Hello everyone and welcome to this presentation of the EDF Group's results for the first half of 2025. I am with Nathalie Pivet, Group Executive Vice President in charge of Performance, Investment Impact and Finance, and Bernard Fontana, Director, Chairman, and Chief Executive Officer of EDF. I propose that you give the floor right away, Bernard. Thank you and good morning. Thank you also for your presence and welcome also to this presentation of the EDF Group's results for the first half of 2025. Nathalie Pivet, the Group's Executive Director in charge of Performance, Impact, Investment and Finance will present the financial results in detail, and I will first highlight the main indicators of our performance and review the highlight of the first half of 2025. I start this. [Foreign language] Pressure is the number one priority of the EDF Group. They are on nuclear purity. We measure the level one INES events per reactor. They are at 104 per reactor compared to 109 last year. This is a number one priority and vigilance point for each of us. For the safety of employees, service providers, and subcontractors who work every day in our facilities, we follow what is called LTIR, the Lost Time Incident Rate, i.e., the number of work accidents in service related to professional activity per 1 million hours worked. We are stable at 1.7 on a rolling 12-month basis, and our ambition is zero accidents, whatever it may be. We are now also highlighting absenteeism is lower than that of the average for France, which was published recently, but for me it is a subject of work. We are at an average of 8.3 days per employee, so lower than the national average, but it is a subject where we can continue to progress. In a way that is done in conjunction with our social partners and our managers and all our employees. In these areas of safety, security, health, we can always do better. Jean Casabianca, who is our Inspector General for Nuclear Safety and Radiation Protection, will propose an organization that would bring together nuclear safety, hydraulic safety, safety, security, and health, and that would report directly to me. [Foreign laanguage] On your safety, health, and of course also quality. Mobilize on quality and time, then time is cycle time, i.e., the time it takes to carry out an operation or a functional process. Advances in E-time are the source of significant savings in time, but also in costs. It is not a question of asking our colleagues to do hellish paces, right? We are often stopped. We wait. We have complex interfaces, and that is what we want to look for. Approaches of this type are being deployed within the group and will continue and intensify. Some examples in nuclear production thanks to the START 2025 program, which aims to increase the efficiency of maintenance programs in a context of grand carenage. Context: the park experienced 13 shorter-than-expected shutdowns out of the 22 scheduled for the first half of the year. Improvements in unit outages generated 6.6 terawatt-hours more than in the first half of 2024. We are going to continue this program in order to continue to increase the availability of the nuclear fleet. In the EPR 2 program, on July 7, we signed a performance pact for this program with the members of GIFEN, which is the Group of French Nuclear Energy Manufacturers. Here again, the objective is to implement methods that allow us to achieve performance, safety, security, and deadline objectives of the EPR 2 program. There is already an optimized monitoring of 113 plants with 30% gains in lead time. For me, it is just a start because we have a lot of room for maneuver. If I take the example of Framatome,[Foreign language], 80% of the processing of non-conformities is done in a short loop in Saint-Marcel and passes. We thus go from 38 to 6 days to deal with these subjects. Hydrauliques are also quite a few examples in engineering or also in the field with sensors and monitoring measurements. These roadblocks make it possible to save 1-3 man-days per month in interventions. Commerce is also a subject where the teams have endeavored to reduce lead times, to further reduce the time it takes to respond to customers. In the U.K., at EDF Energy, there is a doubling of the number of retail customers served by our advisors, while improving customer satisfaction through new ways of working. Advisors are now supported by a new customer relationship management platform. Lead time, I will give you a few examples, and this is something that is destined to grow in the group works in the service of industrial sovereignty. [Foreign language], the role to play in the reindustrialization. Result: 60% of this volume and from the beginning of their sale. Manufacturers have signed medium-term offers, first in the agri-food industry and then in the manufacture of metal and plastic products. Companies in the electro-intensive sector are also well represented in the signatures, with nearly 6 terawatt-hours per year to date. Since 2025, we have been marketing medium-term offers to smaller companies. These are sites below 250 kVA that have led to the tripling of signatures in the first half of 2025 compared to the first half of 2024. By way of illustration, nearly 1,000 bakers and pastry chefs have subscribed to a medium-term offer with EDF, which allows them to secure their prices over the next four or five years. For long-term contracts, we have signed two nuclear production allocation contracts and 12 letters of intent for nearly 16 terawatt-hours per year. [Foreign language] Concrete is the largest industrial site for electricity consumption in France and two 10-year electricity supply agreements signed with chemists with Arkema and Chem. Ensuite, nous continuons l'accompagnement de nos clients. The combination of these offers allows a wide range of companies to benefit from the attractiveness of French electricity, and exchanges are, of course, continuing with companies of all sizes to enable them to secure their electricity needs over the long term. Secondly, we continue to support our customers in terms of decarbonization and electrification of uses. For example, Dalkia obtained the public service delegation for the renewal and extension of the island's heating network for 20 years, and it will be the third largest heating network in France. [Foreign Language]. We have launched an AMI, a call for expressions of interest for data centers. EDF launched on March 3. [Foreign Language] 2025 a CEI for digital companies on three former industrial wastelands that belong to the company. This CEI aims to offer them access to suitable sites that can accommodate new very high-power data centers in France. This approach was very successful. At the end of the phases of analysis of the offers and exchanges with the candidates, the winners are two French companies: Opcore, which is a subsidiary of the French group Iliad for InfraVia, MI of Montereau, and Eclairion, MI of Moselle. In total, nearly 60 hectares have been developed to accommodate nearly 1 GW of new consumption power by 2030. With these projects, EDF is highlighting the advantages that France offers for the installation of data centers, in particular access to low-carbon electricity at a competitive price and available at all times. In line with the announcements made by the President of the Republic at the Artificial Intelligence Summit last February, new EDF sites will be offered to the players between the end of 2025 and the beginning of 2026. For residential customers, our portfolio of residential customers in the G4 countries is stable at 29.710 million customers in a stable consumer environment. Production is stable and we are continuing to develop low-carbon projects. [Foreign language] Total group production is stable at 257 TW-hours compared to 259 TW-hours in the first half of 2024. This production is mainly supported by nuclear power in France, with a production that therefore amounts to 181.8 TW-hours. As I said earlier, it reflects the optimization of unit outages under the START 2025 program, with 13 outages shorter than expected out of the 22 outages for the first half of the year, despite a strong modulation in the first half of the year, which reached 18.3 TW-hours. Hydropower production is down by 5.2 TW-hours. This is a return to normal after exceptional hydraulic conditions in 2024, a return with a limited decrease thanks to the good availability of the facilities. [Foreign language] Now one of the lowest carbon intensity in the world, with 95% of production decarbonized, and we are therefore at 26 g of CO2 per kilowatt-hour, with a further progress of 10% compared to the first half of 2024. Now, the big projects. Flamanville 3, the teams are mobilized on the ramp-up of the reactor to 100% planned by the end of the summer. The EPR 2, an agreement has been reached with the state on the main terms of support for the program, i.e., a public loan representing more than 50% of the construction costs. Contract for difference guaranteeing income during the operation phase and risk sharing, making EDF responsible for the risks for which it is responsible, and offering protection for elements beyond its control. We have carried out the public debates for the three sites which will each host a pair of EPR 2. Preparatory work for the construction of the two reactors at Penly is continuing, in particular with the start of work to extend the offshore platform. We are making progress on the mass production of the first components of the first EPR 2 equipment, for example by Framatome, with the assembly of the steam generators since May 2024 and since November 2024 of the tanks in Saint-Marcel and the launch on July 4, 2025 of the manufacture of primary pumps in Jeumont. On the United Kingdom side, on the Hinkley Point site. [Foreign language] The installation of the dome on unit 2A was carried out last week and all the teams are currently mobilized to accelerate the electromechanical assemblies. Of course, I know that, with the confirmation on Tuesday of a progressive maximum investment of GBP 1.1 billion, EDF will then hold about 12.5% of the capital and the French nuclear industry will benefit from very important contracts for Framatome, for Arabelle Solutions, for Edvens, and their industrial partners in the nuclear industry. Finally, on renewable projects. The first half of the year was marked by several significant events: the resumption of work on the site of the Calvados offshore wind farm. We had been a little more than two years behind schedule due to the longer-than-expected delivery of the drilling rig and the associated adjustments. Commissioning, such as Provence Grand- Large with 25MW, the group's first floating farm but in service in France, off the coast of Fos-sur-Mer, the offshore wind farm fixed. [Foreign Language] We say NNG, it means Neart na Gaoithe, it is in Scotland, 450MW, and then that of all seven groups of the NASH dam equal to 420MW in Cameroon. The networks, on the other hand, are committed to the service of the energy transition. They work for the stability of the electricity system. Over the first six months of the year, Enedis has recorded a 16% increase in connections for renewable energy installations, and a 16% decrease in the installed capacity for electric vehicle charging, which is a reflection of an automotive market that is less dynamic at the moment. An increase in the turbine in 2025 due to the increase in investments necessary for, it is the network to climate change, ensure its resistance of new uses and new production capacities. At the end of June, the average outage time, our colleagues call criterion B, was 30.5 minutes excluding exceptional items, compared to 31.6 minutes in the first half of 2024, and these are good results. This makes it possible to have an average outage time, for example, six times less than ceiling from the USA. I salute the mobilization of the teams during climatic events, even when it makes them spend Christmas away from their families. This was the case with Cyclone Garance in La Reunion Island last February. More than 500 technicians were mobilized and sent equipment to EDF SEI. There was Storm Ewen in Ireland last January, with the dispatch of a group of 50 technicians in support of the Irish operator. EDF is responding to the growing need for flexibility in an electricity system, more complex. Electric theme with more production sources, endless to integrate and renewable electric vehicle charging. It generates an increasingly important need for flexibility to maintain the balance between electricity demand and consumption at all times. The level of power consumption, as I said, stable, and the integration of more intermittent renewables, particularly renewables, leads to an increase in price volatility, so 769 hours, or more than 18% of the time, with hourly prices of less than EUR 10 per MW hour. To deal with this, we are mobilizing flexibility capacities with modifications to the purchase contract of three offshore wind farms in France for the cessation of all or part of production in a period of negative prices. Nuclear modulation is up 16%, and 3GW of storage projects are under development or under construction. In terms of load shedding and aggregation, we therefore record plus 16% of controllable charging points for electric vehicle charging, that is, 31,500 charging points at the end of June 2025, and plus 10% of residential customers in France with a flexibility offer, that is, 1.31 million customers. There is the preparation for the evolution of the off-peak hours regime led by the crews to adapt to the evolution of the network's needs and the evolution of the energy mix, in particular the increase in solar production which should come into force in the autumn and which should make it possible to integrate these additional means of production into the electricity system. For the main indicators of the first half of 2025, the first half of 2025 is marked by operating and financial results that are solid, in line with expectations in a context of lower market prices, carbon-free production. The group's nuclear, hydro and other renewables amount to 244 terawatt-hours, compared to 245 in the first half of 2024. Operating cash flow. [Foreign language] EUR 7.9 billion. Compared to EUR 5.9 billion in the first half of 2024 and finally the group's EBITDA amounted to EUR 15.5 billion, compared to EUR 18.7 billion in the first half of 2024. That is it in the financial figures and I'll give the floor to Nathalie Pivet who will detail the financial results. It's up to you Nathalie, thank you, thank you Bernard. Hi all, so are the financial results expected, as Bernard said, and I'm going to start with some key figures. Turnover of EUR 59.4 billion, slightly down slightly due to the downward trend in prices. EBITDA, as Bernard said, solid at EUR 15.5 billion, down due to the fall in prices, and we will see it a little later, an EBIDA of EUR 9 billion. This is less of a decline than the EBITDA, minus 5.8%. [Foreign language] It should be remembered that last year, in the EUR 9.6 billion, there were EUR 4 billion in provisions for exceptional nuclear liabilities in the first half of 2024, which obviously did not take place in the OS of 2025. [Foreign Language] The current net result is the net result by the group is at 5.5, the two being identical, same, identical. This shows you that there is no exceptional item this year and therefore no restatement between the current net income and the group's net income and as Bernard said, operating cash flow is at EUR 7.9 billion compared to EUR 5.9 billion in the first half of 2024. This operating cash flow and the group's cash flow have enabled us to reduce our debt. The debt thus rose from EUR 54.4 billion at the end of 2024 to EUR 50 billion in the first half of 2025. The EFN ratio on EBITDA ratio, which shows our commitment to debt control, is at 1.5 times. If we now go into the details of our operations, we see a decline in the EBITDA. As we said, from EUR 18.7 billion to EUR 15.5 billion, the first two blocks show the impact of production on our EBITDA. Nuclear production has been better, particularly in France, and brings in and contributes to this evolution to the tune of EUR 200 million. While hydropower production is lower due to exceptional hydraulicity in 2024. This evolution contributes at least EUR 6 billion to the evolution of the EBITDA. The two blocks after represent the price effect of two different natures. The first is the price effect on market prices, on our offers, in our RVs whether in France or in other European countries. The impact is minus EUR 3.3 billion. He was completely expected, he was. It had been reported as planned in February 2025. The second price impact concerns more Enedis, more Enedis. It results both from the increase in the Turkish distribution tariff. It also results from the purchase of network losses at lower prices that these losses had been bought back. Repurchased. This electricity had been bought back in the first half of 2024. Finally, the last column is mainly related to the evolution of the trading margin. It should be remembered that the years 2023-2024 had benefited from very significant volatility and price increases. EDF Trading had achieved an excellent performance. The performance of EDF Trading remains good but deteriorating. [Foreign language] You have here the trends in nuclear production by quarter and the trends in hydropower production by quarter. On the graph at the bottom right you can see that the hydraulicy of the first half of 2025 is lower than, slightly below average, while the year 2024 was above average. If we now go into the details of the income statement and we go from EBITDA to EBIT or operating results. We see an increase in the depreciation allowance. Amortization, which is the simple fruit, the simple result of our investment policy. The impairment losses are insignificant. The expenses, other income and operating expenses are insignificant. The EUR 4 billion that I was talking about earlier as exceptional in the 2024 SAR on that line. The operating profit therefore rose from EUR 9.6 billion to EUR 9 billion, a little further down in the P&L. [Foreign language] The financial result, so the financial result is first and foremost made up of the net debt blow. You see improvement in the cost of net debt due to active management of our debt. We issued quite massively in the first half of the year in a context of falling interest rates and we also repaid medium-term loans that were at high rates and had been positioned in 2022. The second line of discounting represents the fact that our discount rates on our nuclear commitments have evolved. From 2.6% to 2.7% for the year, the first quarter of 2025. There is no significant change because this 0.1 percentage point hike had already taken place in 2024. No significant change on this line and finally the third line of the financial result is the other financial income and expenses which are mainly made up of our income, the returns on our financial assets in the face of our nuclear commitments. Here we are suffering from the evolution of the markets. Our performance is 1.9%. First half of 2025, whereas it was 5.5% last year. However, the coverage rate of our commitments remains at 106%, which is well above 100%. Once you reach these fair values of financial assets that are financial assets. Erratically evolved, the current financial result remains stable at minus EUR 1.6 billion. If we then go from operating profit to net income by group. We see the financial results line that I just commented on. We also see the taxes that are going down slightly. Lower. The tax burden is minus EUR 2.3 billion. It is made up of two evolutions. It follows the trend of the results and therefore it decreases with the deterioration of the results and at the same time, we have recorded the additional contribution of EUR 286 million, additional contribution that we will pay on the S2. We thus arrive at a net result by the group of EUR 5.5 billion and you can see that between the net result by the group and the current net result there is practically no restatement. There are therefore no exceptional operations this year in the group. We are now going to move on to cash flow. Starting of course with investments. Investments are growing, you can see that they are increasing by EUR 0.4 billion. [Foreign Language] They are actually increasing by a little more since investments for the first half of 2024 would have to be restated. Acquisitions that are not recurring of Arabelle and shares of Framatome held by a system that made this restatement. Investments in the 2024 SUN amount to EUR 10.2 billion and are therefore up sharply in the 2025 SUN to EUR 11.5 billion, sorry. Investments are essentially made up of investments in nuclear power, you see in existing nuclear power and in new nuclear power, and also a strong contribution from the networks, both connections and grid resilience operations. If we now move on to renewables, you see that renewables decrease from EUR 1.2 billion to EUR 0.8 billion net because it's the implementation. It is the translation of the implementation of our new business model where we are looking to make investments in renewable energy that require less capital. If we look at the gross investments that are really our impact on renewables, well, we see that gross investments go from EUR 1.3 billion before the session to EUR 1.5 billion after the session. What about the rest of the cash flow? That's it for the rest of the cash flow. First part. The operating cash flow at EUR 7.9 billion. It is obviously made up of the EBITDA cash, EUR 16.6 billion, and it is also made up of a favorable variation in our working capital requirement. A favorable variation which is a seasonality both in price and in the volume of our receivables. The summer prices being lower and the volumes obviously being lower, the volumes of receivables being as well, lower. Net investments contribute to EUR 11.5 billion. I will not go back on it to give a positive fee of EUR 7.9 billion. Now let's look at the rest of the bridge. [Foreign Language] The evolution of cash flow. Asset disposals contributed to the evolution of cash flow to the tune of EUR 6 billion. It is the sale of our gas storage assets in Italy, EUR 600 million. Obviously, net financial expenses and income taxes are more or less identical to those of last year and you will notice in the penultimate column that we have distributed EUR 2 billion in issue premiums to the state over the first half of the year. The debt nevertheless rose from EUR 54.3 billion to EUR 50 billion. I hand over to Bernard Fontana. Thank you, Nathalie. For the future, our priorities are. [Foreign Language] Provide competitive electricity to all our customers and accelerate electrification with the further development of a commercial policy. The development of offers for data centers and the proposal of new EDF sites for digital companies between the end of 2025 and the beginning of 2026. The continued development of service offers for the electrification of uses. [Foreign Language] It is also a question of continuing to restore the production of the nuclear fleet to levels consistent with the best international standards and our estimate of nuclear production in France at between 350-370TW -hours between 2025-2026 and 2027, including Flamanville 3, to aim for 400 TW-hours in 2030. Optimization of downtime with a lead time logic for shutdowns as well as for increasing the lifespan of the reactors. Control the deadlines and costs of the nuclear revival program. It will be a question of proposing a quote and a binding schedule by the end of the year for what they are operating to. Successfully ramp up EPR 2 projects and ensure the ramp-up of electromechanical batches on the Hinkley Point C site. It will also be a question of reviving investment in the hydroelectric park of EDF by moving away from the status quo around concessions in order to be able to revive investment. We have already identified 4GW of development potential. [Foreign language] We also want to complete the offshore wind projects already awarded to EDF in France, and continue the development of renewables with a business model that requires less capital. And Nathalie was already showing the first effects of this approach. Of course, we must ensure the sustainability of the company's financial trajectory through mobilization. As you have understood, on the operating cash flow. This is of course a challenge for all companies and it is necessary to enable EDF to carry out future investments. Important investments that were highlighted earlier. Furthermore, we are working on the deployment of a program of EUR 1 billion in savings on overheads by 2030, which means that in 2030 compared to today, there will be EUR 1 billion less in overheads. We will be selective in our investments. In this context, as part of its priorities, I announced a change in governance on July 8. With an organization that makes it possible to clarify responsibilities, accelerate decision-making, speed of execution, and fully mobilize the skills of the EDF Group and our partners. The projections for the ideas, well, we project a solid EBITDA, certainly down in a context of falling market prices, but a solid EBITDA in the second half of the year. [Foreign language] We continue to focus on cash flow and we confirm the 2027 target of a net financial debt/EBITDA ratio of less than 2.5 and an adjusted economic debt/EBITDA target of less than 4, still by 2027. Of course, all this is done thanks to our colleagues, thanks to the teams that are committed and mobilized, and I am of course counting on the commitment of the women and men of the EDF Group. [Foreign language] Recruitment momentum continued in the first half of 2025 with 3,500 recruitments in France and in the first half of 2025, 9,100,6010 recruitments in the U.K. Still in the first half of 2025, we are pursuing in France a policy of welcoming apprentices with 4,500 apprentices welcomed in 2024 in France. Women are a strength for the EDF Group. We still have a long way to go on the proportion of women among managers in the first half of 2025. We are at 20.2% with a stated ambition to reach 40% by 2030. [Foreign language] We also monitor a team engagement index of around 75% and 87% of EDF Group employees are proud to work in their unit. I would like to thank all the employees of the EDF Group for their commitment to mobilization on a daily basis. Proud to be EDF. Thank you, Bernard. We will now move on to the questions and answers. I remind you that they must be asked via the platform and we will take them as we go along. We have a first question, which is: What do we owe the acceleration of the signing of long-term contracts with manufacturers? It is a need to understand better, understand each other, to see each other. We see each other and in this exchange, there is a clear desire to be able to support them, accompany them. A certain amount of effort has also been made on our part. Indeed. We understand each other and we sign, and we are very proud and very happy to be able to support the industry in France, and I thank our industrial customers for this, and I also take this opportunity to thank all our sales teams. We have a question about forgiveness. We have a question about the echoes of the new nuclear power. Industry, power, industry. International reactor projects are not mentioned in your priorities, and what does this mean that you are going to withdraw from certain calls for tenders? Are there international savings to be envisaged? No, of course, we have an international presence. In Europe, outside of Europe, and this is destined to continue. It is true that our customers also expect us to demonstrate our ability to carry out projects. It is this demonstration, this mobilization, which will itself support these projects internationally. Projects. Yes, we will stay, we will remain present, and moreover, our industrial supply chain is needed. Whatever it is. Arabelle Solutions, Framatome, our industrial partners. We need, so we participate in international projects, but also in the positioning of our equipment in the form of technological bricks and certain other projects. For example, the Arabelle turbines are offered on American reactors in Poland. We have a question, thank you, a question from Green Universe. Can we have more details about the Dalkia session? [Foreign language] I don't have any details to give that we mobilized on the cash flow generation. There are different ways to do this. First, it's operational efficiency, the lead of being attentive to our customers, seeing satisfied customers. We are also working on our overheads as announced. It's not forbidden to make wallets breathe here and there, but clearly we are waiting for a generation of hot flashes. First and foremost, about our operational efficiency. Thank you. We have a question of context on hydraulics. Concerning the revival of investments in hydropower, where exactly are the discussions with the state and the European Commission, and what is the plan chosen? We have been in a complicated situation for about 15 years or so. A way has been imagined by moving from a concession regime to an authorization regime through pragmatic concessions to switch to this system. Discussions are taking place. They are obviously taking place. We are ready to make efforts to make it happen. They are taking place. We hope they will succeed. It's a very, very beautiful energy. We need to modernize our hydraulic fleet, we have ideas for additional capacities. It's a very good energy to help us stabilize our power grids. Thank you again, a question on commercial policy. What are the concessions made by EDF to convince industrialists to sign letters of intent? It's a question of one square. Each time you have to identify the wait-and-see attitude, there is no generic answer. You know, manufacturers have needs that can be specific. It's a discussion that we're having. We know each other too. We understand each other, and in some cases, it's going to be an effort on a clause. In other cases, it will be an effort on the price. [Foreign language] In one case, it will be a stability, and therefore it is all the range of measures available and a common will to succeed. We are proud to be able to sign contracts with the industry, so to contribute myself. I had difficulties that there were before COREX and in Jerry on chlorine. I am happy that our teams were able to reach a contract with Arkema that allows us to stabilize Arkema's Jerry platform. That is it, these are the people of approach, and I do not know if Mark Benaim wants to give additional details. I can just say a word about the fact that we have long-term relations with these industrialists. We know their business model, and we actually have a wide range of offers. There are not only nuclear production allocation contracts, there are other types of contracts. Medium-term contracts are also of interest to electro-intensive workers. There are indeed a lot of things, and then there is also a reality, which is simply that we are in 2025 at the halfway point of the year and that the Queen is ending. The industrialists must now make their choice for 2026. All these elements have indeed played a favor. Still on trade policy. We have a question from Reuters is what has other than barely that is hoped for quickly, and can we give? Was there any? Finally. Intervened in the negotiations, and is there still pressure to reach 40TW -hours by the end of the year to contract with the electro-intensives? If anyone puts the pressure on, it is me on the sales because we are electricity producers, we are happy to sell it. Of course, I can do that, it corresponds to 111 issues. [Foreign language] From a friend's industrial sovereignty. [Foreign language] We are happy to do so. Yes, there are ongoing discussions, yes, there will be publications, but each client has his own rhythm, his own decision-making mechanism. There are a lot of options, including four-year, five-year contracts. Some are on the market with forwards, so they do it at their own pace. Yes, there are positive discussions that are taking place, and I have no doubt that there will be additional announcements. What next? We are then asked about, it's not about the cables this time, but it's about the a MI which have been launched for data centers, if we can recall the names of the two winners. Yes. The first is the company Opcor, which is the data center subsidiary of the Iliad Group, which is also the parent company of Free. This is the company that has been selected for having set up a very nice project on the Montereau site, which will give rise to a capacity subscription of more than 400 megawatts. By respecting all the requirements of the PLU. A project that is extremely well secured, and the other company is a French company that is the historical partner of Mistral, which is called Eclairion, and which has been selected on the two sites in Moselle, which are the sites of the power plants now stopped from Amnéville and Richemont. Here we are on the one hand Opcor, a subsidiary of Iliad, and on the other hand Eclairion. [Foreign language] Thank you, Mark. We have questions about the father. Two, finally the EPR2 program, can you detail the timetable for the EPR2? When will the Fed take place? When will we give the design deal? I can imagine the cost and the timeframe for this program. We are working right now to be able to produce a cost and timeline commitment on this program by the end of the year. The end we work on. A commissioning of Penly in the year 2038. It is the dates that have been communicated, there is no change. All this to be able to benefit from a final investment decision. The famous FID by the end of next year. [Foreign language] On this occasion, I will also commit to providing the details of a complementary program of eight EPR2 in France. That is what the challenges are, and the teams are mobilized on this. I mentioned a clarification of governance. We identify ourselves, one meter of work, and an integrated project manager that brings together all the engineering functions of construction. [Foreign language] With a spirit of partnership with French manufacturers, the idea is to work together to go faster, not to spend our time in legal discussions that we were protected from, of course. There are some, we need them, but to be all incentivized and mobilized to move faster in these major programs. Time is an essential factor in the cost and success of the program. That is where we are. At this point, I would like to take this opportunity to thank our industrial partners, in particular those of the GIFEN, who proposed to me to make a charter, a performance commitment, and it took us about 10 days to sign it. It shows the state of mind that we are putting in place, and once again, I thank them. [Foreign language] We have a question from Montel on the cost of the construction program of the PR2CI. Excluding the cost of capital, will it be less than EUR 70.7 billion as the Minister of Energy wants? And when do you plan to commission the first unit in 2038? Is it 2038? Yes, it's actually 2038. The cost, I hope it will be a cost that you will appreciate, but I will commit to this one, so I have many ideas. A little teaser of teasing, I will commit to this one at the end of the year because we need to validate it. Precisely, to base it on high probabilities of success and commitment of partners and a certain number of contracts are currently in the process of being signed or signed. This has been the case with Framatome, it is the case with a recall of a number of partners. It is to make sure that we are mobilized to be on time. On existing nuclear power, we have a question about modulation. From Bloomberg, can you come back to the modulation of nuclear power? Up 16% in the first half of the year. What are the main reasons for this? How much can we estimate a possible loss of income for EDF? Maybe you want to take this modulation component. Historically, there has been modulation, but now it is actually increasing. I'll pass the floor to you. Thank you. The nuclear fleet, as it has just been said by the president, has always modulated because it is intrinsically linked to the ambition to have significant nuclear production. On the other hand, the modulation has evolved well essentially since 2024 within two ways. The first is an increase in volumes as it has been said, and then the second, it is an increase in typology. For a very long time, the production reductions of nuclear power plants took place at night because we consumed less at night. Today, there is more variability. The production decreases take place when there is a significant influx of renewable energy on the grids, i.e., solar in the middle of the day. The wind when there is wind on Europe, all this gives profit from the load that has changed a lot. It is this point that is new in modulation in addition to larger volumes than historically. In 2025, we imagine that we will have modulation volumes that will be of the same order of magnitude as 2024, which was a record. It was 30 terawatt-hours in 2024. Yes, yes. We had a question about the EPR of Flamanville. You say that the EPR of Flamanville will reach full power by the end of the summer. Will full power operation be continuous thereafter? When will the testing periods end? There are a lot of tests to do right now, there are. [Foreign language] Because a break-in of valves. I don't know a single reactor in the world that has started recently that hasn't had this break-in phase. That's part of it. The teams are mobilized to show this test of power. And then, Yaya, this taking into account of this new reactor, but Aymeric, do you want to give details? [Foriegn language] To start Flamanville 3, we have to carry out DICE, an extremely in-depth test program to validate the behavior of the reactor. In different configurations, we call them transients. [Foriegn language]. We have already successfully passed important transients such as the total loss of external power supplies. Currently, as has just been said, we are at a standstill to carry out 111 break-in of the protection valves of the primary circuit. We are going to resume the program with an important deadline, which is the passage above 80% and then 100%, and we do not see any obstacles at this stage to a 100% operation of the reactor once all the tests have been carried out and successfully satisfied that allow us to reach this level of power. Thank you. We have a question from Politico. Are there more asset sessions planned? You were talking about RAI and you were talking about the reorganization of governance just now. Will there be any other changes? You never know what tomorrow will bring, but no, I announced quickly. This implementation was about being very efficient. For the EPR2 program with a complex program, you have to have a simple organization, right? With the project management and project management. There is also the development of our source of hydraulic energy. [Foreign language] Hydraulic electricity with the arrival of the Orchard manuals on the Executive Committee and then with this priority commitment of safety and health. I proposed to Jeanne Casabianca to make a proposal for an organization where these responsibilities report directly to me to show my commitment on the subject, and it is a question of engaging the appropriate social dialogue related to these organizational proposals and to do now. I am more in the spirit of delivering lead time than changing the organization every morning. Thank you. We have questions about renewable energies. What are the renewable energy projects with a less capital-intensive business model that requires less capital? Can you elaborate on the strategy chosen? I will give you an example. In the past, the band has developed with quite a bit of success renewable energy activities, many of which are international, by committing EUR 2 billion per year at the moment. We are more like EUR 1 billion per year. What I asked the teams is what could we do to do it with positive cash flow? That does not mean that there are fewer projects. By the way, the figures that Nathalie showed us with the introduction of partners, in fact, the gross investments were up, but the net investments were down, and the approach is quite simple. How can we do it to have partners to improve our cash flow profile? There is a question: should we or should we not slow down the number of investments? Not necessarily. There is no prohibition. There is a need to make people hope, or it is appropriate to make the few active people hope here or there to make them breathe. It is really an approach where we highlight our professions, our capabilities, and also a concern for contributing to cash flow at a time when the group needs to make very significant investments in new nuclear power and perhaps, to clarify, in the first half of the year. These are sessions that take place, our sessions on onshore wind farms in the United States. By the way, to come back to the United States, on EDF, renewable, such as the Middle East or others. [Foreign language] What we have imagined is that the group strategy is centered and said to be targeted on about 30 countries. What I have asked my colleagues is what our assets are, interests depending on the country. It means that in some countries we could be more present, in others, a little less well. That is the discussion, the strategic dialogue that was elected. It is normal. A company manages its asset portfolio and the weak one to create value with a strategy, which takes place. I now read in the press all the opportunities for sessions that we would have. I am educating myself, but that does not mean that is what we are going to do. We have talked about capital investment. We are asked if we have a target of gigawatts over the next four or five years in terms of renewables, or we do not think like that. The Ambition 2035 program has ambitions. Then, of course, there is an organization capable of delivering deadlines, and then there are the needs of the different countries. The opportunities. Program. Not delivering gigawatts, whatever the loan and the profitability. It is really about making it part of our strategy. Yes, there is an ambition to continue to contribute to the reelection. As for the price of electricity, prices, how do you see the evolution of market prices for the coming months? How the group is preparing for it. We have talked about one, a downward context, bearish environment. The market is the market. I am going to ask Mark if he can comment on the market. What we can observe is that we are in a structure called the contango. That is to say, of anticipation of gradual rises. Today, we can observe that our market prices are very low compared to our European neighbors, and this is due to the fact that there is a demand that is very contained. Indeed, there has been a lot of energy efficiency that has been delivered since the price crisis. We are now at the level of demand in 2003, and that explains why our prices are low today. There is an anticipation that there is a slight rise in the amount of EUR 60 current, EUR 62-63, rather towards EUR 70. Five years from a horizon of five years. That is what all the operators say. After, we are always surprised by what is happening. Tons of things can happen, especially in the natural gas market, which remains a significant driver of the electricity market. What we can remember in any case is that what is expected is sooner, and it is the same in other European countries. A gradual increase which makes our long-term contracts all the more attractive. The fact that prices in France are among the lowest in Europe now. [Foreign language] Thank you, Mark. We have a question from the FTI on the reasons why we think Brookfield is withdrawing from the investment in Sizewell. See? That is it. It is the sign to comment on or interpret. I am sure I will read that in the FTI soon. Thank you, and one last question of context. Do you call on the government to publish the PPE quickly, and what adjustments do you expect in CELSI? The French electrical industries via the U. [Foreign language] Many have expressed a request to actually have an EPC. Of course, it is in the hand of the government. It is in the hand of the national representation, which makes it possible to give eligibility to the secret French channel. Meanwhile, we are getting ready to have a proposal for a commitment to the cost of the EPR2 program, and the teams are fully mobilized on this. Including in Great Britain on Hinkley Point, and now to contribute through the Wise Web C project. Thank you. I have one last question. We are asked, oh, and I think it is necessary to clarify. On the international nuclear export strategy. You said that Arabelle and Framatome need to position themselves internationally. Are you going to prioritize certain benchmark calls for tenders over other ones? Reuters mentioned this week the prioritization of projects in the Netherlands, Sweden, and Finland, and deprioritizing in Poland, India, and Canada. Have you been confirming these contexts? Not of for many years we combined both an offer of e. [Foreign language] We didn't have the access of an offer also of what are called technological bricks, which means that the equipment suppliers are present at a lower dose when it is a technological brick, but totally when it comes to an EDF offer. That is what makes it. There is not us. There are customers, and customers also expressed ice preferences. Obviously, we listen to each other. Customer preferences. We are here with a double possibility, technological bricks. That was the whole story of the last decade. [Foreign language] In addition, a presence with our offer and in history will tell which combination will prevail over other. Were you talking about India? We are present in India. Arabelle has a subsidiary that manufactures turbines for the 700 megawatt programs, and our colleagues are very proud to contribute, I believe, to seven reactors. We agreed at the board meetings of Arabelle Solutions this week to increase the production capacity at his request for supporting the development of the nuclear program in India. Thank you, Bernard. Do you want to say a last word to close this press conference? Thank you, huh. Above all, your attention, safety, safety, quality, lead time, and cash flow generation. You have understood that we are motivated on this, and thank you to all the colleagues of the EDF Group for their commitment and their pride. I will conclude by saying that I am proud to be EDF. Thank you very much, and of course, the press service remains at your disposal for any further information, verification of figures, etc. I wish you all an excellent evening.