Ladies and gentlemen, welcome to the JCDecaux 2026 half-year results presentation. I will now hand the call over to Jean-Charles Decaux, Chairman of the Executive Board and Co-CEO. Sir, please go ahead. Good morning, everyone. Welcome to our 2026 half-year results conference call. The speakers on this ll today will be Jean-François Decaux, Co-Chief Executive Officer, David Bourg, Group Chief Financial, IT and Operations Officer, and I. Rémi Grisard, Head of Investor Relations, is also attending today's conference call. We delivered a strong performance driven by digital in the first half of 2026. Our revenue reached EUR 1,953.9 million with a continued solid revenue momentum as organic revenue growth reached 5.7%, despite an uncertain macroeconomic and geopolitical environment. Organic digital revenue grew double-digit by 14.5% and now represented 42.8% of total group revenue. Within digital, programmatic organic revenue was up 30.9% and accounted for 12.3% of our digital revenue. This confirms once again that digital, especially programmatic, is a powerful growth engine and a key growth driver for our group. Leveraging our revenue growth and focused and disciplined execution, we achieved double-digit growth across all our key operational indicators, demonstrating our strong operating leverage. Our operating margin was up 16.8%, reaching EUR 359 million. Our recurring EBIT was up 53.5% at EUR 136.2 million. Our net in group share was up 84.7% at EUR 140.1 million. Our operating cash flows were up 41.8% at EUR 218 million. Finally, importantly, we delivered a EUR 91.1 million year-on-year increase in free cash flow, reaching EUR 26.2 million in the first half, which is a positive free cash flow despite the usual seasonality of our business. David obviously will comment on this strong financial performance in more details later in the presentation. H1, our strong profitable growth trajectory with digital as a key driver. Moving now onto the slide number five and looking at our top-line dynamics for H1 and Q2. For H1, we delivered 5.5% organic revenue growth, confirming a solid start to the year as Q1 grew also by 5.7% organically. This performance reflects growth across, again, all segments and geographies with digital as the main driver of this great momentum. Turning to Q2, organic growth was also 5.7%, which is well above our guidance of around + 3% despite the conflict in the Middle East. The strong Q2 was driven by digital and by the 2026 FIFA World Cup beyond our initial expectation, which supported advertising demand in several key markets. By segments, on the next slide, Street Furniture maintained a very strong momentum with reported growth of 5.3% on organic growth of 7.3%. This confirms the robustness of our core business, supported by both analog and digital in a context where urban audiences remain highly attractive for advertisers. Transport continued its rebound with reported growth of 4.8% and organic growth of 5.3%. Billboards returned to growth with reported growth of 1.2% and organic growth of 0.8%. This reflects a more disciplined and selective approach to our inventory, particularly in France, while still capturing opportunities in the most premium location and in the most digitized markets. Slide number seven, you can see that growth in H1 2026 was well-balanced across geographies. North America at 19.6% organic growth supported by the 2026 FIFA World Cup in the United Kingdom at 12.8%, were the fastest growing geographies both driven by digital. Rest of Europe grew 7.8%, confirming solid momentum across our European footprint, including in the southern part of Europe. Rest of the world grew by 3%, 18.3% excluding the Middle East. Asia Pacific grew by 2.3%, including low single-digit growth in China. France declined by 1.9% impacted by the high non-advertising revenue comparison base, while advertising revenue grew by 1%. This again demonstrates the strength of our geographically diversified model, especially relevant in the current environment, marked by geopolitical and macroeconomic tension in some geographies. As you can see on the next slide, we are not only well-diversified geographically, but also by activities. Street furniture remains our largest segment, accounting for 51.3% of total revenue. Transport represents now 35.3%, still below its pre-COVID share, but continuing to recover, while billboard is at 13.4%, in line with our focus on premium and increasingly digital assets. On the right-hand side, you can see our geographical footprint. Europe represents 47.7% of total revenue, with France at 16.5% and the U.K. at 10.8%, making them our two largest countries. Asia Pacific accounts for 20.3%, including less than 10% in China, the rest of the world 13.1%, and North America 8.1%. This, again, confirms our unique balance and truly global OOH media footprint. Turning to the next slide, our client portfolio remains, as you can see, highly and well diversified with our top 10 clients accounting for less than 12% of our group revenue. We continue to see, obviously, a healthy rotation between categories. Telecom and technology, up 19%, was particularly dynamic, driven by campaigns from tech companies, including generative AI brands, as pictured here in the metro of São Paulo, which accounted for up to 30% of sales in the tech capital of the world that we cover, such as San Francisco in the U.S. and Shenzhen in China. We see a comeback of branding for consumer goods, as shown in the 13% growth of food and beverage and the 9% growth of retail. Meanwhile, finance is getting very competitive with the rise of online platforms, and we benefit from higher marketing budgets as this category grew by 15%. Patient personal care and luxury, our largest category at 17% of revenue, was stable year-on-year. On slide number 10, as you can see, DOOH remains a key growth driver with organic digital revenue up 14.5% in H1 2026. Digital revenue penetration continued to increase. It reached 42.8% of total group revenue in H1 and 43.7% in Q2 2026. Our digital revenue mix also closely mirrors our overall business mix, with street furniture representing 49.1% of digital revenue, transport 39.6%, and billboard 11.2%, as shown on this slide. Over 10 year, our digital CAGR reaches 16%. Digital penetration increased again across all three business segments in H1 2026. In street furniture, digital revenue reached 41% of segment revenue, up from 37.5% a year earlier. In transport, our most digitized segment, digital grew from 44.5%- 40.1%. In billboard, digital penetration edged up from 35.4%- 36.1%. This confirms the steady rollout and success of our digital assets across the portfolio. Let's move now onto the programmatic advertising, which remains our fastest growing revenue stream. In H1 2026, programmatic revenue reached EUR 102.8 million, up 30.9% organically versus H1 2025, and now represents 12.3% of our digital revenue, compared with 10.1% a year ago. This growth is supported by our enhanced capabilities. We are now connected to 50 DSPs and over 3,050 screens, including more than 35,000 JCDecaux screens in 48 countries across five continents, as well as 48 third-party media owners on VIOOH and eight third-party SSP on Displayce. As you can see, programmatic revenue remains largely incremental, especially from smaller advertisers and highly targeted campaigns, such as the campaign pictured here, which shows only during the marathon of Stockholm on key location for the runners. We anticipate also continued strong growth for programmatic revenue, this is illustrated by the important gap today between countries where Germany, at 42.7%, and the Netherlands at 30.8%, are well above the group average of 12.3%, while some major digital markets like the U.K. and the U.S. have not yet fully embraced programmatic. The pDOOH campaign you see on the right in Oslo is a good illustration of this momentum in our most advanced market. We expect programmatic penetration to continue to rise in the medium term to represent more than 20% of our digital revenue. While the contract activity has been quite limited in this last year, on this slide, we wanted to zoom in on one flagship example of our commercial momentum, the renewal of our long-standing partnership with Heathrow, where we have secured a new eight-year advertising contract. Which means we will continue to operate the media in what is both the U.K. main international gateway and the world's most connected airports, with more than 80 countries served and close to 85 million passengers last year. This, again, renewal, is a good illustration of our ability to not only retain key strategic contracts, but also to further strengthen our leadership in the airport growing segment. On this slide, number 15, we highlight the strong potential of DOOH retail media for JCDecaux. Our new exclusive partnership with Carmila Carrefour now being deployed with Unlimitail is a key milestone. It will create a new data-driven OOH, DOOH network across shopping centers on retail access points in France and Spain over the next few years. As illustrated by the example you see here in the Carrefour Carmila mall in Toulouse. Retail media is already, as you know, a dynamic and mostly digital activity for JCDecaux, with around 90% of revenue coming from digital across 44 countries, leveraging our partners' data to deliver highly targeted, contextual, and programmatic DOOH campaigns. Globally, retail media represents a $174 billion market, including online, and remains underpinned by the fact that around 84% of retail sales still happen in stores. DOOH retail media is expected to grow at around 11.6% CAGR between 2025 and 2031. Combined with our broad portfolio of leading retail partners, this positions JCDecaux very well to capture the acceleration of DOOH retail physical media. On slide 16, we have once again confirmed our excellent ESG performance. Our extra financial ratings remain best in class with JCDecaux included on the CDP A List 2026 on 80 over 100 gold, top 5%. Rating from EcoVadis, the highest AAA rating from MSCI, and an 11.1 low risk score from Sustainalytics, all significantly above the media sector averages. More broadly, I would like to emphasize that OOH continues at JCDecaux to be one of the least carbon-intensive media for advertisers. On slide 17, this slide illustrates the strength of our corporate culture through a selection of awards won by our teams across the world. You can see that our subsidiaries are being recognized on multiple fronts for innovation and technology. For example, in AI-driven tools, media tech, or digital experiences, for creativity and campaign effectiveness, including international creative awards, or for commercial excellence with several sales house of the year type distinctions. This recognition from Europe to Asia Pacific and the Americas demonstrate the high level of engagement and expertise of our teams and support our positioning as a premium innovative partners for cities, transport authorities, and advertisers. I will now hand over to David to comment on our financial highlights. Thank you, Jean-Charles. Hello, everyone. On this first slide, you can see the main financial KPI for the first half of 2026. As you can see, we delivered a strong set of results with a strong growth across all our key indicators. Revenue reached almost EUR 2 billion, up 4.6% on a reported basis, with organic growth of 5.7%, which has been already largely commented by Jean-Charles. FX had a negative impact of circa 100 basis points around EUR 21 million, but with no significant impact on margins due to our natural hedging. At the same time, our operating margin, EBIT before impairment and net income grew much faster than revenue at +16.8%, +56.1%, and +84.7% respectively. Cash flow also improved significantly in the first half, turning positive despite the usual seasonality of our business and leading to lower net debt year-on-year. In summary, this clearly shows a strong operating leverage of our business model. Let's now have a look at each item in more detail, starting with the operating margin on page 20. On this slide, you can see the evolution of our operating margin. It increased 16.8% from EUR 307.4 million- EUR 359 million. This is a strong result, especially when compared with revenue growth of 4.6% and shows once again the strength of our operating leverage. There are two main reasons for this improvement. First, our rents and fees increased at a lower pace than revenue at +3.4%, despite new contracts such as Barcelona and Stockholm which are still in their startup phase, and also some pressure on prices due to the macro and geopolitical situation. Second, we kept a tight control of other operating costs with an increase limited to 0.9% year-on-year. As a result, our operating margin rate improved by 190 basis points from 16.5%- 18.4%. As you can see from the chart on the right-hand side, this improvement was visible across all segments, mainly driven by top-line growth in street furniture and transport, and for billboard by the rationalization of our inventory portfolio in France and our most digitized market. Let's now move to EBIT. On this slide, you have the EBIT bridge. Starting from an operating margin of EUR 359 million, we deduct net amortization and depreciation, as well as spare part maintenance, both increased year-on-year by EUR 4.8 million and EUR 0.8 million respectively, or +2.4% and 3.2%, which is again slower than revenue growth. This brings us to recurring EBIT of EUR 136.2 million, compared with EUR 88.7 million last year, an increase of EUR 47.5 million or +53.5% year-on-year, with a margin expansion of 220 basis points from 4.7%- 7%. Below recurring EBIT, we have positive non-recurring items for EUR 60 million, including a EUR 47.5 million capital gain from the sale of a stake in APG|SGA. The year-on-year increase in non-recurring item was nevertheless limited to EUR 23 million, as H1 2025 also included some one-off asset sales and reversals of dismantling provision linked to contract expiry. After non-recurring items and impairment, EBIT reached EUR 192.5 million, up 52.4% compared to last year. In summary, a strong operating leverage not only on operating margin, but on EBIT as well. Let's now move to net income, page 22. On this slide, you can see the bridge from EBIT to net income. Here again, the message is clear. The strong operating improvement also led to a strong increase in net income. Between EBIT and net income, there are two main points to mention. First, the financial results improved by EUR 8.9 million, mainly due to lower interest expense, thanks to lower IFRS 16 lease liability and financial debt. Second, we had a higher tax charge reflecting our improved results with an effective tax rate of around 16% compared with 16.4% in H1 2025. As a reminder, H1 2026 benefited from the non-taxable capital gain on APG|SGA. Excluding that effect, the 2026 H1 effective rate would have been around 22.4%, an increase from last year, reflecting the geographic mix of profit generation. At the bottom of the table, reporting net income group share reached EUR 140.1 million, up 84.7% year-on-year and up 23.3% excluding the APG capital gain. Overall, solid underlying earnings. On the next slide, we move to cash generation. As you can see at the bottom of this slide, free cash flow improved strongly in the first half by EUR 91.1 million. The first reason is that higher operating margin led to higher operating cash flow, which improved by EUR 64.2 million year-on-year. The operating cash flow also benefited from favorable impact in the line other items compared with last year, mainly due to higher dividend received from [HCDs], one-off bank fees paid in H1 2025, and lower restructuring costs. The second reason is better working capital management than last year. This is a good result, especially because in June, we had a higher level of revenue linked to the FIFA World Cup and also a higher level of inventory linked to new contract roll-out, mainly Carmila in France. Last but not least, net CapEx came to EUR 116.6 million below the same period last year. Both in absolute terms and as a percentage of revenue at 5.9% versus 6.4% in H1 2025. This partly reflects lower sales of assets than in H1 2025 that I have mentioned before, and also some delays in the rollout of new contracts, which also explains the increase in inventory that I have just commented. Our free cash flow turned positive in H1 2026 at EUR 26.2 million, which is quite positive at this period of the year and confirms our ability to generate strong free cash flows through strong profitability, combined with strict discipline on CapEx and working capital. It is also worth noting that the cash flow before changes in working capital requirement almost tripled, rising from EUR 35 million in H1 2025 to more than EUR 100 million in H1 2026. On this last slide, page 24, you can see our strong financial structure. Net debt decreased by EUR 284.1 million compared with June 2025 and by more than EUR 200 million after excluding the EUR 79 million proceed from the sale of APG|SGA. Compared with the end of 2025, December 2025, net debt increased by EUR 41 million, this is quite normal at this period of the year, given the dividend payment in May for EUR 150 million and the seasonality of the activity. Our liquidity remains very solid, with EUR 1.28 billion in cash, a fully unused EUR 825 million revolving credit facility. Our debt profile is also solid, with an average maturity of 2.6 years and 92% of the debt at fixed rate. Both rating agencies improved their outlook from stable to positive, which is a good sign of the strength of our financial profile. To conclude, we delivered strong first half with a very good combination of strong revenue growth, strong profitability, strong cash generation, and strong balance sheet. That's all from my side on the financial, and I will now hand to Jean-François Decaux. Thank you, David. Good morning, everyone. Out-of-home media is more than ever a growth story, supported by increasing urbanization and mobility, rising audiences, and the premium nature of our assets and their fast digitization. As shown on this slide 26, WPP Media, the world's largest media buyer, forecast in its latest June update, digital out-of-home to grow by 7.2% CAGR over 2025-2030, with total out-of-home expected to grow by +5.2% CAGR over the same period. This robust growth trajectory clearly sets out-of-home apart from other traditional media, many of which are facing structural stagnation or decline. Moving to slide 27, which highlights the strong runway for digital growth across our major markets. By combining ongoing screen deployments, programmatic capabilities, data, and now AI, we continue to expand our digital footprint even in our most mature markets. As you can see on the left, top performers like Brazil, 83%, the U.K., 77%, and the U.S., 76%, are leading the way with digital penetration well above our group average of 43%. What makes this picture particularly compelling is a substantial upside that lies ahead. Key markets like China at 41%, Spain 39%, Italy and Austria 28%, as well as France at 9%, remain below the group average. In France, our largest market, digital penetration stands at just 9%, largely due to the historical regulatory frameworks. Slide 28 illustrates our end-to-end AdTech ecosystem. On the far left, we capture demand from global agency groups, independent players, and digital native buyers. In the middle, our platform strategy spans both sides of the ecosystem. On the demand side, Displayce act as a leading DSP for out-of-home. On the supply side, VIOOH serves as an open SSP, leveraging both JCDecaux and third-party media owners to global demand with the highest number of DSPs connected in the market. In addition, the number of third-party media owners on VIOOH has doubled from 20 to 49 today, including OUTFRONT, demonstrating its strong market appeal. Moving up the value chain through VIOOH and Displayce was a deliberate strategic choice to capture value at every transaction step rather than leaving margins on the table. Today, this open full stack infrastructure remains a unique competitive advantage, perfectly positioning us to capture the long-term structural growth of programmatic out-of-home. It is worth noting that JCDecaux is ahead of the game, with 12% of its digital revenues being traded programmatically, versus 7% for the sector as a whole. On slide 29, our conviction remains that AI is first and foremost an enabler for us. Our assets are physical, in cities, transport networks, and billboards. AI will transform the way we work by automating processes and improving the productivity of our media, but it will not replace premium real assets such as bus shelters, metro networks, airport screens, or large billboards. The large format digital screen you see here in Melbourne are a good example of these high value assets in which we continue to invest. On this slide, we highlight a few concrete use cases. In campaign planning and trading, our tools can now optimize the whole process from planning to booking and delivery through a simple prompt. In dynamic content creation, AI allows the generation of tailor-made visuals customized for each location for both print and digital campaigns. For content moderation, AI automatically screens creatives to pre-approve visuals and speed up validation. Our physical assets are therefore structurally resilient, AI enhances their value by improving productivity, targeting, and measurements. Moving to slide 30, airports remain a structural growth driver despite episodic crisis. Over the long term, air traffic has been growing by around 3%-5% per year, and forecast remains very solid, with passenger expected to reach 12 billion in 2030 and over 20 billion in 2050. On July 23rd, global air traffic reached a record high with 153,359 aircraft simultaneously in the sky. We are uniquely positioned to capture this growth as we operate advertising concessions in 154 airports worldwide, with 14 of the world's 25 largest airports, including Denver, which will start next week, meaning nearly a six-month delay as mentioned by David. Moving to slide 31, which outlines our main upcoming tender pipeline across our three business lines. In street furniture, key upcoming opportunities include the Paris CIP, meaning freestanding structures and columns, the Unlimitail in-store retail media network in France, Transport for Greater Manchester in the U.K., Hamburg and Düsseldorf in Germany, The Hague in the Netherlands, as well as Wiener Linien and Vienna freestanding advertising structures in Austria. In transport, major tenders coming up include Amsterdam Schiphol Airport, Aena Spanish airports, currently suspended, Hong Kong Airport and several key U.S. airports such as Chicago, San Francisco, and Phoenix, where we are competing as non-incumbents. Finally, in billboard, notable opportunities include the private land contract for the city of Paris, as well as Transport for New South Wales and Australia. Moving to slide 32 on our ESG leadership. We are a sustainable media company. First, 46.7% of our revenue is EU Taxonomy aligned, and our SBTi approved net zero trajectory targets a 68% drop in scopes one and two emissions by 2025. Second, we drive urban ecological transition through concrete innovations such as biodiversity bus shelters in Paris. Finally, we measure our broader environmental and social impact with JCDecaux 360 Footprint, already active in major markets and expanding globally through 2026. Moving to slide 33, which highlights the ongoing fragmentation of the global out-of-home media landscape. As you can see, JCDecaux stands out as the global market leader and the only truly worldwide out-of-home media company. While some major U.S. peers have retrenched to their home market, some local companies emerge. Yet the overall market remains highly fragmented beyond the top players. This structure gives us significant strategic runway, positioning JCDecaux to drive future growth, both organically and through targeted value accretive consolidation. Moving to slide 34, which puts our global positioning into perspective within the broader advertising landscape. As you know, the global media market is heavily concentrated. The top five tech giants account for 58% of total ad spend, and the top 25 represent 75%, with 14 players from the U.S. and nine from China. In this highly concentrated environment, JCDecaux ranks number 23 globally, making us one of only two European companies in the world top 25 media companies. More importantly, while digital platforms dominate online inventory, JCDecaux stands out as the only true global out-of-home media company. We offer global brands a unique, high reach, truly international platform. To wrap up our key takeaways for H1 2026 reflect a strong performance across the board. First, we delivered solid top-line growth alongside significant improvements in profitability and cash generation. Second, our growth momentum remains robust, fueled by digital expansion and a rapid acceleration in programmatic. Third, our geographic and business diversification continues to drive growth while strengthening our resilience in the context of geopolitical and macroeconomic tensions. Fourth, as our digital platforms scale, we are further increasing our competitive edge. Finally, all of this is driven by continuous operational and financial discipline across our teams. To conclude on the next slide, as far as Q3 is concerned, with a continued solid revenue momentum, we now expect organic growth around +5% despite macroeconomic and geopolitical tensions uncertainties. Thank you for our attention. Jean-Charles, David, and I are now ready to take your questions. Thank you. At this time, we will conduct the question and answer session. As a reminder, to ask a question, please press the star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first call comes from the line of Marcus Diebel at JPMorgan. Please go ahead. Hi, everyone. Could you talk a little bit more about the plans, in addition to what you said, as a broad comment? I am very interested in developments in the Middle East. It looks like that development was not as bad as feared, and also France. If you could maybe give a little bit more on the development there, that would be quite helpful. The second question was, clearly programmatic is very, very strong and a key driver of the business, and it is really coming through. You mentioned that you feel still there are a lot of incremental revenues coming through. Could you explain a bit more, particular how the smaller clients, you mentioned the smaller clients are actually starting to come to JCDecaux as well? That would be maybe as a broader comment, very helpful. Thank you. Thank you for your question. Regarding the Middle East, I must say that, as you know, it is always on such an unexpected event, such as the conflict that is going through at the moment. It was very hard to assess and calibrate the right top-line revenues decline in this environment. Yes, we did slightly better than anticipated because I think also the traffic in most of our airports, especially in Dubai, but also in Abu Dhabi, was a bit better than expected. I think also the authority in the region has stated business as usual, which is helping also to basically keep the demand at a good level. I think it is a good, I would say, way of striving through this very difficult situation for some countries in the region. I think the team at JCDecaux has done a terrific job to navigate in the best interest of our clients as well as our JCDecaux ecosystem to tackle these difficult situations. A bit better than expected in Q2. Hopefully, this conflict will end soon, but who knows? It is impossible to predict. We remain, as you know, optimistic for the future, but also cautious because of the current situation. Obviously, moving into France, yes, I think the advertising business has grown in France in the first half of the year, despite a quite good comparison the year before. Has grown by 1%. The reason why France is - 1.9% is due to a one-off sale of our automatic public toilet state-of-the-art product in the Paris municipality a year before. On the advertising side, the business has been resilient, and Q3 also is looking in that direction. Yes, France, the business is doing, I think, better than the expectation in the market. Growing slowly, but growing, and this is obviously good news for our largest market so far at JCDecaux. Moving on to your last questions, Marcus, on programmatic. Jean-François? Good morning, Marcus. On programmatic, we had a very strong first half and Q2 as well, obviously, 30% growth on programmatic. What we can say in addition to what was already mentioned in the introduction is that the fact that we have our own ad tech system is a plus. We see now more and more third-party media owners joining the platform VIOOH. In terms of SME contribution, it's still very small, but we are starting to get new clients and new SMEs, but it's still a small percentage. We are working hard on that. I think AI will help by simplifying the planning and trading for the small clients as well. All in all, it's pretty good news. The platform VIOOH is now breakeven and cash on cash. In the first six months, we generated positive free cash flow for the first time ever. That's good news as well. Investment is paying off in this. I just want to remind you, Marcus, that we are the only out-of-home media company having its own SSP and DSP, which obviously is attractive for third-party media owners. We continue to gain momentum on attracting more third-party media owners on the supply side. It's hard to predict future growth on programmatic, but the bottom line is that we believe that we can now start attracting more and more companies, known out-of-home media clients through our portfolio, and the programmatic is a very helpful tool to get those. For example, during the World Cup, we had some campaigns that were triggered by the results of the different football teams, and this was mostly a programmatic trade. All in all, we are very bullish on programmatic. It represents now 12% of our digital revenues, well ahead of the sector. Because at the WOO Conference last month, it was mentioned that 7% of out-of-home digital revenues are coming from programmatic, and JCDecaux is at 12%. All in all, I think we are in a good spot. Yeah, perfect. Thank you. Thank you. One moment for our next question. Our next question comes from the line of Julien Roch with Barclays. Please go ahead. Yes. Good morning, everybody. As Marcus only asked two questions, I'm going to go for four. On page 20 for David. Yeah? We can't hear you very well. Sorry. Is that better now? It's a bit better, but not very clear, but let's try. Okay. Is that better now? Yeah, much better. Okay. All right. On page 20, rent and fees up 3.4% in the first half, other operating costs up 0.9%. Is there seasonality or can we expect both to be up broadly the same for full year 2026? North America was up 19.6% in the first half. How much in Q1 and in Q2, or can you isolate impact of FIFA World Cup on Q2 results, contribution to Q2 organic? On Heathrow renewal, no Clear Channel Outdoor to bid against you. What can you tell us in terms of rent and fees, same, lower or higher versus before? Lastly, on page 31, outside of the U.S., where is Clear Channel Outdoor an incumbent in all those renewal? Merci. Thank you, Julien. Much better. David will take your first question, Jean-François, second and third, and I will take the fourth. David? Yes, regarding the pace of the agencies and OpEx in the second half of the year, we have to keep in mind that we will have the new contract in startup phase, which as you know, this phase has always diluted on our margin first. The pace of the growth in the second part of the year, we should be cautious and should be, let's say, evolving a bit different from the first half. Not significantly, but it won't be exactly at the same pace. Regarding the U.S., first of all, Julien, well tried, but we don't break down revenues geographically on the quarterly basis, but only every six months. It was worth trying from you. Second, Q2 was obviously very strong in the U.S. What we can tell you is that, overall, FIFA World Cup incremental revenues was above EUR 30 million. When we announced our Q2 guidance, we gave you a breakdown between Q2 and Q3 of this plus EUR 30 million of 50/50. What we can tell you now is it was more than 60/40, i.e., 60% for Q2 and 40% for Q3, i.e., less revenue uplift in Q3 than in Q2. This extra EUR 30 million was mostly in the U.S., but also in Mexico, as well as in countries like the U.K., which did pretty well in the FIFA World Cup. Back to the answer I gave to Marcus in the previous question, that was some programmatic campaigns, not in the U.K., given that the U.K. team did pretty well. On Clear Channel, can you repeat your question, Julien? Where Clear Channel was bidding. Clear Channel was basically we don't see Clear Channel now outside of the U.S. Basically now they are back in the U.S. as a U.S. operator. If your question is do we see them, we don't see them outside of the U.S. No, my question was on page 31. I understand they've gone back to the U.S., on page 31, it's renewal or it's renewal of contracts, right? Some of them must be Clear Channel outside of the U.S. before they left. I just want to identify the opportunity where you could gain contract because Clear Channel is no longer bidding on page 31. That was one question. The other one was on Heathrow renewal, as is the first time you're bidding without Clear Channel. I was wondering whether you can give us some color on what happened to the rent and fees. Are they higher? Are they lower? Are they the same as before? It's kind of two questions. Yeah. Jean-François will take the Heathrow one, I will take the Clear Channel one. On Clear Channel, basically in Europe, even if Clear Channel now, as you know, is gone from Europe, you have now local operators. Certainly the local operators will pick up some of those bids to compete. It will certainly be a different approach. Every company has a different approach to the way they bid, and we will see that in the coming future. In France now it's the local players. In basically other markets in Europe, in northern part of Europe, it's Bauer Media. It depends on the market, but it's not any more global competitors as it used to be with Clear Channel, Julien. As we said at the last conference call, because I think we had the questions, it's a bit too early to draw a conclusion, but what we can say, it's more rationality in the bidding process basically across the board with sometimes some few exceptions, but it's certainly more rational than it used to be prior to COVID. Regarding Heathrow did a market consultation, Julien, in order to assess whether or not they wanted to do a bidding process. The result of this market consultation is that they decided to extend, renew our contract for eight years without going out to tender. There was no obligation on Heathrow's part to go out to tender, and they basically came to the conclusion that given our footprint and our track record over the last 30 years operating the advertising business in Heathrow, that it wasn't necessary for them to go out to tender. The terms and conditions are pretty much the same as they were in the previous 10 years. Okay. Thank you. Thank you. One moment for our next question. Our next question comes from the line of Davide Amorim with Berenberg. Please go ahead. Morning, everyone. Thank you for the presentation. Three questions from me, please. Firstly, you delivered a very strong H1 on profitability. Congratulations. As you mentioned, some of your contracts will start in Q3. Could you please help us understand the expected direction of operating margin in H2 and for fiscal year 2026? Secondly, in the press release you mentioned a low single-digit organic growth in China in H1. We have recently heard a more positive comment on China from several media companies. What trend are you seeing in the market at the start of the Q3? Lastly, more broadly speaking, out-of-home advertising seems to be becoming increasingly attractive to advertisers. Are you seeing this stronger demand showing up in more volume, or are you able to push for higher yield, especially in digital screens? Merci. Thank you for your questions, Davide. The first one, I will take the second one, Jean-François will take the third one. Okay, perfect. Thank you, David. It's clear that the trajectory of the operating margin in H1 was quite strong, which confirms the strength of our business model. We will need to build on this momentum and keeping a focus on discipline execution. As I mentioned before, we have in the second part of the year, the startup phase of new contracts, which is specifically dilutive on margin. We will need also to navigate in uncertain environment as in H1, but maybe with less tailwinds coming from the sport events. We don't provide, as you know, David, it's a good try, but any guidance for the full year and for the second half. You know perfectly the usual seasonality pattern of our operating margin, and I will let you do the modeling, staying cautious on H2 due to the startup phase of the new contracts. On China, as you know, we don't break down basically guidance as it was said by Jean-François earlier on a quarterly basis. What we can say is that the mainland Chinese business has been okay in the first half of the year, where in Hong Kong and Macau, the business has been a bit more difficult. We have a two dynamic in our Chinese business at the moment. This continues to be the case for the summer without being able, obviously, to give you more details into that. We still see a quite soft environment. We don't see basically a major recovery. Business is doing okay with those kind of two tracks between mainland and Hong Kong and Macau. The good news is that we have been able to achieve those, I think, strong performance results as it was presented this morning, despite the fact that China is still soft in our portfolio. We continue to digitalize, which is a good news because digital is doing well. As you can see now, digital in China, as it was said in the previous quarter publication, we basically now are at 41% contribution from digital in China, and this is the way to go. We strongly believe that we have very sound and good contracts, terms and condition, long duration and business is certainly promising for the future in China. At the moment it's still basically in slow mode, let's say. I think it's quite common in different industries to see China as a soft recovery. On your last questions, it's a combination of both volume and pricing. Pricing on digital when traded programmatically is at a CPM uplift of 25% to 30%. In some countries, even more than 30% uplift on programmatic trading, given the targeted nature of the campaigns. Volume, of course, because we invest a lot in new premium digital inventory. It's a combination of both. It's not easy on a worldwide basis to give you a breakdown between volume and pricing, but it's a combination of both. Obviously, pricing is a way for us to enhance the yield per screen, which we are monitoring on a regular basis, the yield that we generate. Then the trade-off is always, do we put more screens and accept a lower yield, or do we keep the number of screens static and try to enhance the yield? London is a good example. We had 1,000 screens. Now we doubled the number of screens. Obviously, the yield per screen is a bit lower. Overall, we generate more revenues, and then the digital media has become more attractive, reaching out to in certain neighborhoods where we didn't have digital in the previous contract with TfL. It's always a balance between volume and pricing, which differs from market to market. Thank you. One moment for our next question. Our next question comes from the line of Conor O'Shea with Kepler Cheuvreux. Please go ahead. Yes, good morning. Thanks for taking my questions. Three questions also from my side. Just to come back on the comments on China. Jean-Charles, just to be clear that the low single digit growth that you mentioned in the press release, that's for Greater China, including Hong Kong or Mainland China. Directionally, I guess a bit slower in Q2 than Q1, because I think the comments were a little bit more optimistic in Q1, if you could just confirm that. Maybe in the same region, if you could just give a little bit of color on trends in Australia, I think which is also an important region for you guys as well. Second question, just in terms of your slide 13, the comments on the penetration in the market of programmatic digital, the fact that it's so low in the U.S. and the U.K., which seems surprising. Maybe you could explain why you think that is and what could change there going forward. Last question, maybe for David. You're reluctant to give specific CapEx guidance for the full year, but just directionally, you mentioned that some delayed rollout of contracts meant that CapEx was actually slightly down in the first half. Looking into the second half as those contracts roll on, what kind of difference could that make to the second half year-on-year? Thank you. Thank you, Conor, for your question. First of all, on China. Jean-François will take the Australian and the programmatic in the U.S. and the U.K., David, the last one. On China, what we can say is the numbers that are disclosed are obviously for Greater China as a whole. We wanted to give you a bit of more color of the dynamic within China today, given basically the importance and the size of Hong Kong and Macau within the Greater China numbers. What you have seen on the numbers are Greater China numbers. Your assessment on Q1 versus Q2 is the right assessment, Conor. I can confirm what you are implying in your question is right. On Australia, Jean-François? Yeah. Australia was low single digit in the first six months. Okay, perfect. Okay. Conor, yes, we have some delays in the installation of some contracts, but it's more a swing between H1 and H2, which explain the increase in inventory, as I mentioned during the call. We keep what we indicated in March, that net CapEx should land at around 8% of the revenue on a full year basis. Okay, great. On the programmatic, low penetration in U.S. and U.K. As I mentioned on previous calls, we need to detangle. For a couple of years, media agencies and more specifically what we call the poster specialist or outdoor specialist, were not prepared to engage on programmatic. I think there was fear on their side to be totally disintermediated by the programmatic trading. The kind of Kinetic which doesn't exist anymore, which is now embedded in the WPP GroupM, were very slow to embrace programmatic. The same with Talon, which is buying on behalf of OMG. But now it's starting to change, and Talon created its own DSP. WPP GroupM now buying outdoor centrally. Centrally, I mean that there is no longer a dedicated unit to buy and plan out of home. Starting to embrace programmatic, which is the reason for the low penetration in the U.K. U.K. had the best with Brazil, the strongest programmatic revenue growth in the H1 came from Brazil and the U.K. The U.K. is playing catch up versus Germany and the Dutch or Belgium markets, which are above group average. In the U.S., don't forget that 75% of out-of-home media revenue in the U.S. is coming from the billboard sector. The billboard has the lion's share of out-of-home media revenues in the U.S., and we only have 51 or 52 digital billboards in Chicago, which are doing extremely well, but it's only 52. Unfortunately, street furniture, which is the mainstream, the main segment of out-of-home in Europe, is not the main segment in the U.S., even if it's doing very well. That's why most of the programmatic demand on U.S. out-of-home media is coming via the billboard segment. That's the reason for the low programmatic penetration of digital for JCDecaux in the U.S., which is, apart from those 50 plus digital billboards in Chicago, only operating transport airport contracts as well as street furniture. Okay, very clear. Thank you. Thank you. One moment for our next question. Our next question comes from the line of Nizla Naizer of Deutsche Bank. Please go ahead. Great, thanks. I have two final questions remaining from mine as well. First, it was interesting to see the breakdown of your demand from certain customer categories and the tech company growth. It was really fascinating to see. Do you think that this spending is sustainable when you look at sort of the contracts that you've got in place for H2? Is the spending likely to continue to grow, or do you think this is sort of a one-off as they try to gain more visibility? Some color there would be great. Second, thank you for quantifying the impact of the World Cup on your revenue. I was also curious, how much of that incremental revenue do you think came from campaigns that were meant for Q4, that were brought forward during this sort of World Cup excitement period? In other words, would Q4 continue to be a strong quarter for out-of-home as it has traditionally been? Based on the conversations that you're having, some color there would be great. Thank you. Thank you, Nizla. I will take the first question, and Jean-François will take the second one on the World Cup. On the customer dynamic that we have seen in the first half, it is obvious that we are working hard to make those recurrent clients for us. As you can see, we have quite loyalty on our client base. If you look over the years at the same slide, you will see that the client base, it is pretty stable. Growing obviously, as it should be, but pretty stable. On the telecom, on the technology, we think that those clients are in some regions in the world, especially in China, especially in the U.S., where our footprint is very much appreciated by those clients that are looking for brand performance media. Brands performing media is what JCDecaux out-of-home solution can bring to the market in terms of quality, in terms of locations in the downtown area or in the top airports around the world. This is true especially in San Francisco, for example. This is true in Shenzhen, but this is true also in major capital city around the world. We think that our unique portfolio, the quality of our portfolio, the quality of our digitization, is certainly bringing those big tech companies in our portfolio of clients on a recurrent basis. If you look at it from different phases, this is the case mostly in the two dominant markets in tech, which are the U.S. and China. Yes, we think that this is sustainable, Nizla, to answer your question. We never know, obviously, but we think that when you look at the CapEx that is deployed by those firms in the industry, both in China and the U.S., they still need to make their solution available for the customers. We think that we have the best assets to serve that purpose and to bring their solutions in the eyes of our audiences in metros, in airports, in city centers, and in retail areas where they want to reach the people on the move. World Cup, Jean-François? World Cup. Your question implied that we bundled, unless I didn't understand your question, that we bundled some of Q4 campaigns with the World Cup? It was more like was there demand from Q4 that was brought forward to the World Cup time? Campaigns that would have typically gone in Q4 were brought forward just to take advantage of the World Cup buzz by your customers. In other words, would Q4 still be a decently strong quarter, as it is typically the largest quarter for advertising, or is there some sort of impact negatively in Q4 because there was demand pulled forward for Q2? No, we don't think that demand has been brought forward in Q2 because of the World Cup. Q4, you're right to say that it's our strongest quarter for obvious reasons. A lot of clients generate a lot of sales in the pre-Christmas in Q4. We don't have a crystal ball, but pacings are pretty good right now. It's too early to call, with the exception of markets like France, which have more visibility than, for example, in the U.K. or in the U.S., for historic reasons, because we guarantee brand exclusivity in France, meaning that we can get earlier bookings because clients, especially in the luxury sector, are very keen to secure their prime positions in the key weeks of the year, because in France we are selling on a weekly basis. Given that France is our largest market with more than 16% of sales, it's a pretty important market for us. Bottom line is we don't think that the World Cup will affect in any form of shape the Q4 trading. Great. Thank you very much. Thank you. One moment for our next question. Our next question comes from the line of Jérôme Bodin with Oddo BHF. Please go ahead. Yes. Good morning. Thank you for taking my question. My first question is on the contract win and loss for 2026. Can you just remind us what's the impact in Q2? If I remember well, Q1 was slightly negative probably. What's the impact on Q2? Is there any impact, negative, positive, or is it not whole and should we expect the same impacts between Q3 and Q4? That's my first question. Second question on programmatic. Could you give us a bit of indication on the profitability if you keep such growth which accelerate, should we see any operating leverage linked to programmatic, and does that compensate for the year and for next year, the ramp-up of the new contract that you mentioned in terms of dilution? And last question, more structural. To come back to follow up on the question on the impact of the demand for outdoor between yield, volumes and price. Is there any change in terms of commitment from clients in terms of visibility? Do they commit earlier? Do you have more visibility on the business because of this new demand? Thank you very much. Okay. Thank you, Jérôme, for your questions. David will take the first and the second. I will take the last. Thank you, Jérôme. Regarding the contract win and loss, as you probably mentioned in Q1, the net impact was negative. Progressively, we can see a positive contribution from the new contract, but in Q2 it was not yet positive. Globally in H1, we can say that contribution is progressing positively, but not yet positive in H1. Programmatic profitability, David? Programmatic profitability, as we mentioned properly during the call in March, if we look at the profitability of VIOOH on a standalone basis, we said that it was already in 2025 positive in terms of the EBITDA. Year to date, we can say that in 2026 it will be also positive in terms of EBIT. Not yet in term of free cash flow, but it will come very soon, as we said. The good way to look at it is not only on a standalone basis, it is also that this is what we said during the last call, to look at it on a global basis and the impact on JCDecaux Group, because as we said, it is mainly incremental revenue and bringing new money to JCDecaux. On a group basis, it has been already positively contributing to the margins and to the free cash flow, or to the margin positively. On what you call the structural questions on the going forward, basically demand activity at the group level. What we can say is very clear. We are still among, I think, the most anticipated business in the media sector in some markets, as Jean-François highlighted it before on France, for example, but also in some other markets to a lesser extent. France being basically the most advanced booking market in the world on JCDecaux so far. What is also important to understand is that digital drives business up to the last minute before the campaign can be basically on air, on the streets, on the airport. This is a major change, and this is a boost, obviously, to our business. You can see that on the World Cup, for example, that we've discussed earlier, or the fact that we can do even triggering campaign now, it brings money until the end. That makes our guidance judgment more and more difficult, because this is obviously not bringing volatility, but this is bringing more money until the end. That's for sure a new component of our business profile going forward. This is more positive than the negative, we think, obviously. We can see that in the numbers. This is not a major change, but this is a quite significant one. Even if, as you can see, because of the nature of our business and the limited supply in some of our key locations around the world, e.g., major city centers, Fifth Avenue, major airports around the world. Our limited supply helps us to keep basically the value of our assets in this media environment. This is quite unique in Out-of-Home because you not only have physical assets, but also you have scarcity in some locations. In Fifth Avenue, you have 15 locations. In Madison, you have a bit more. At the end of the day, it's 15. This gives us also pricing power, obviously, on those locations, especially with the digital and the fact that more and more clients wants to be on our key assets. That's something that makes the demand today, also very compelling for some of those brands. Thank you very much. Thank you. I am showing no further questions at this time. I would now like to turn the call back to Jean-Charles Decaux for closing remarks. Thank you for all of you for being active on this conference call, and on behalf of our JCDecaux Executive Board, I would like to thank you for your support, and we look forward to seeing you soon on our roadshow, physical roadshow or basically distance roadshow or conferences. We wish you a good break for those of you that are going into a few days of vacations. Be sure that we remain very active in the meantime. All the best, and thank you for your attention today. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.