Good morning to you all. Thanks for joining us for this presentation. For obvious logistical reasons, we are at VINCI's head office, just next door to the Arena 92, where the Olympic swimming events will be held, as you know. I'm joined by Christian Labeyrie, as usual, on stage. We have the full executive committee and notably the bosses of our divisions who will be available to take your questions later. So where are we at? Obviously, the sea is rougher, the fog is sometimes dense, and therefore visibility more limited. But what is clear, as reflected by our H1 performance, is that our ship is steady. We're riding the wave, and the ship remains on course with calm and determination over the half. We're seeing an increase in revenue across our three business divisions: concessions, energy, and construction. Very good growth in EBIT and a limited decrease in net income in spite of the inclusion of the new tax on long-distance transport infrastructure tax that we're combating. Major financial investments: Edinburgh Airport, acquisition of a minority 20% stake in Budapest Airport, a section of the Denver Ring Road, Colorado. But VINCI Construction, good successes in North Africa, and the usual number, about 15, 15 to be precise, small to medium-sized acquisition for VINCI Energies. These forward-looking investments lead to an increase of our net debt at the end of June. It dropped to a very low level at the end of 2023, and we maintain a very robust financial situation. Lastly, and this is very important, we're recording a new increase of order intake, bringing it to a historic high at over EUR 67 billion geographies. We're continuing to extend our footprint, expanding outside France and focusing on areas offering good growth potential. We're barely present in China. North America, where we were barely present 15 years ago, now accounts for 7% of our total business. That's about €5 billion full year. Central and Latin America are interesting areas, but on one condition: we need to be extremely prudent and selective. Europe's doing well. France is faring acceptably. Europe outside France is particularly dynamic. Western Europe +13%. Africa is going through a strong destabilization phase across a number of countries. We've been there now for almost 80 years, if not slightly more. And so we've learned to adapt. That's to say, to be able to leave certain countries when the conditions are no longer met, to allow to operate in safe conditions, but whilst retaining the possibility of returning by being patient. The prime quality in Africa is patience. Then Asia, especially Oceania, for us, is also very encouraging. For a few years now, we've achieved a fine breakthrough, and the area offers good prospects. The slight decrease that you see on slide number six is simply due to a phasing issue relating to major projects. Let's review our major businesses. VINCI Highways, which has, as you know, suffered from the farm demonstrations earlier in the first half, with a few disruptions here and there, as recently in June at the Spanish border. All this coupled with not great weather conditions over the half year. There's a 1% drop in traffic, -0.8% for light vehicles, and -2.3% for trucks. And as I said, we're taking into account the new tax, weighing EUR 120 million, not tax deductible, as you know. We are challenging that together with our highway peers, but also by our aviation peers. It's currently being reviewed by the Constitutional Council, and we expect feedback on that by the end, by mid-September. Very good airport situation, 150 million passengers managed, up 10% over 2023, but also up 1.5% as compared to the first half of 2019. So COVID is behind us. This growth is expressed across our 14 countries, 72 airports, with, in particular, and we're very satisfied with that, a very fine performance by the recently acquired airports, Budapest and Edinburgh. A couple of figures: at Budapest, we're at +18% versus 2023, and +6.5% versus 2019. Edinburgh, +11%, the half, versus 2023, and +4% versus 2019 levels. Lastly, we continue to systematically roll out our environmental policy. Toulon Airport, the first to reach carbon net zero. Lyon Airport will follow in 2026. Our two new assets in Scotland and Hungary, already part of a systematic approach aimed at reaching net zero in Europe, at least before 2030. The other highways, the highlight is a major acquisition of a section of the Denver Ring Road in the U.S., our first traffic risk in the U.S., an asset of excellent quality with 82 years residual duration, robust regulation, and great upside for operational financial results. Engineering and works order intake sharply up by 9% versus last year, the end of H1 2023. Progress, even at 14% of VINCI Construction, owing, on the one hand, to good performance of our flow business, but also thanks to the advent of major new contracts, such as, for example, the renewal of 800 railway tracks between 2023 and 2030 in France, 8-year maintenance and improvement of roads contracts, the dismantling of 2 units of a power plant, nuclear power plant in Sweden, or the extension construction of a drinking water facility in Cambodia. Those are a few examples. There are many others showing that VINCI Construction, like, of course, and first and foremost, VINCI Energies and Cobra, is at the heart of the investments that are linked to the environment, both in France and outside France. VINCI Energies is faring very well, well established across the three very dynamic long-term trends: energy efficiency, the energy transition, and its corollary, the gradual ramp-up of electricity in the energy mix. The digital revolution activity is up 5% over the half, in spite of a very high base effect in 2023. You see France is on this slide. We didn't want to complexify things with an increase in activity. Revenue up 3% versus the average 5%. But in fact, if you leave aside a very small business of services to erase the electrical grid, which by definition fluctuates because it is essentially driven by production consumption needs of the grid. If you leave aside that very small business that is probably about, what, €100 million of revenue in the first half, and you restate what French growth was, aside from that business, you land at +5%. That is something that is quite consistent with overall growth. VINCI Energy can afford to once again boost its operating margin by 20%, 7% versus 6.8% H1 2023, which augurs well. And lastly, a flow of bolt-on acquisitions, 15 from the start of the year, with the same goal of completing our geographical footprint and our range of expertise. VINCI Energy is confirming itself year after year. It is an extraordinary machine that has a great role to play in the green and digital transition, thanks to its strategic positioning and thanks to its organizational model that's highly decentralized. That doesn't change the systematic quest for technological value added. Cobra's doing very well with revenue up 8%, 19% in Spain, which is absolutely remarkable, and -2% outside Spain. That's the result of the phasing of a number of EPC projects, but also high selectivity, notably in Latin America. The EBIT margins also up by 30 basis points at 7.8% on the half. Next, just a quick focus on the basis of information that you'll find on page 91 of the booklet, that chart that just summarizes Cobra's successes of the AC/DC offshore conversion station. Since the integration of Cobra in VINCI Group, early 2002, it's almost 14 gigawatts of orders that were booked by our consortium with Siemens Energy solely to service Germany. That means that we're only at the beginning of this wave. Other countries will follow suit. France is beginning to do so, but a great many countries will be developing offshore wind power. A lot of things are happening in offshore wind. We have an EPC posture that's very significant, thanks to our ability to deliver the engineering, the construction, and the laying of these AC/DC converter platforms. And what the share of Dragados Offshore, the Cobra unit that does it, that's about EUR 10 billion in revenue to deliver by 2032 for Dragados Offshore. Just to illustrate the tremendous opportunity offered to us by the green transition, but also the EPC agility and expertise of Cobra IS, still at Cobra. We're on track to develop renewable projects. I'll just remind you to develop 1.5 gigawatts per year. Just like to flag two points. Firstly, we're sometimes a bit slowed in our ability to move from Ready to Build to Ready to Produce, RTB to RTP. Why? Because connection with the grid can be done, but the go-ahead to connect in order to inject the power produced by our assets in the transmission and distribution networks is running behind in certain countries simply because these grids haven't been bolstered and strengthened at the necessary pace to absorb all the new production capacity of these new renewable. So we have a stock that's coming out at the Ready to Build stage, but can't move as fast as expected to ready to produce. It's of no serious consequence. It's going to normalize, but means that we don't have significantly sized assets that have entered production because there are problems of physical connection to the grid, but authorizations to connect to distribute to the grid. Second major problem is that we acquired two projects with local developers in Texas. Texas is a major geography in the U.S. It's a power electrical island, which has needs to roll out renewable assets, even more significant than the rest of the country. We bought two projects from local developers, 250 MW total. We've continued to develop that, and we've just crossed a major milestone with the negotiation of a PPA with Google, probably to power the data centers. That's going to allow us to produce the financial package, so as to plan for the beginning of a construction in the second half of the year. I noted because a year or two ago, we said that we wanted to expand on renewable networks in the U.S. Well, we're currently getting there with those two projects representing significant 250 MW and not small projects. [Forign language] Je suis à la. I'm now on page 14. VINCI Construction also recorded growth of 2.5%, with France performing well at 4%. Obviously, in France, we are being slightly impacted by the decline in housing projects, but we're also heavily involved in rehabilitation, renovation, and projects, as well as in public building programs, particularly hospitals, as part of the Ségur government plan. In addition, whether in France or outside France, road works, which are usually pretty resilient, are progressing well. As far as France is concerned, this is happening despite a negative calendar effect. Lots of weekends and vacation time getting in the way, and also poor weather conditions. For VINCI Construction, outside France, business was up 1%, especially in specialty trades, but also in the U.K. and in the Americas. As I have already mentioned, order taking was excellent at over, rather at 14%. Via those acquisitions, we have strengthened our specialized civil engineering division, including Freyssinet, Menard, Soletanche Bachy, and others. We have a number of acquisitions. Also, we have strengthened our presence in North America for roads activities via 2 acquisitions. When you add it all up, this accounts for a total of around EUR 230 million in additional activity on a full-year basis. Lastly, as for the other businesses that I just referenced, our operating margin rose again by 10 basis points. Again, this bodes well for the future. I would remind you that in the construction business, which is extremely seasonal because of the weather, the expected full-year margin is, of course, much higher than the margin at June 30th. Lastly, at Vinci Immobilier, VINCI Real Estate, we could settle for the fact that our housing bookings have surged by 36% over the half year. One caveat, however, yes, of course, this is very good news, but this is mostly driven by bulk sales. The big question is, the tremors we're starting to see, we were seeing before the National Assembly was disbanded, will those tremors, will those low-intensity signs have been, will they have been nipped in the bud by the current wait-and-see attitude on the part of the political community, which is not encouraging investors to move forward? So it's a bit too early to tell, but what I'm saying is that we haven't yet seen the end of this deep crisis when it comes to production of housing in this country. Now, you may have read the headlines. Obviously, we embarked on a downsizing program at VINCI Immobilier. This program is now over. 140-150 people have been affected. The program has proceeded apace in excellent conditions, and many thanks to our teams for that. Handing over now to Christian Labeyrie. Thank you, Xavier. Hello, everyone. Let's discuss revenue. Despite a high base effect, because business was particularly buoyant last year, in the first half of last year, now, despite this high base effect, sales continue to grow in H1 to varying degrees, obviously. So +4.4% to almost EUR 34 billion. So this trend bears out the dynamic performance of the group's three businesses: concessions, energy, and construction. I'm not going to get back to the underlying growth trends of our three businesses. Xavier has already done that. But regarding VINCI Immobilier, the 10% drop in sales is mostly ascribed to the decline in commercial property production, with one hopeful note. However, the new stability of VINCI Immobilier 's business in Q2. Changes in the scope of consolidation added 0.5% to growth, representing some EUR 160 million in additional sales over the half year, mainly at VINCI Energies. So 15 acquisitions in H1 2024 and 34 acquisitions in 2023, which are producing effects over the half year. Exchange rate fluctuations had an almost neutral impact on sales this half year. The positive effect of sterling rising against the euro has been offset by the fall of most of the other currencies in which our sales are denominated. I'd like to take this opportunity to point out to you that VINCI Stadium's business was pretty low in the first half due to preparatory work carried out in all of our arenas, particularly at the Stade de France, preparatory work ahead of the Paris 2024 Olympic and Paralympic Games. So let me remind you of the main markets in which we operate. We saw this in the previous slide, but we're talking over EUR 3 billion in sales in the U.K. over the half year, over EUR 2 billion in Germany, EUR 2 billion in Spain, EUR 1.5 billion in the U.S., nearly EUR 2 billion in Latin America, and a little over EUR 1 billion in Australia and New Zealand. I won't list all the countries where the group operates, but it's worth noting that VINCI now has a strong global presence with a wide range of countries. This enables us to chart our course through a variety of different crises, be they financial, health-related, or geopolitical, without too much trouble. The proportion of sales generated outside France continues to grow year-on-year. This is the result of a long-standing strategy, which combines organic growth and a policy of bolt-on acquisitions to increase our presence in our major markets. We're not trying to be everywhere. We're trying to get stronger wherever we already operate. Next slide. Earnings before interest and tax, or EBIT, as we call it in-house, came to EUR 3.9 billion, up 9%. This represented 11.1% of sales, so 50 basis points better than in the first half of 2023. This increase is particularly remarkable since the financial statements include an expense of EUR 120 million related to the new levy on long-distance transport infrastructure in France, which targets some exclusively motorway concession companies. In concessions, VINCI Airport saw its EBIT rise by EUR 227 million, crossing the symbolic threshold of EUR 1 billion, a level never before achieved. The EBIT over sales ratio thus reached almost 50%, compared with 44% in H1 2023. In addition to the effect of higher sales, which improved the coverage of fixed costs, this excellent performance shows operating expenses that are well under control. Now, I'd like to take this opportunity to report that after trading today, we will put online a toolbox, that's what it's called, to give you a little more color, a little more detailed information regarding our airport situation. In energy and construction, so VINCI Energies, Cobra IS, and VINCI Construction, their EBIT also rose to record levels. For VINCI Energies, this represents a margin of 7%, 20 basis points higher than in H1 2023. All the business lines, activities, and geographic areas contributed to this super performance. On November 22nd, 2024, VINCI Energies will hold its investor day right here at our headquarters in L'Archipel. We will share with you our prospects as we did last year for Cobra in Madrid. So 7.8% margin for Cobra IS, 30 basis points higher than last year. So our Spanish subsidiary continues to post strong sales growth, but has also succeeded in further improving its profitability thanks to particularly efficient and rigorous business management. VINCI Construction operating margin is improving by 10 basis points, so to 2.1%. But I'd like to remind you that this does not reflect the performance expected for the entire year because of the high seasonal variations in some activities, notably roadworks and railways, and also certain geographies such as Central Europe and North America, including the U.S. and Canada. VINCI Immobilier has a negative EBIT, which is apparently unchanged from last year. In actual fact, this factors in a restructuring plan to adjust overheads about EUR 20 million, with a slightly positive impact over the half year. Other items in the P&L, next slide please. I think I already talked about that last year. We're seeing an increase of the expense under IFRS 2. From an accounting point of view, this translates to the employee benefits for employees that subscribe to VINCI shares as part of a company savings plan. This is part of a change methodology that we've had to do under regulatory requirements. And this is offset by an improved contribution of our equity-accounted subsidiaries, thanks in particular to Kansai Airports in Japan, whose contribution returned to positive territory after the pandemic. Now, non-recurring items include a EUR 72 million expense, which includes EUR 50 million in the earnout, that's what it's called, and this is reflected in the P&L. So in respect to the earnout owed to ACS in connection with the development by Cobra IS of new renewable energy projects, remember there was an earnout that depended on the gigawatts developed over the years. Now, regarding our financial situation, net interest amounted to EUR 554 million. Most of the difference, EUR 167 million, corresponds to non-recurring income recorded last year following the restructuring of the debt used to acquire London Gatwick Airport. The balance is due mostly to changes in the scope of consolidation. So net interest expense remained pretty stable from one half to another because the increase in the cost of gross debt following the increase in interest rates, which had a full period effect contribute last year, was largely offset by the improved yield of our cash flow investments, not just at headquarters, not just at the holding company level, but also in our various businesses. Now, regarding other financial items, we're seeing a charge of €44 million. This includes the ADP share price going down in our balance sheet because we have an obligation to post that impact depending on the number of shares out last year. There was a positive movement. This year, it's a negative movement because the ADP share has not performed very well in the first half, going down from €117 to €113 last year versus last year when it increased from €125 to €131. Now, the tax charge rose to almost €900 million, and this means an effective tax rate higher than 29% versus 27% last year. And this is the result of the fact that the levy on highways is not tax deductible. Minority interest represents the share of earnings attributable to shareholders other than VINCI in companies which we do not hold, including London Gatwick, OMA, Cambodia, and Aéroport de Lyon, because those improve our profit. The contribution goes to our shareholders increased as well. So still a pretty good performance. Consolidated income attributable owners of the parent came to almost EUR 2 million. When it comes to cash flow, free cash flow generation is positive over the half year despite the impact of unfavorable seasonal variations at the start of the year. This is a source of satisfaction for this first half. Free cash flow for the period stood at EUR 360 million, close to its record for the first half, EUR 381 million in H1 2021, even though we were penalized in H1 2024 by the freeway tax. So EBITDA, EUR 5.7 billion, up EUR 364 million. VINCI Airports contributes to 50% of the improved EBITDA. VINCI Construction and VINCI Energy and Cobra account for the other half. Changes in WCR and provisions traditionally negative in the first half of the year due to the seasonal nature of our business is less negative than last year by about EUR 600 million. This is mostly due to Cobra because it cashed in a number of advances on major EPC projects that have already been referenced, particularly new offshore platforms in the North Sea. Those are two items, the improvement in EBITDA and the lower consumption of WCR, more than offset the increase in interest paid over the half year. Like I said, last year there was a EUR 267 one-off inflow of cash and also the improvement in CapEx and also investments in concessions, which have increased by EUR 200 million to over EUR 800 million. That's reflected at Cobra VINCI Airport. Turning now to new acquisitions, CapEx EUR 5.7 billion, as mentioned, strategic developments of VINCI Airports and VINCI Highways. The prime goal, of course, is to enrich our portfolio of concessions contracts by booking very long-term contracts so as to grow the residual duration of our portfolios and the maturing of our interurban concessions at VINCI Highways. VINCI Airports invested EUR 3.2 billion. Edinburgh, Budapest, VINCI Highways, EUR 1.5 billion includes the debt taken up and in the assets acquired. In terms of expansion, VINCI Concessions and Energies continued. VINCI Concessions densified its presence in the U.S. and Quebec with companies that represent a total over EUR 300 million in revenue, EUR 230 million in North America. VINCI Construction also continued to expand in the specialty businesses of Soletanche Bachy. VINCI Energies acquired 50 companies for annual revenue, EUR 140 million over EUR 120 million internationally. All that's reflected in the change in debt, sharply up over the half, EUR 7.2 billion gone from EUR 16 billion to EUR 23 billion. The variation over 12 months, only EUR 1.5 billion. Debt is important, of course, but fully proportional to our ability not only to reimburse it but to generate cash. Next slide gives you the perspective over 15 years. We see that cash generation of Vinci steadily grew over the period with a record, as you all know, in 2023, EUR 6.6 billion 10 years ago, barely EUR 2 billion. So that's a remarkable track record, but you also see in the first half, we're not generating a lot of cash flow, sometimes negative cash flow. Wasn't the case this year nor last year. So we need to remain modest and prudent because cash flow will be generated over the months in the second half, right at the end of the year. We can't extrapolate this good performance in H1 because the key remains to be done. I won't say any more about that. The balance sheet is very strong. VINCI balance sheet, as you all know, we can continue to view our expansion with confidence. Capital employed topping €61 billion, over 80% invested in non-recurring assets, that is long-term assets. Concessions and PPPs have grown strongly over the period, €6.3 billion. That's resulting from VINCI Airports, VINCI Highways equity, €33 billion, €4.6 billion, and minorities, €23.4 billion net debt. Gross debt close on €32 billion and €8.5 billion cash debt that is fully sustainable in respect of our strong free cash flow generation. Turning to our financial policy, as we regularly restate, we attach great importance to have liquidity available at all times. It's even true in these troubled times for individuals, for corporate. It's the price of independence, maneuverability to seize acquisition opportunities that arise that we're interested in. Also to pick the right time to refinance given rate volatility. There can be long-term trends, but a lot of volatility with these trends. We need to be opportunistic and decide the right time where we issue new bonds. So we're well equipped to continue to meet the unexpected €8.5 billion in cash, slightly up over the half. And bank credit facility €6.5 billion, reduce that. No point having too much cost money and locked up capacity at our banking partners that need to be better used on other fronts. Rating, long-term credit rating A- S&P and A3 Moody's unchanged, stable, confirmed for many years now. Very good relations with these two agencies with whom we meet regularly. This rating agency confidence reflects our diversification economic model, concessions contracting, geographic footprint, very diversified, cautious financial management. We can but welcome that the quality of our management is thus recognized. These conditions we're able to refinance over half under good conditions. In particular, we performed taps, that is we're able to draw on existing loans, over-the-counter opportunities for a total of EUR 1.2 billion average rate that's quite good of EUR 3.36. ASF reimbursed a long-standing EUR 600 million bond that matured with about EUR 3.1, so it was offset in terms of cost. In terms of project financing, another component, the group's financial policy, the activity was busy in the Dominican Republic. A new loan successfully raised on the Aerodome to refinance its existing bonds that we set up at the time of the acquisition a few years back and also refinance a large part of the upfront fee that we paid out to obtain the 30-year concession under good conditions in $ from North American investment funds. To end, a few words on the cost of debt. The final slide, as we know, we've seen strong increases the past few years following the end of the COVID crisis and resulting situation. We're seeing a leveling off of rates. We hope that'll continue and that they even come down a bit, perhaps by the end of the year in the various currencies in which we borrow. Henceforth, our debt is no longer just in euro. Euro represents about 60% of our total debt. The rest is sterling 22%, US dollar 7%, but also expensive currencies, Latin American 7%. That's over €2.3 billion. The costs frequently double-digit, and so that impacts our total cost of debt. If we look at the end of the period, end of June versus end of the average cost of our financial debt was €472 end of June, slightly down versus the €480 end of December. Thanks to the declining dollar and euro rates, we can hope that will continue. Thank you. Thank you, Christian. So just a few minutes to tell you a bit about how we today view the landing at the end of 2024 on the autoroutes, the highways we indicated six months ago to expect traffic levels slightly up. We expect today that traffic will be broadly stable, but of course, we'll see clearer after the current summer period. Airports, as you can see, for three quarters now, traffic levels above 2019 levels. That will remain the case with, of course, differences across airports in engineering and works. We're benefiting from a very strong order book, 13.8 months of average business allows us, and that's very important. It means we can remain both confident and highly selective and do a good job. The consequences that we're expecting growth of VINCI Energy, but of course, to lesser proportion than that seen in 2023 with a slight improvement in the operating margin. What was always in the Champions League at 7% last year. So we're set to improve it slightly this year. Growth slightly more significant of revenue at Cobra with possibly slight increase in the operating margin. Of course, we continue to roll out our offshore wind plants. VINCI Construction should be equal to the results in 2023 with there again a slight increase in the operating margin. So when we consolidate all that, what we can say is that we expect further growth in revenue and income in 2024, but less in percentage terms than in 2023. Net income that's impacted by the tax to the tune of some EUR 280 million full year on the French highways. In spite of that tax, we expect net income that will move close to the level it reached last year. It's after taking into account all this that the board of directors of the group that met yesterday decided on an interim dividend of EUR 1.05 per share in spite of the slight decrease in net income that we've just set out. In conclusion, you're seeing once again VINCI is a very solid company, highly diversified in terms of its businesses. Geography is very well positioned on the very compelling long-term trends of the energy transition. Digital revolution, very agile, extremely nimble footed through its organization. That's the best way to weather crises and highly combative. So we're very well equipped to continue on our course of sustainable and long-term growth. Pierre Anjolras, who fully embodies the VINCI culture and who possesses extensive experience in the group, will be leading the group after our next shareholders meeting in April 2025. That's what we wish to tell you before giving you the floor for any questions if anything we said was not crystal clear. Thank you. So if you have a question or if you wish to make a comment, please press star one on your telephone keypad. If you wish to withdraw your question, press star two. Make sure that your microphone is not muted when you ask your question. The first question comes to us from Eric Le Marie from CICFDU. Yes. Good morning, gentlemen. Thank you for taking my question. I got through the first question unless you have comments to make on the political risk in France considering the current political uncertainty and possible impact on your business. If you have further comments to make on the transport tax, that's the first question. Second question on EBIT, the holding line item that's positive this year, H1, it was negative in H1 2023. If you could give us some color on that. Thirdly, have you made progress to dispose Polo de la opposition that you acquired when you acquired Cobra last year? Thanks, Eric. For those systematic, it's not one question. It's systematically three questions that are asked regarding the political uncertainties. What we can say is that we're in businesses that benefit from a very long lag effect. It's obviously the case for concessions, but also engineering and works because of the scale of our order book. So through macroeconomic consequences stemming from, say, current political uncertainties, well, we could end up by feeling the effects of those, but that would be with a lag effect of several months, if not several years. So no visible impact today. So we're unable to give you any answer on that. The other notable point is in countries such as France, the bulk of our business for the public sphere is for local municipalities. And so these local authorities, municipalities, and the second part of the electoral cycle, that is rather in the phase where the various political leaders in the municipalities are beginning to resume works ahead of the next electoral process, which is generally favorable. We can't say much more, but I'll ask my colleagues to chip in if they wish to say anything about that. On the holding line, the Ropa, I've no idea the EBIT. Christian is bound to know. Well, perhaps I should know given that it was raised in the notes that were released last year. Of course, previously we combine holding and real estate assets. I mean, there's no suitcase here. There's internal billings between the holding companies and the subsidiaries. So we could distribute this balance, but around between the various divisions on a pro-rata basis that we're not doing. But at this level, we have the impact, the integration of Cobra when we acquired Cobra and we did the PPA, all the accounting work to analyze the Cobra accounts and integrate them in VINCI. The goodwill was allocated to the Cobra order book. And so gradually as that order book is executed, we amortize that. It's reduced over the years. As a result, we're seeing a drop in depreciation of goodwill for Cobra. And also when we consolidated Cobra, we included provisions for a number of risks that had been identified during the due diligence process for a number of job sites. And those risks did not materialize. And this means we were able to reverse some of the provisions because the risks did not materialize. But that's mostly for Cobra. Now, from one year to another, the reversal of provisions and charges, that's mostly for Cobra IS. So your third question had to do with Carmópolis, if I understand correctly. Before Christophe adds to my answer, I'd like to clarify that José María may not be with us in person, but he's attending remotely. So he's on hand. He's on hand. If we need additional information, it might be a little tricky technically, but it's possible. Now, we didn't particularly state that we would sell. We said the business would go under strategic review. So we fell behind for exogenous reasons that are externalities that we had to incorporate. I'd like to remind you that this contract was negotiated before the beginning of 2022. A number of wells were in mediocre condition, worse than we had imagined. There was a shortage of local companies capable of cleaning up the wells so as to restore normal output levels. The shortage of drilling systems meant that this meant a delay in resumption of production. If I remember correctly, it took a year. And during that one-year period, there was nothing we could do because if we had done anything, there would have been contractual problems with the concession grantor. So like I said, the strategic review is underway. Christophe, anything you'd like to add? No. No. I agree with what you said regarding the works that carried out to improve our production. And the lock-up period came to an end at the end of December 2023. And so yes, the strategic review is underway. We also would like an extension that's as long as possible when it comes to the concession contract because there are several, and that's been achieved for 80%-85% of the whole site. A quick reminder, if you'd like to ask a question, please press star one on your keypad. Next question. Augustin Sandre, Steve. Go ahead, sir. I have just one question regarding Belmonte, which is part of your Cobra IS business. What's their contribution to the top line and to Cobra's top line and EBIT? Because when I try to adjust my figures, it seems as though this would a 7.4% contracting margin for Cobra. Is that the same as last year? I'd like to understand a little bit more Belmonte's contribution. Thank you. I'm not sure I understand Belmonte's margin. I don't have that top of mind, but the contribution is peanuts. Oh, that's not material. 580 MW Belmonte just started production about a year ago, if I remember correctly. It's not even on the same scale as the profit capacity of Cobra. Eventually, it will get bigger once we have consolidated the 1.5 GW that we intend to develop year on year. Then it'll become material. Right now, it's not. It's peanuts. Could you give us better visibility regarding when you will split off the renewable energies division from Cobra? I'm sorry, the terminology is important. That's not how you should ask that question. The question is, we have always said, we have always explained that as part of our agreements with ACS, the plan was this. Once we achieve a certain output level as expressed in gigawatts, then we are required to propose a transfer of this asset at market value to a joint structure, a shared structure. So consolidation, 51% of the capital, and then this structure, this entity would carry those assets over the long term. We're not there yet. So the question is met. ACS has that option, but if they're not interested in taking over a particular asset, then we'll hold on to the asset. Of course, over the long term, we're not going to maintain that asset as part of Cobra because Cobra balance sheet would not make that possible. We would create another structure. Even if this means bringing in third-party investors as minority shareholders. Right now it's premature. It's too early to ask that question. Right now, output is less than 1 gigawatt peak in terms of renewable energy. One last question. Please press star one if you'd like to ask a question. Next question from Nicolò, Morgan Stanley. Go ahead, sir. Good morning, gentlemen. I have three, maybe four questions. All right. On the subject of Cobra, you just announced another contract regarding those big converter platforms. What about available capacity? Will they continue to grow? What about leasing the yard in Algiers? Are you going to continue that type of project with potentially new orders, whether in France or outside France? Second question regarding Vinci Energies. Between 3.5%-4% organic growth since the beginning of the year. That's your cruising speed. That's also the speed at which order intake is growing in Q1 and Q2. What does that mean? Does that mean you've reached cruising speed? So inflation plus 1%-2%? Third question regarding airports. Could you give us more color regarding operating performance? We believe operating performance is excellent, but what about operating performance in the first half in terms of contribution? Is it Gatwick? Is it ANA? Is it retail? We'd like to understand the trend, the dynamics. Thank you. And I'll leave it at that. Thank you, Nicolò, for those many questions. Thank you for keeping it down to only three questions and sticking to tradition. Cobra. Christophe, correct me if I'm wrong. Or rather, maybe we should hand over to José María, or should I take care of it all on my own? Okay. Until we figure things out, technically speaking, let me answer question number two. I know Grison can correct me if I'm wrong. Now, when it comes to VINCI Energy's model, what's most important? Year-on-year, we want to improve our selective approach. We want to grow increasingly selective. The result of that philosophy is that generally, our growth rate underperforms the market's growth rate. That's the only way to continue improving our profit margin while becoming increasingly selective. So when market growth is 2%, it makes no sense. It actually makes sense that we're below that, that our growth is only 1%. As a result, the additional wealth extracted from that philosophy means we're able to free up financial capacity. This means we're able to grow through M&A. All in all, this means significant growth in our top line. Mechanically, that's what we've been doing with VINCI Energies of the past 20 years. Again, Arnaud Grison, correct me if I'm wrong. Did I say this properly? Arnaud, anything you'd like to add? Yes. I don't know whether you remember, but last year, we enjoyed double-digit growth. Significant double-digit growth. It makes sense that this year, the growth rate seems to be slowing down. We can't always enjoy double-digit growth, but the growth rate you're seeing is extremely decent for the year. When it comes to next year, we'll cross that bridge when we get there. As was rightly said, it all depends on our management capabilities. We need to cope with market demand while remaining selective. Also, M&A is part and parcel of our model. You've seen the 15 acquisitions we've made, but for that, we need the right teams. We also need a sufficiently strong backbone. José María, are you ready to take the question? Capacity. What we are selling is slots. All of our slots, including the major capacity we have now with the new job in Algeciras, is equipped until 2032. Then what we could do is sell slots 2033 and ahead, not before. Then in terms of backlog, we can grow in terms of revenue. In the next years, we can't. Okay. [Foreifn language] En substance, je n'ai pas très bien entendu. We currently have 4 yards, including Algeciras. Those 4 yards mean we're able to cope with order intake until 2032. Is that what José María said? The sound quality was too poor, unfortunately. For those words to be translated, I know the slots are being sold until 2032. The backlog can grow. We cannot grow the revenue until that year because all of the capacities have been sold. But that's mostly for our Spanish yards, Algeciras and Cádiz. Now, I'd like to add that over the next 10 years, we can well imagine opening up a new yard, but there may be several headwinds. First of all, we need to find it, okay? And it's not like they're growing on trees. We've done a great job of securing the Algeciras yard. It did not exist in 2022. And secondly, we need to be reasonable. I mean, we don't want to bite off more than we can chew. I mean, 2032 is around the corner. This means we would need to mobilize hundreds of technicians and engineers and project managers. We already have our plate full. Let's be reasonable. Question number three, handing over to Nicolas. Hello. Now that I've combined the factors that explain the surge of EBITDA at 62.2 and Ropa, our EBIT is close to 50%. First of all, 2024 is not yet mature. We're still seeing a catch-up effect when it comes to traffic. Growth in H1 was only 8.2%. We're expecting traffic levels to exceed the 2019 levels. There's still a traffic impact, which has been reported in the platforms we've added in those airports. EBITDA is expected to be higher than last year. There's a regulatory effect as well when it comes to the impact of inflation. This year, we're benefiting from the end of the hyperinflation period that we've been through. We're seeing the final significant increase in tariffs, particularly in Portugal and in Gatwick. Third impact, the yields, just like last year, are higher than they were in 2019. There's a strong impact of car parts and food and beverage sectors, which are taken over from retail, which was pretty profitable already. You may have noticed that when you board a plane, there's less and less food and beverage services being served because a lot of consumers or passengers eat and drink while they're still at the airport. The baseline, excluding inflation, is lower than in 2019, but our operating profit margin has increased. Those are all of the factors that are having a major impact when you aggregate them all in all of our airports. As Christian rightly said, the toolbox will make it possible to monitor all those indicators on a regular basis, which are pretty homogeneous from one network to another. Now, Japan's recovery is even stronger than elsewhere, getting closer and closer to the 2019 levels, except for maybe China. China is almost there, but not there yet. We're talking Taiwan and other countries, which have all exceeded 2019 levels. Thank you, Nicolas. We can move to the next question. Next question comes from CIC over to you. Yes, hello again. I've got three follow-up questions. Firstly, on M&A for VINCI Energy, you're paying your bolt-on acquisitions at the same time where our price is changing up or down. Margin difference between VINCI Energy and Cobra, part of that difference is due to the business mix naturally. Can we expect midterm a convergence of margins between VINCI Energy and Cobra? Last question. How do you manage the risk of disruptions of the protesters in your airports? Frankfurt, there were protests there. Is that a real risk or merely anecdotal? Thanks. Okay, so that's going to be easy. Arnaud will address the first two points because for Cobra, it's not a matter of catching up with VINCI Energy, but the opposite on the bolt-on multiples. They're not changing. We remain disciplined, but we sense for the biggest transactions, there's an inflationary trend, but we don't do those. We remain to reasonable multiples on the value added of what it brings to our book, remains very selective in that regard. What we're seeing on these major deals, as you may have read in the press, there are some expectations that are presented, but at the end of the day, they don't find a taker. So in a period of uncertainty, certainly on margins, we, of course, like to leave the levels of Cobra, but we're not in the same business mix. We're not in the same geographies in size. I remind you, over EUR 19 billion last year, it's on those volumes. They're significant volumes. So that's why we're at good levels of margin today versus our peers. You look at SPIE, Basila, you see that these are levels that are close to our own, probably slightly away, slightly better. But I mean, trees don't reach the sky. We need to remain reasonable, keep a cool head so as to remain profitable over time and to manage the investment making on our workforce, on the bolt-ons, new projects. I'd like to just add this something. I hope that at the capital market days, the CMD in November, you'll have the opportunity of identifying everything VINCI has done over the past 15 years in terms of information communication technology. ICT, it's under a brand called Axians this year, about generating about EUR 4 billion in revenue. There are businesses that are more traditional installing communications network, optical fiber, but in there for about half, there's a hypertechnological business, cloud, AI, network management, and rolling out communication solutions inside all buildings. And that's a nugget where we gradually can generate margins that are higher than the average VINCI Energies margin. Are you worried about VINCI Energies margins? They're at a good level. They'll remain at that good level. I think that at the CMD, you'll also be able to revisit the valuation of VINCI Energy and to see them rise to levels that are consistent with what we do elsewhere. On the environmental protests that might impact airports, Nicolas, do you want to say a word about that? So two comments. Well, firstly, as the traffic numbers show, those of air traffic, mobility is vital for mid and long distance. And our ambition is to be the leader of the environmental transition of airports to examples. The first for our scope will be the only players to be zero net emissions, to reduce all our emissions by more than 90% by 2030 across our EU airports, in particular Portugal, but also Budapest that's agreed to this challenge from the acquisition. London Gatwick, Edinburgh, a very broad airport footprint, reducing its emissions versus 2018 by 80%. The residuals are subject to offset, but we're the only player on that scale to do it. That's for our own scope. For our partners that are, of course, the airlines, passengers, you'll have noted that we're extremely active in partnerships with Airbus because after Lyon, Santiago, Kansai airports, we've signed a new partnership at Gatwick to the future adjustment of airports to the production storage of e-SAF, new generation of hydrogen-based SAFs and hydrogen, the hydrogen plane of the future. We're also upping our production capacity of green airports on airports that were somewhat discarded. We got a target of just over 1 gigawatt peak. So we're very active on this sector that allows us to continue to attract young people to our teams that testifies to the credibility of our initiatives in that regard. Thank you. Next question. Elodie Rall, checking morning. Hello. Hello for joining you late. I hope my question has already been asked. I have a question regarding the new levy on French long-distance transport infrastructure. So what is your approach? I understand you're challenging this new levy before the Conseil Constitutionnel, and you're expecting a ruling. What kind of ruling are you expecting? And also, when it comes to your M&A pipeline, you've been extremely active on the airport front this year. So what's your outlook for H2 in terms of financial firepower? Could you give us a little more color on that? Thank you. I'll hand over to Pierre Coppey when it comes to the new levy. Elodie, I think you understand everything already. What can we say? Well, this new motorway tax has been the subject of an order. It actually was part of it. It was provided for under the Appropriations Act, and the order, implementing order, is being challenged by the motorway concession companies that are being targeted. They're saying this law is abusive. The Conseil d'État has referred the matter to the Conseil Constitutionnel. The Conseil Constitutionnel started reviewing the matter because it is a priority, and the court is reviewing all of the memoranda provided by the parties, including the world of airports, the aerospace community, airports as well. So there was a hearing on July 12th. You can check it out online, and the different parties put forward their arguments, and now the Conseil Constitutionnel has started deliberations. And as Xavier rightly said, the ruling is expected before mid-September. If the process does not lead to a cancellation of Article 11 of the Appropriations Act for 2024, there are other remedies we can actuate. In particular, there's a whole compensation process we can trigger because there are clauses that are boilerplate clauses in all of our concession contracts. So we have ways and remedies. Thank you, Pierre. In terms of mergers and acquisitions, as you rightly said, we've been quite active during the first half of the year. Why? Well, because we're not necessarily in the driver's seat when it comes to opportunities arising. Who knows when opportunities arise? And so there are opportunities in the pipeline. We're going to spend some time working on them. And it happens that some of those opportunities all crystallize at the same time. So that keeps us pretty busy. There were a number of opportunities in the pipeline for a number of months, for a number of years, and as it happens, they all turned out and materialized at the same time. So let's be reasonable. We're not going to do this again in the second half. It's not a question of financial capabilities, but we don't want to bite off more than we can chew. We're not bulimic. So yes, there are opportunities in the pipeline that I'm not going to refer to specifically, but we will continue with our bolt-on acquisitions at VINCI Energies and there are opportunities that we are also pursuing on the construction front. So maybe not over the next few months, but you may remember the last year we made an acquisition in Brazil. Entrevias. It's a company that we bought because it was part of a very clear strategy. Brazil is one of those countries that we're starting to understand really well. One of the countries with huge development potential when it comes to concession models. Considering the size of the country and the huge mobility needs that are yet unmet in that country, we decided we wanted to be a part of that market. So step one, we made that acquisition, and it's going well. The work is underway. Everything is going according to plan. And it's a possibility over the next few months and years, we may have the possibility of being part of a competitive bidding process. So we will be awarded another yellow field, such as in Travius. It's probably going to happen one of those days. Now, let's now switch into questions in English. The first question comes from Graham Hunt of Jefferies. Thanks very much. I've just got two questions left. Thank you. First, staying with M&A, I just wanted to discuss the North American portfolio where you've done a few deals. Are you now happy with your footprint there, or would you like to increase your scale in the U.S. and North America further? And then second question, just on Gatwick, I think the U.K. government has made some positive comments around airport expansion in general. Could you just remind us where we are in terms of the expansion plan there and if you've had any conversations with the U.K. government regarding Gatwick recently? Thank you. Nicolas, do you [Foreign language] répondre sur Gatwick? On répond. Nicolas is going to answer about Gatwick. Yes. On Gatwick, the DCO process that I've already positioned to bring into service, the northern runway to up the capacity for reasonable and rapid CapEx is on track. The current government has been informed of this project and is in continuity with what was done previously and recalled its growth ambition through unlocking capacity in London. So short-term, that solution is part of the only ones that can be activated rapidly. So we're hopeful, but it's a process of public usefulness that has a measure of constraint. The milestones, I mean, is March 2025. So no change. The British government on the contrary, the current British government recognizes the interest of unlocking airport capacity of the northern runway, Gatwick, one of the only short-term solutions to meet the capacity crunch in London. On your first question, if I understood you right, are we happy with our footprint in the U.S. in terms of highway concessions, or do we plan to expand to continue? The answer is simple: we needed really to plant our flag more significantly, and that was the purpose of taking over this very fine concession, which is the Denver Ring Road. Of course, we're not going to multiply those brownfield concessions, but we're still interested in taking part in competitions to award highway concessions, managed lanes, or light managed lanes, as we've said on many occasions. We're prudent people, and so we're waiting until we find the issue that fits us right, that is, located in the right place in the U.S. We're not comfortable with having to do major works projects just anywhere in the U.S. As long as we find the right partner, as long as the project is sufficiently technical, as it were, allowing us to fully express our capabilities, and not too big, whilst at the same time being not too small. So we're constantly looking at opportunities that are offered and will end up by finding something that will end up by winning that will install us on highway, greenfield, or yellowfield highway concessions in the US. [Foreign language] Question suivante. Il n'y a pas de question suivante. Plus de questions. Et plus de questions en français. No more questions. Are there infringers? Jean Christophe has gone off into retirement, so that was one question. Oh, we had Eric twice, correct? Well, if indeed there are no further questions, it remains for us to thank you for joining us on this call, presenting our results and our H1 performance, to wish that you actively take part in the Olympic Games events opening this evening, and then to enjoy excellent holidays. So see you soon after the summer break. Thank you.