has changed really within Arkema for you to say that this is very strategic? That's my first question. The second question really is, could you just tell us, we completely understand on the EV side, your positioning, but on the electronic side, how is your positioning today in, you know, big OEMs on the smartphone side, and how can you leverage the PI, you know, polyimide films, in the electronics market? Finally, sorry to ask so many questions, but finally, on the polyimide 11 and 10 and 12 portfolio, what is the link between that family of polyimides versus what PI brings? Those would be my three questions. Thanks a lot. Okay, JD, thank you for your question. In fact, your first question is a strong point for us. The only issue is that your assumption is quite wrong about last year process. It was, I didn't want to comment, but if you dig a little bit, you will find all detailed in the press. Okay, the price, for reasons that we don't control, there was a transaction which has not gone through at the last minute, okay? But it was a done deal, and it was at a far higher price. In fact, this just confirmed that for us, it's a far better timing. Your assumption are not the right one, JD, but you will find everything on the current press. Ourselves, we have all the detail, but we don't want to speak for other stakeholders. With regard to why consider asset now versus later, this is basically what we explain. It's really at the right timing, lower price, potential of growth at the same time, because EV is still accelerating very significantly. The EV market has not stopped at all. On the contrary, you have projects which are going everywhere. A big part, which also, to a certain extent, also the question of Alex, EV, the potential of the EV market is untouched. Big, the majority part of the growth will come from EV for polyimide. Now, with regard to electronic positioning and, how we can leverage with our position in polyimide 11 or 12, for example, this, increase of range with polyimide, maybe I will ask David Dupont to answer to you. Yeah. For Arkema, electronics is already today an important market. We do sell polyimide 11 specialty compounds into things like smartphones, smartwatches, flexible screens. What's key for us in this deal is the access to even more OEMs, particularly in Korea. Today, Arkema already has good relationships in China and the US, amongst others, but Korea is an area we can reinforce. We believe it will allow us to expand existing applications also in that strategic market for electronics. Also for other BUs, as JD mentioned, Sartomer has an attractive business story in FPCB as well, which is similar to PIAM. Bostik is also building a strong platform on the electronics assembly. These three elements combined, basically will allow us to grow through PI's customer links, and accelerate our growth on our side as well. On the polyimide 11, the link, basically, you answer, you want to add. Yeah, I mean, our materials are really used side by side. We see, for example, in flexible screens, the industry is moving towards a multilayer structures, where you'll find both, our polyamides, as well as, polyimides. As it's really the combination of flexibility, very thin electronics, that is needed. For that, there is clear synergy in terms of multilayer structures between polyamides and polyimides. Thank you, David. I would like also to take advantage of your question, JD, if I may, and the previous question on the content of this acquisition, because you see acquisition on the chemical industry often. Our feeling at Arkema, it's I would say it's an acquisition of medium size, is that it was my conclusion and of my introductory speech, technology will make really a huge difference in the coming years. This means that it's not like five, 10 years ago, as you know, we make a very accretive acquisition, and we are very proud about it. The profile, you have seen that the profile of the acquisition we are making is a bit different today, more technology oriented, more focused, and they are all megatrends oriented. From this standpoint, PIAM is really fitting this element. The megatrend are there, you like it or you don't like it. You can buy at a lower price, an acquisition which, I would say, which technology, which was good, legacy technology, mature market, et cetera, growing at GDP plus. Okay, if you just do that, your portfolio at a certain point will be too weak compared to the acceleration of the world. We try, with Arkema, to do different things at the same time. First, to be very strong on our legacy, and we have proven that we are very strong there. But in a very focused way. Maybe I would say, for a certain number of years, PMMA in the left, significant element of new technology we are adding, and because we are very proud of what we have now and very satisfied, we don't need to add more. This one was really missing, based on the view we have of the world, going forward. I can tell you that, batteries and, consumer electronic, with EV will make a huge difference. We wanted to be positioned there, and this is, this is really from this standpoint, a real opportunity. All right. Thanks a lot. Thank you. The next question is from Geoff Haire with UBS. Please go ahead. Hi, this is Geoff Haire from UBS. Just had a quick question, most might have been answered. I was just intrigued as to understand how the management structure of the business is gonna work. Obviously, it's a listed company, so is Arkema going to manage it solely, and how is that relationship going to work? Okay, it's a good question. In fact, the, clearly, we will manage it as a 54% ownership, huh? I think it's still a listed company. They will have, from this standpoint, their autonomy on plenty of area, but we'll be the majority shareholder. The beauty of the thing is that the synergy will come from top line, and synergy with a complete complementary geographical standpoint. For that, you don't need, like we have done, for example, with a full integration, et cetera, not at all. We, and we are very positively impressed by the quality of the relationship we have been able to establish so far with the PIAM team, which is really top-class management. We will, we'll be able to put in place the right interfaces, which will allow us on the market that we have defined, to get really the full benefit of the top line synergy, either geography or by technology or by end market. This is the beauty of this deal, is that we are completely complementary, different technologies. It's not like if you are the same technology, you need to streamline the manufacturing or whatever, or streamline DNA. Here is different. It's an acquisition which is made for the technologies, for the benefiting from the customer intimacy, complementary geographical positioning. This is how we are going to do it. We reorganize the interfaces and the collaboration in a way which is freed, simple, but it's not, if it was your question, for example, integration like a standard. It's different nature. Will Arkema have the majority of the seats on the board? Yes. Correct. Yeah, exactly. You will? Yeah, sure. Sure. Yeah, fine. Okay. Otherwise, we would not sit here with you. I can tell you. No, no, it's obvious for us. Yeah. Okay. The next question is from Georgina Fraser with Goldman Sachs. Please go ahead. Hi, Thierry. Hi, Marie-José, and hi, everybody else on the call. Just one question. Today you've made this acquisition announcement, and you've also, during the call, reaffirmed your full year 2023 guide. This comes at a time when a lot of your peers in the chemical sector are making quite significant profit warnings and announcing restructuring programs. I was just wondering if you could talk through why you think Arkema is able to kind of weather this difficult macro environment a lot better compared to peers. Would love to hear your opinion on that. Thank you. Well, it's always difficult to talk about peers. As you know, we are not the one who make comments about, and we don't have the same or the same portfolio. I will take your question as a positive point because sometimes we are considered to be more cyclical than others. Finally, you see that maybe the truth is different because the portfolio has really made very significant progress. See what I can say, I think we rely on the portfolio. We are. It's true that the macro is challenging, but as you know, the way the company is managed, and you have a part of the team with me today, is very hands-on. At all level of the company, you need to be agile. I think we also understand well our strengths and weaknesses. I think we try to guide as much as we can with highest transparency. This is what I can do. It's difficult to talk about others. What I can say is that, and for you, this is important news, is that we confirm what we said so far, either at the beginning of the year or we said during the call of the first quarter release. I think we stay completely consistent, even if the macro is rather weak, as we say, huh? We manage it, I would say, we are pleased to get this confirmation. I think for us it was important to share this information with you because you could have. I agree, there has been some, not for all of them, but for some of them, there has been some negative news flow, so we wanted to reaffirm what we said so far. Yeah, absolutely, appreciate that. Maybe if I can sneak in one more question. You've explained a lot about the strong market growth potential of the Polyamide business. Could you talk about whether you've got plans to kind of further expand the end markets that you're addressing, and maybe give us some of the breakdown by end market of that 9% market growth you were talking about? You are talking about PIAM or you're talking about Arkema? PIAM. Okay. Who want to take it? Erwoan, you want to take it? Yes, sure. I would say beyond EV and beyond electronics, we target also semiconductors market, for instance, and some other industrial market, especially in USA and Europe, where PIAM is not very present at all. These are the key targets we have beyond the EV and electronics. It will be semiconductors and other industrial market, which could be other transportation, it could be rails and others. What is good is that it's a fertile technology that even if there are some star markets, for us, EV is a key one. As you know, I think there is a battle to be rightly positioned on this market, and polyimide will help us. Even beyond that, we see, because of our knowledge on other industrial market, from polyimide and PVDF, as Erwoan and David mentioned, because of that, we'd be able to address other niche, not the same quantity, but they will contribute to the growth, which seems to be very promising. This is why, you have the pyramid of polymers, right? Very important, on page, where is that? Sorry. Four. Four. On page four. Thank you, Beatrice. Okay, we, it was part of my introduction. We had a very good high-performance polymer range, but we were missing this quality of polymer, this. Now it's complete. Do you see this acquisition as securing your 2024 sales and margin targets? Or could there be upside to that if the cycle recovers by then? So far with Francis speaking, because we make the calculation of the time together with Marie-José. You know that in 2020, when we publish our Capital Markets Day, we have a sort of envelope of M&A, which include disposal and acquisition. With PIAM, we are in the envelope, for us, it's part of the 2024 target. In the current environment, we confirm the 2024 target. As you know, if we do more, we do more. Let's be already satisfied with the fact that we are very consistent with what we say in 2020. What is reassuring for you is that it's part of the envelope that we define. Marie-José will take advantage of the next Capital Markets Day. Yes. To confirm the cash allocation, where we are compared to what we said. It's definitely certainly accretive beyond 2024, I would say, or 2024, I expect more from a neutral impact. Thanks for taking all my follow-ups. Thank you. Thank you. The next question is from Laurent Favre, BNP. Please go ahead. Yes, good morning, all. Two questions, please. The first one referring to slide seven. Is there anything you can share with us in terms of either utilization rates for 2021 and 2022 or on price versus volumes when you look at those last few years of performance? I guess what I'm trying to understand is whether the 33% margin in 2021 was, you know, full utilization rates, business sold out, and so that's a peak margin scenario, or is there upside to that into the recovery for the next few years? That's question one. Question two, which is, I guess, slightly unrelated. A few years ago, you talked a lot about PEKK as a polymer of interest with high growth potential. I was wondering if you could give us a little bit of an update there. Yes, these are two good. Hello, Laurent. Two good question. On the first one, in fact, the topic of the profitability of evolution of profitability of PMMA in this destocking, more challenging condition, is really a topic of volume, not of margin at all. It's not a matter of utilization rates. It's truly a specialty product. It's really a matter of and certainly not a topic of pricing. It's really a matter of volume, with a major impact of the current macro and the destocking. We are confident on that. On the PEKK potential, it's still for us, it's a niche. You know, we made a moderate investment in the U.S. for PEKK. It's the beauty, but it's also the difficulty of PEKK, is that the market are completely different, they are... One of the advantages of PIAM is they are short cycle markets, the developments are quite quick. The NBD portfolio, when you work well, is really developing very fast. PEKK, you are talking, for example, on aeronautic or 3D for very specific applications, we are talking in years. When I say years, it's five years, six years, seven years. For us, PEKK is like a seed that we planted two years ago, and that will take, for me, we start to see really a good development. With aeronautics, which became late in terms of development because of the COVID, it's for me, it's more as 2030 real emergence. For the timing, we are really in the motivation phase, it takes time. Completely different from the PIAM portfolio. Also in terms of end market, the beauty of PIAM is that is mostly focused on high growth businesses. PEKK is more spread out. You have the end market, they grow at above GDP, but not significantly above GDP. They are different in nature. Okay, thank you. The next question is from Martin Roediger with, Kepler. Please go ahead. Yes, good morning. I have three questions regarding you mentioned the EV, but I would like to understand what is the cash payment for the 54% stake you are acquiring? Secondly, what is the premium per share versus the share price of the stock market yesterday you are paying? Finally, what is the net debt level? Here I refer to the 100% net debt level of the company, PIAM. Thanks. I will take shortly the first two, and maybe Marie-José, you want to take the last one. On the first one is easy because the cash payment and EV are nearly the same as. The net debt is different. The net debt is different, but the cash payment will be a little bit less than EV. It's likely less, but certainly not more, if it was your question. The premium versus the share price is around, what? 60%. Now you don't have a lot of liquidity, but it's 60%. The net debt level... We are talking something in the range of EUR 40 million-EUR 50 million net debt level, in light, in fact, of the recent CapEx expansion there, that PIAM has completed. We are counting, let's say, on a disbursement of around EUR 670 million-EUR 680 million by end of the year. Thank you. There are no more questions registered at this time. I turn the conference back to Mr. Le Hénaff for the closing remarks. Okay. I wanted to again thank you very much for your for attending this conference at short notice. I think as you could see, we are at the same time very excited about this transaction. On the other way, we continue to work on the day-to-day, as you can see, with a lot of determination. If you have any further questions, don't hesitate, and our team, as usual, will be there to give you a complimentary comment. Again, thank you for your time, and looking forward to having other opportunity to discussing with you. Thank you.