Thank you for attending this conference presenting the EDF Group's 2026 half-year results in the presence of Bernard Fontana, Chairman and Chief Executive Officer, and Claude Laruelle, Executive Director in charge of the Group's Finance and Impact department. They are accompanied in the room by Elisabeth Terrail, Human Resources, also by Béatrice Bigois, Executive Director of the Group in charge of the Clients, Services and Territories division, Emmanuelle Verger, Executive Director, Group in charge of Hydraulic Activities and Etienne Dutheil, Director of the Nuclear Output division. You can ask your questions at the end. We will ask your questions at the end of the discussion. You can already ask them on the platform. If you have any difficulties, please do not hesitate to contact Bridge or Morgan by SMS. I'll give you the floor, Bernard. Thank you, Lola. Hello everyone. Thank you for being with us for these half-year results of the EDF Group. Claude Laruelle will give you the details of all the figures. It can be a few words on the issues that we know. I always start with safety, security, and health, the number one priority of the safety group. Here, we emphasize nuclear safety, level 1 ESS safety events and local urban planning per reactor. We are at 1.10 at the end of June. We were at 1.18 at the end of last year. It's pretty stable, 1.4 at the end of last year. It's as expected. It requires special attention. That's why we always start with this important topic. Hydraulic safety, the safety of people who live near our dams. She had had one. We are pleased to inform you that there were no incidents of third-party endangerment in the first half of the year. In the first half of last year, it is the subject of constant vigilance. Every year, every summer, EDF conducts prevention campaigns on the ground which invite residents, tourists to be vigilant, especially around hydraulic structures. We mobilize about 100 seasonal workers who are our hydroguides and who go out to meet the holidaymakers to whom they give advice on safety. Thanks to their alerts and observations, the hydroguides contribute to the continuous improvement of the prevention system put in place by EDF near its facilities. Very recently, on the occasion of our EDF Pulse Awards, we were able to film a drone that will also be able to patrol and inform different people. We must be vigilant regarding hydraulic safety. There is the workplace safety of our colleagues and partners who work with us. We measure the accident frequency rate, the number of accidents resulting in lost time per million hours worked. LTIR it is at 1.6. Last year, it was at 1.7. The ambition is to go towards zero. We have large entities that are below 0.5, others that are above. This is a real issue. We continue to work. There is what we call sorting. This is the indicator of accidents with or without loss of time per million hours worked. It is up 10% compared to last year, at about the same time. That's an indication. We need to keep working, of course. There's absenteeism. This is a point of concern for us. The teams tell me that our absenteeism is actually lower than that shown by the barometers in France, that doesn't stop us from continuing to work on it. It's always good to talk about it. What can be done to improve the situation? We are roughly stable at 8.3-8.4 days per year per employee. Therefore, safety, security, and health are the number one priority. Of course, there is quality, and here I am happy to start with quality with customers, services, territories. We measure the level of customer satisfaction. We note that with over 87% of individual business market customers being satisfied, progress is being made. This progress amounts to one point for individuals. It is two points among business market clients. That's important because we pay attention to our customers and our market share with customers. There is also quality of course, in all our operations, especially industrial ones. I am pleased to point out that Framatome, which measures its number of customer quality deviations per million hours worked, has reduced its rate by five since 2020, and it needs to continue to progress, as do all our activities within the group. There's the lead time. This is how we can do things faster, with shorter cycle times. Of course, safety, security, and health are important in terms of quality, and here I am happy to highlight the nuclear power plant. Our colleagues carried out 21 outages for various operations, and 13 of them were shorter than expected, so they restarted better than expected, thanks in particular to a START program which consists of industrializing, planning and working with the teams, with industrial partners. Congratulations to our colleagues. A special mention can be made of Flamanville 2. That was a big project with the changes to the steam generators, each one weighing over 500 tons. Well, our colleagues have completed the work 36 days ahead of schedule. It's a real issue and there are lots of things happening in [Penly] too after a partial visit to restart seven days ahead of schedule. Gravelines 6 after a simple reloading stop gained eight days. Saint- Alban, after a partial visit, gained a 10-day lead. Thank you and well done to our colleagues. This also applies to all our activities, including industrial ones. For example, Arabelle Solutions there is a machining time for turbine rotors. It was from eight weeks to seven weeks. There's another topic that I really appreciate, it's for the manufacture of the engine room equipment for the 1st unit at Hinkley Point C. There were approximately 35,000 inspection points, meaning we stop in on for two days, we look, we put a stamp, and so on. This will go down to 1,000 for Sizewell C and to 500 for the second series of EPR2. Of course, with a quality requirement that is just as important but really focused on what is relevant, on the essentials, we see the room for improvement that we can have at Framatome. Inspection points on EPR2 are expected to be less than 33% compared to Hinkley Point C, but I think they could still be inspired, stimulated by their colleagues at Arabelle Solutions. We'll see what happens next in this development. I'll take an example of manufacturing combustible components. These are actually the grates for our fuels. Framatome halved its time working on the manufacturing process. In general, our industrial sites are asked to improve their lead time by 25% every two years, and they are in the process of doing so. This is a point that is very important to us. I was always talking about the clients. When you are an EDF customer, you call Passe, et cetera. You have three minutes of precautionary legal clauses. It takes a little while when we're on the phone and there's work involved between our sales team and our legal team. It's one minute and we're pretty much in line with the average practice in our industry. Quality leads time. We turned 80, and it was an opportunity for us to strengthen our commitment to electrification. It's important, it's important for the sovereignty of the country, it's important to help because we have fixed costs. When we can electrify, we can improve things and we do it in a competitive way. It's also important for our customers and for the economy. There were several parts. In total, we have mobilized, we are mobilizing EUR 350 million to accelerate the electrification of uses around three key levels. A comprehensive range of low-carbon heating and cooling solutions, including heat pumps, with a flat rate grant of EUR 1,000 for the installation of heat pumps in modest households. We have put EUR 80 million in aid on the table to help schools, nurseries, and leisure centers equip themselves with cooling and refreshing systems to cope with heatwave episodes. IZI by EDF developed a combined offer of thermal insulation and installation of heat pumps in transport. We proposed to put EUR 80 million in aid to facilitate, with EUR 30 million, the purchase of heavy goods vehicles. EUR 50 million, the installation of additional charging stations, 180 stations within three years and our R&D teams are still working to promote ultra-powerful charging stations which will save even more time for users. In industry. We have proposed a fund to accelerate the preparation of turnkey sites that can accommodate, for example, data centers, and complementary activities for industrial activities. We also put EUR 30 million in aid for the deployment of electric boilers and we signed a partnership agreement with BNP Paribas Leasing Solutions, which allows us to support the engineering and financing of electrification projects in industry. There is a dynamic at play, which is underway. I mustn't forget to mention the website jepassealelectrique.fr. If you wish, do not hesitate, this site is operational, it is here to meet your needs and moreover it is very successful. Thank you to all the teams who worked towards this goal. Electrification of customers. As I mentioned, customers need to have confidence, so we are working on ranges of contracts that are adapted to the different uses of customers. Long-term contracts are a big topic. Last year, particularly for energy-intensive projects, up to 21 TWh per year were signed through the end of June 2026. A few days ago, we were able to sign an amendment with Exeltium which makes available to them an additional 15.6 TWh between October of this year and I believe, April 2034, which will give even more depth to Exeltium and its members, and visibility to continue to strengthen their industrial grip. Thank you to everyone who contributed to this, to this program. There are also contracts that are made for individuals, including a Zen Estival market offer for individual customers with seven hours per day, super off-peak hours, super off-peak hours in summer. I hope you really benefit from it. A very good opportunity. For example, we participated for the first time in a group tender launched by Elia Group and our offer was selected. Dalkia, our subsidiary. I was reading every day at the beginning of the year that we were for sale. No, we like Dalkia, they help us a lot. They are committed to electrification and they have been winners, notably of one, in the context of a European call for projects dedicated to the decarbonization of industrial heat in the form of auctions. They won 13 electric boiler projects that were submitted by Dalkia. Dalkia continues to work on district heating network concessions. Besides Paris and winning in consortium, there are a number of projects that use deep geothermal energy and I will mention for example the concession of the heat network of the Beauvais Agglomeration Community, the project of Chaville, Ville-d'Avray, Sèvres and Viroflay, and a project in Chauray since. A good activity in that sense. Then there are energy services and the idea here is to make it simple for our customers. There is a grouping of the different IZI by EDF services for individuals. There were three, four, five entities making offers there, and taking care of the simplest things for everyone to follow. Simplification is important for the customer, and for EDF Business Services, which will focus on businesses and local authorities. Here, 4,500 clients are being monitored, therefore by a single entity. It's much simpler for customers to have a single point of contact. I am pleased to mention 430,000 charging points for electric vehicles deployed or managed by the end of June 2026. Support for data centers, now that's something. Indeed, it's important for us. We had awarded the Loire-sur-Rhône site to the company Eclairion for 350 MW and the Bouchain site to the company SoftBank, whose large-scale project was announced at Choose France. We have launched a call for expressions of interest to develop a high-power data center in Creys-Mépieu with a capacity of 500 MW. In total, a little over a year. We have launched five AI projects for data center installations across six of our sites, with a total target electrical capacity of 2 GW, in line with the commitments made by the group at the Artificial Intelligence Summit in February 2025, as part of the plan launched by the President of the Republic. We can feel that things are moving in that direction. The customers of electrification. When you're an electrician, it's good to produce electricity. Output and output is up to 262 TWh this semester compared to the previous semester. 257 TWh, thanks in particular to nuclear power, we go from 206 TWh- 202 TWh, mainly driven by an increase in output from the French nuclear fleet. 8 TWh compared to the previous year, there is slightly less output in Great Britain. In Belgium, where the AGRs in Great Britain are aging. Regarding hydroelectric output worldwide, 26 TWh. It is stable. There was a slight head start at the beginning of the year. June was a bit warmer, so there's a little less, but thank you anyway. Well done to our colleagues. This was achieved in particular through increased availability of facilities. There is both the fact of having water, but also of being ready when the need is there and the resource is available. We can also mention renewables. That's a 6% improvement, we're going from 16 TWh- 1 7 TWh. Then we have a base, still of 13 TWh, mainly gas, which is still there. I am happy to mention it anyway, every time, the carbon intensity of the EDF Group is one of the best in the world, at 26.5 g of CO2 per kilowatt hour. If you zoom in on EDF SA in mainland France, we are at 4.1 g of CO2 per kilowatt hour. It is still an excellent result that deserves to be mentioned every time. Modulation is often talked about a lot. This year, we were able to adjust a little less than last year. That's still significant. 13.3 TWh of modulation on the nuclear fleet, compared to 18.3 TWh last year. In particular, there is now a possibility of removing a certain number of renewable energy installations beyond a certain threshold. This threshold will be lowered, so we will be more maneuverable. Then, in the international context where gas prices had increased, particularly with impacts on our neighbors, it created a few more export opportunities. Finally, we end the semester with a record level of exports from France, my colleagues tell me. 51 TWh in the first half of the year. The situation of the park. There was a period of heatwave, but this is an opportunity to remember that our park is resilient. From time to time, reactors need to be shut down. We will have the opportunity to return for environmental reasons, but it still allowed us to achieve these record figures. Output and sovereignty. Our focus on sovereignty remains. One can mention Framatome's acquisition of Trillium Flow Technologies. In fact, the older generation knows the word Sebim. It refers to valves, especially pressurizer valves, which equip the existing fleet and are therefore also intended to equip new investments. There is also, for almost EUR 100 million, the transformation of the Framatome factory site in Jeumont to mass produce critical equipment for the future EPR2. The announcement of the construction of a new Arabelle Solutions factory dedicated to the manufacture of parts for the EPR2 program. Then you know, maybe for the last 48 hours, we've been seeing announcements coming out about the prefabrication system lot electromechanical. There, an announcement was made in Normandy, and there is another one planned in another region of France. We are equipping ourselves to be able to ensure the sovereignty of our nuclear programs. The continuation of low-carbon projects. As mentioned here, Framatome has started up its new reactor vessel internals manufacturing workshop in Le Creusot. These devices are placed inside the tanks. This is a re-internalization in France precisely to fuel our nuclear programs. It is. The location is not insignificant. The building is the one where Mr. Messmer gave his speech on nuclear power, showing that history intersects and that this building was reclaimed. The plaque is still there, it has been modernized and that is where we re-internalize and ensure the sovereignty of our internal queue in Gravelines. There was the filing of the application for authorization to create, the opening of the in-depth investigation on the support of the state by the European Commission for the EPR2 on nuclear. I'll mention now, this happened a little while after June 30, but we were able to sign an agreement in principle with the British government to extend the lifespan of the Sizewell C site by 20 years. It will be extended to 60 years until 2055. That gives it significant visibility. Also announced was the extension of the lifespan by two years of two graphite reactors in Great Britain. Hinkley Point C. The Unit 2 tank was installed with an innovative device. We also went to see how things were going in the country. There is a huge crane called Big Carl, and it was this crane that put the tank in place. That saved time on the project. These are factors that save time and facilitate learning. Of course, Hinkley Point C, for us, it's the advancement of electromechanical assembly. Last year, in the fourth quarter, our colleagues doubled their pace. In the first half of the year, they doubled their pace again and then took structural measures to organize the construction site. I was there last Friday. The construction site has changed, it is really organized and now they need to double up again to get on the trajectory. I sincerely believe that they will succeed, so they are being asked to address an important topic. Of course there is the major overhaul of the existing fleet with the 10-year inspections and in particular the 13 100 MW with Paluel which is involved. We also have our colleagues from Cattenom in Saint-Alban who are mobilized, and the teams are also working with the ASNR on issues of continued operation of the reactors when they are 60 years old. This work continues in hydroelectricity. Well, the transition from concessions regime to authorization regime is now enshrined in law, and we thank all those who contributed, and this allows us to launch an investment program of EUR 4.5 billion to modernize the facilities, increase their performance and develop nearly 4 GW of additional capacity. Without delay, our colleagues are working in Vouglans-Saut Mortier. That's one. In the Ain, EDF has launched the construction site of a new pump turbine at its Saut-Mortier power plant and associated with the Coiselet reservoir, its Saut-Mortier and Vouglans. It will create a three-basin wastewater treatment plant, a first in France, bringing the pumping capacity to 84 MW. This future STEP will make it possible to store the equivalent of the annual consumption of 80,000 inhabitants and to ensure better management of electricity peaks. There will also be the maintenance of the level of Lake Vouglans. This is also a major issue for tourism and it will allow us to optimize the management of flows downstream of the Allement Dam to better address environmental challenges. Then of course, there are also renewables. 1.5 GW RT put into service, including 126 MW in France. I would like to mention a very, very characteristic example of what we are observing right now. This is what happened at Edison's place, in the Abruzzo region. Basically, it was the revamping of a park where they went from 173 to 47 turbines while doubling output, installed power, it's really very typical of what we see in the world on the renewal of renewables. Of course, we are sensitive to climate change. Finally, we got some. The storms. Now, the droughts, fires, and so on, and therefore adaptation to climate change is important. At the request of the state, we submitted, like a number of large companies in the energy and transport sector, our vulnerability study. We plan to commit EUR 8.7 billion over the next 15 years to improve our resilience, whether in nuclear power, hydroelectric power, or also in our activities in France's overseas territories. For us, these are not nuclear safety issues, but they are. We are sometimes constrained by given environmental factors. You may remember, last year we had to shut down three reactors at Gravelines in August because we had a jellyfish invasion. They came in very large numbers, clogging our drum in our water pumping system. Our teams are organized and follow the jellyfish and have an agreement with fishermen to push them back further if necessary. There is work being done on algae. There is work being done on other things as well. We are shutting down some reactors because the temperature of a river is too high. We have the technical capacity to cool the last condensates that remain after cooling to lower the temperature of the rivers a little if necessary. It is all these subjects that are taken into account for EDF Hydro. It is the low water support needs of the territories that are at stake, and it is part of the missions of our colleagues in Hydro. Then of course for EPR2, we take this data into account from the design stage to support the reactors throughout their entire lifespan. We experienced a heatwave in June and July, and it's still going on now. Therefore, environmental regulations must be respected. At the peak of the heatwave, we shut down three reactors and reduced power on nine reactors. Yet our system is resilient since we have been able to export an average of 10 GW, having 10 GW available for export every day. There you have it. It's something that stays there. Right now, precisely while the reactor is hot, the teams are giving me the right document that is there. We had two reactors shut down in connection with the hot weather conditions Bugey 2 and the Golfech 2 under control. [inaudible]. The heating reactor, however, has been shut down since July 11th to comply with the intergovernmental agreement between France and Belgium on the start of the Meuse, since we need to ensure a flow of 22 cu m per second for our Belgian neighbors, and we plan to shut down the hot reactor a Saturday, August 1st at 11:00 P.M. Once the flow is restored, we may have the opportunity to go into more detail as well. In the region, we have the Moselle, which has a fairly low flow, and we plan to stop Cattenom 1 from July 31 at 10:30 P.M. August 1st, we'll see, to actually take into account the situation of the river. It is being closely monitored, but I insist on the resilience and the ability to supply and continue to export. There is the resilience of the Enedis network and our colleagues are investing EUR 15 billion by 2040. There with, in particular, the renovation of 15,000 km per year by 2030 to adapt to the effects of climate change, including exceptional situations and the heatwave of June. More than 1,000 technicians from Enedis and employees of partner companies were mobilized. The FIRE, Rapid Electricity Intervention Force, is activated and colleagues are mobilized during fires to ensure monitoring customer connection. I commend the Enedis colleagues who are committed and also ours. Our colleagues who are our volunteer firefighters and some of them who have also made donations too, which are supported by our foundation to help rebuild forests that have been destroyed. Networks committed to the service of the energy transition. To give you some figures, Enedis connected 6,000 delivery points which supply 260,000 electric vehicle charging points in the first half of the year. Enedis connected more than 60,000 renewable installations, representing 3.4 GW and French Alternative Energies and Atomic Energy Commission connected consumers, compared to 4.5 GW in the first half of the year. Of course, our colleagues at SEI also work with overseas connection times cut in half, which helps to improve customer satisfaction. There's the quality of the networks. What is the downtime when there is a power outage? Barring exceptional events, Enedis continues to progress to 30 minutes and then overseas, well, they start a little further. They have gained 10 minutes to 130 minutes in a context of proactive investment policies. There is system flexibility. The teams respond to the system's flexibility needs with increased output flexibility with a pumped-storage power plants. Therefore, in hydroelectricity, +14%, the possibilities for load shedding that I mentioned earlier. Renewables under purchase obligation 9.3 GW possible flexibility offers for customers, including controllable charging points for electric vehicles. Development of storage means for example, Stockage Énergie Catalan which combines 20 MW batteries and 8 MW hydroelectric dams, and again on the launch of the first pumped-hydro energy transfer station in Corsica at Sampolo with a capacity of 30 MW. On the island side, the renewal of the Saint-Rose wind farm in Réunion with an output six times greater and a coupling to a 4.6 MW battery, which brings us to general indicators. The message is that we are on schedule, meeting our expectations with 249 TWh of decarbonized output, with an index of 26.5 g of CO2 per kilowatt hour. EBITDA is also on schedule at EUR 14.1 billion. A little bit behind last year's, but that was expected since last year at the beginning of the year, we had the end of a three-year smoothing of price peaks of 2022, 2023. That's not the only reason, that's one of the reasons. The big topic we have every day, the operating cash flow is there at EUR 2.6 billion. We are told that previously there were some exceptional working capital effects, we are on track, which allows us to control net financial debt at EUR 51.5 billion, which is essential for us in a context where we are investing, recruiting, strengthening our industrial tools, and paying attention to our customers. I'll hand it over to you, Claude, on the more detailed part of our figures. Thank you, Bernard, hello everyone. I am pleased to be with you again this morning to present the financial results for the first half of 2026. I suggest we start with the key figures. They are solid, as you can see in this table. Revenue amounted to EUR 57.4 billion. Slightly lower than last year, in a context of falling market prices, EBITDA reached EUR 14.1 billion, a decrease of EUR 1.4 billion compared to last year. It benefits from the very good level of nuclear output in a context of falling prices. EBIT follows the evolution of EBITDA to EUR 7.6 billion. Finally, the net result attributable to the group remains almost stable at EUR 5.2 billion due to the good performance of assets dedicated to provisions for our nuclear liabilities. These results made it possible to generate an operating cash flow of EUR 2.6 billion, as mentioned by Bernard, to stabilize net financial debt at the same level as at the end of 2025 at EUR 51.5 billion. Our net financial debt to EBITDA ratio is at a very good level at 1.8x. We are now looking at nuclear and hydroelectric output. Operational performance was once again on track with nuclear output in France reaching nearly 190 TWh. An increase of 8 TWh compared to the first half of 2025. We must commend the work of the teams because it is the result of work on the ground, and in particular the results of the START program, which makes it possible to reduce the duration of unit outages. As Bernard presented earlier, it is remarkable to see that 13 out of 21 stops were shorter than expected this semester. Well done to you, Etienne and your teams. The availability of our hydraulic facilities was also good, allowing us to reach an output level of 23.7 TWh for France, almost at the same level as last year, in a context of hydraulics very slightly below normal. The severe drought currently affecting France makes us very attentive to output levels for the second half of the year. Let us now go into detail about the main effects that explain the evolution of EBITDA when compared to the S1 2025. Firstly, we have a volume effect which is positive and which is represented on this graph by the first two bricks. The increase in nuclear output in France, which is partially offset by the decrease in nuclear output in the United Kingdom, the two contributing positively by EUR 0.3 billion, the slight decrease in hydroelectric output in France and Italy by EUR -0.2 billion. Next, an effect. Price for EUR -0.8 billion. It naturally reflects the decline in market prices since the peak of 2022 and 2023. It notably incorporates a comparison effect with a high base in 2025, since there has been a 15% decrease in the regulated sales tariffs. The regulated electricity sales tariff from January 1st to February 1st, 2025, accounts for half of this effect, i.e., EUR 0.4 billion. The month of June was also impacted by an increase in electricity demand. In the context of the heat waves, some nuclear power plants, as Bernard said, were forced to reduce or stop their output to comply with regulations relating to the temperature of waterways. Finally, the last column groups together various effects, the main one being the increase in the tax on basic nuclear installations for EUR 0.6 billion, the amount of which is recorded in the first half. It corresponds to the cost for the entire year 2026. We now move on to the next slide and look at how the evolution of EBITDA is reflected in the EBIT. The EBIT. It amounts to EUR 7.6 billion. The increases, the depreciation increases a little by EUR 0.4 billion and they now include the depreciation of Flamanville 3 following the commissioning which closed the testing periods. Commissioning took place at the end of April. Distribution networks, whose investment levels are steadily increasing, particularly in connection with adaptation to climate change and the connection of new customers and producers, also contribute to this increase. If we now turn to the financial results, the financial result is positive at EUR 0.2 billion, a very clear improvement. It tested negative last year. It is composed of three blocks. Firstly, the first one, which is the cost of financial debt, amounts to EUR -1.7 billion. It is stable thanks to active debt management. I remind you that we have been very active this semester with the issuance of more than EUR 5 billion of bonds, including EUR 2.75 billion green bonds to finance the extension of the life of nuclear reactors and the Hinkley Point C project. Secondly, the cost of the discount. Here we have a slight comparison effect with last year. This year it is minus EUR 2 billion because last year we increased the discount rate for provisions by 10 basis points in the first half of 2025. Thirdly, other financial products and expenses amount to EUR 3.9 billion, a very sharp increase of EUR 2.1 billion. This is due to the stronger performance of the dedicated assets portfolio, 5.9% over the half year compared to 1.9% last year, linked to more favorable equity markets which explain a large part of this improvement. As a result, the coverage rate of nuclear provisions continues to increase. It now reaches 112.6% on June 30th, 2026, which is 3.8 points higher than at the end of last year. The current financial result stands at minus EUR 1.8 billion, almost stable compared to the first half of 2025. Let's now turn to the net result. Here are the details. All the elements I just explained are present. It amounts to EUR 5.2 billion, virtually unchanged from last year. In addition to the change in financial results, the tax burden increased by EUR 0.3 billion. It includes the exceptional corporate tax contribution in France of EUR 509 million, and the effective tax rate amounts to 33.2%. Reprocess non-recurring items. The current net income amounts to EUR 4 billion. I now move on to investments, which are one of the main components of cash flow. They amounted to EUR 11.4 billion, the same level as in the first half of 2025. They are carried out mainly for the Grand Carénage, which represents about a quarter of the investments in the context of extending the lifespan of reactors in France and their resilience to climatic events. The new nuclear projects, Hinkley Point C and the EPR2 program, represent roughly a third of our investments. Finally, the development of networks and their adaptation to climate change, which also represents a third of our investments, with nearly 95% of these investments aligned with the net objective, zero emissions from the group. We now turn to net financial debt, its evolution and other elements of cash flow. The operating cash flow, as mentioned at the beginning of the presentation, amounts to EUR 2.6 billion. This is primarily explained by an EBITDA cash of EUR 11.4 billion over the semester. A decrease of EUR 2.7 billion compared to the EBITDA I presented to you earlier. It corresponds to the non-monetary elements of EBITDA, in particular the change in fair value of the instruments used in the context of EDF Trading's activities in connection with the rise in market prices, commodities and volatility observed in the first half of 2026. Secondly, due to a favorable variation in working capital requirements of EUR 2.5 billion, we had a significantly higher working capital requirement last year, but it remains positive this semester. The impact of lower selling prices and the seasonal effect of volumes resulted in a decrease in customer receivables of EUR 3 billion. On the other hand, the deficit in compensation of charges in the compensation mechanism of public energy services mechanism of CSPE is EUR 0.6 billion. Thirdly, we, as we have just seen, have net investments of EUR 11.4 billion. Looking at the rest of this bridge, net financial expenses paid amounted to EUR 0.4 billion, tax EUR 0.8 billion and dividends EUR 0.4 billion, including hybrid coupons. The group's cash flow was thus positive by EUR 1.1 billion over this half year, and after taking into account other elements, this allows the net financial debt to be stabilized at EUR 51.5 billion, at the same level as at the end of 2025. Let's now look ahead to the rest of the year. We indicated to you during the presentation of the annual results in February that we anticipated an EBITDA, a solid level for 2026, although slightly lower than in 2025, in a context of falling prices. We refined this projection by expecting an EBITDA 2026 expected to be down by around 10% compared to 2025, which, as a reminder, amounted to EUR 29.3 billion. We confirm our targets until the end of 2027 with a net financial debt to EBITDA ratio of less than or equal to 2.5x, and adjusted economic debt to adjusted EBITDA of less than or equal to 4x. Thank you, and I'll give you the floor back, Bernard. Thanks. Thank you, Claude. Your results are in line with expectations and even a slightly better projection than expected in terms of debt and debt management, which is encouraging when embarking on significant investments. The prospects, of course. Safety, security, quality, lead time. For the past 80 years, we have been the supplier of competitive, sovereign and low-carbon electricity. Beyond that, then, if your priorities. The first is to continue the electrification of uses, to accelerate it. We will continue the development of offers to accelerate electrification of uses and promote the establishment of new activities in France in the service of energy and industrial sovereignty. Next, the second major priority is to strengthen our assets, our means of output. Therefore, our nuclear teams are committed to ensuring a output of over 400 TWh. They are available. Sometimes they are asked to modulate, sometimes there is less need for export, and so on. Their estimate of nuclear output in France is confirmed to be between 350 TWh and 370 TWh in 2025. Our colleagues are working on extending the lifespan of the reactors and increasing the power of the 900 MW level. What we see is that by equipping 13 reactors among those given 900 MW with a more powerful turbine, we can gain at least 35 MW per reactor. Regarding the ongoing work with the ASNR concerning the continued operation of reactors at 60 years in hydroelectricity, as I mentioned, following the promulgation of the law, we will be able to launch investments in hydroelectricity in France. There's the whole aspect of adapting to climate change. The third major area of priority is the industrial control of projects. With the acceleration of the pace on the electromechanical assembly work of thoughts. We are all working on the final investment decision for the EPR2 program, which we are aiming for by the end of the year. In renewable energies, we have a strategy of maintaining skills and pursuing the development of renewables with a business model that is less capital-intensive. I must point out that our colleagues are doing rather well at it, aren't they? We are also continuing the development of the bioenergy plant projects, Ricanto in Corsica and Larivot in French Guiana. Of note internationally, an agreement for the development and operation of Oman's first pumped storage power station, with a storage capacity of up to 2 GW. Another key point for us is skills, including recruitment, training, diversity and career development. In 2006, the group maintained its recruitment volumes at a high level with more than 13,000 recruitments worldwide. Within France, we are recruiting 8,500 new employees on permanent contracts. We are projecting more than 10,000 recruitments per year in the coming years. We are recruiting a lot of young people with 5,000 new apprentices and 7,500 interns, including 3,000 paid interns and 4,500 interns from the third and second years of secondary school. We are also working to bring in professionals who have experience elsewhere, in technical fields such as maintenance, operation of output sites, project management, digital technology, and energy service professions. We also have an approach to strengthen our business forecasting, refine the needs in terms of volume and skills, and build skills development paths that allow people to thrive over time within the group and have the right skills in the right place at the right time. We invest in training throughout one's career. We encourage mobility within the group and subsidiaries and cultivate a culture of transmission, innovation and working together, including a management approach, knowledge transfer, which is key to capitalizing on the experiences and skills that are being passed on. Skills then. We need, of course, to support our financial trajectory. We are paying close attention to that. You understand our focus on cash and we are confident in our ability to achieve it. We also have a strategy of rotating certain assets which allows us to maximize EDF's financial capacity and to develop new competitive and low-carbon solutions in our group's operational excellence activities: nuclear, hydro and renewables. The sale of EDF Power Solutions activities in the U.S. and Canada is progressing well and could take place during the second half of 2026. We continue to reduce our overhead costs to free up valuable room for maneuver to finance our future. All of this is only possible because our colleagues are teams that are committed and mobilized. I take this opportunity to thank them. Here we find the figures for apprentices. EDF is now in fifth place among the preferred companies of students with five years of higher education in engineering in France, having risen five places in six years. This is an opportunity to provide challenges to continue gaining positions. It's a state of mind. Of course, we pay attention to the proportion of women who are an asset to the group among the leaders. You can see that we are at 29.7%. We are aiming for the end of the semester, we are aiming for 30% this year, and we will of course continue to progress. This is also an opportunity for me to mention that we recently signed an agreement to be an official low-carbon electricity supplier and founding partner of the 2030 Alps Winter Olympic and Paralympic Games, which will be yet another opportunity for us to commit, to engage our employees, and to contribute to the electrification of the regions that are concerned. These are challenges. We are ready to meet them, but we have an ambitious trajectory, and we will continue to deploy it. In any case, thank you to all our colleagues and to everyone together. We are proud to have been EDF for 80 years, and we are committed for the decades to come. Thank you. Now we move on to the questions and answers. I remind you that you can place them on the platform. We will start right away with Le Figaro, which would like to have clarification on the reasons for the revision of the EBITDA outlook. Yes, perhaps very quickly. First, it's a refining process. What I said earlier is that we are refining our perspectives. We had planned a slight decline in EBITDA, and now we have recalculated the decline because we have better visibility since the beginning of the year. We recalculated by 10% less with the teams. Even then, that's just a prediction. We've just slightly refined our forecast for the end of the year. AFP asks us, tells us, we observe in the accounts an increase of nearly EUR 500 million in taxes and duties paid by the group. Can you tell us what the reason is? Yes, EUR 500 million. Yes, EUR 500 million. There is the exceptional contribution of EUR 500 million that I mentioned earlier, which is the main thing. Then we have, depending on the different tax groups, developments in different countries. But the bulk of the impact is the exceptional contribution in France of EUR 500,509,000,000. We have been hearing questions about why dedicated assets have increased so much in the last six months. What are your annual investment goals? We do not really have an annual investment target. We have a dedicated asset portfolio which is divided into two parts: an infrastructure part which represents about a third, a part of listed bonds which represents a second third, and a third which represents listed shares. What performed very well were the stocks. When we compare the performance of stocks in light of what happened last year, we have a fairly clear difference. This is driven by the very good performance of the shares we have, which we experienced at the beginning of the year. We need to look at this over a very long period because these dedicated assets are there to deal with our nuclear liabilities, therefore, and our decommissioning costs. We have a very long-term vision, so we do it. That is precisely why I was talking about this balance. It is to achieve a return over the very long term. We cannot just look at one semester that is a little better. Our goal is to have dedicated assets that can perform to ensure our dismantling costs are met in the next 50 years. Without calling the investments into question, and congratulations to the colleagues who manage the dedicated assets. We knew we had EUR 40 billion. If we look at whether we can be a little more maneuverable while creating value to contribute in a way that is a little closer to the interests of the group, beyond a financial result, for example, with the increase in the reduced power of the reactors, it may be possible to retroactively recalculate the cost you need. This can give us a little more leeway, so it is about creating a little more leeway with our activities. Bloomberg would like us to provide an update on the capital opening project, Edison, the percentage, the deadline. On the opening of the capital of Edison, as announced, Edison, which is an important part of its Qatar gas, 45% has suffered a number of force majeure. Just recently, three cargo ships were canceled, so they were forced to diversify their gas purchases so they can totally, perfectly supply the gas. But in this period of uncertainty, it gives them a lack of visibility on the years to come. With this lack of visibility, particularly on their differential between purchases and sales, their spread, their transformation margin, it makes it difficult to open up the capital of an entity like Edison. That does not mean we have stopped working. We continue to work with them, and here too we are revising business plans based on calls for tenders that may win, particularly in renewables. We continue to work with them, but we have not formally launched the operation. We will launch it when we have better visibility. That means we've abandoned it, we'll launch it when we have better visibility on the financial trajectory of the- We have a question from Montel asking us what the prospects are for hydroelectric output for the rest of the summer and the year, given the current hydrological situation. Emmanuelle. Yes. Today, indeed, we have a hydraulic situation which has been irregular since the beginning of the year, since it was higher than normal at the beginning of the year. Then it has been below normal since the end of March, since the second half of March, which allows us, over the six months, as Bernard and Claude have said, to have protection that is roughly in line with expectations. It's true that since May/June, we have had output volume of energy that is a little lower than normal. We must remain very modest about our ability to forecast output for the rest of the year. The past has shown us that situations can change very quickly. Then, I would still like to add a second point, which is that the output, the particularity of hydroelectric assets, is to be flexible. The availability of our assets is very good, as Bernard said, which allows us to have maximum megawatt output capacity at the time the system needs it. There you have it. It's a limited output decrease, a very limited output decrease prospect, 2%-3%, no more for now. That doesn't mean that it has an associated financial impact, I have a follow-up question. From La Tribune, which broadens the topic a bit by saying how the heatwave will weigh on the group's profitability over the whole of 2026. For the whole of 2026, what we see is that we will have an effect in July, since we have already noticed a little less hydraulic activity on the hydraulics and also an effect on the electrical fleet, our nuclear fleet in years. We'll see how it goes in August, but today we're leaving. We are still in a good position regarding the output of the nuclear power plant since at the end of June we have more than eight terawatt-hours compared to last year. We also see that the nuclear power plant fleet remains very resilient. Today, at 42. If my memory serves me right. We remain very confident in the ability of the nuclear fleet to deliver, let's say, a range of the target we have today. We have La Tribune asking us if we can give an update on the evolution of Nuclear Power Production Allocation Contract, NUWARD and EDF PEI regarding new financial support from the state via France 2030. Indeed, we have data from this month on NUWARD. The teams worked very well with a proven technology concept, hybrids, and it is among the most advanced in this line of work, which involves both heat and electricity, there is a lot of interest from customers. Indeed, our approach is to be ready to continue supporting NUWARD, to seek aid, there is some at the European Commission, at the state level, but also from third-party funding is emerging, whether from countries, electricians, engineering or equipment companies who wish to be involved. That's going to be the challenge for NUWARD this fall. I think NUWARD has a good trajectory ahead. We have a question about the world, we are postponing the possible sale of Edison. Are there any other sessions planned in the coming months? We are considering opening up the capital, an operation which is being launched by a small company in our country called Cyclife. So what is currently underway is a small company that is doing dismantling. Otherwise, we don't have anything very major planned at the moment. Perhaps take this opportunity to return to the U.S., the number one objective of this. This year, it's about completing the financial closing of the sale of our renewable assets in North America, which was signed on June 30th. So I think that's our priority. That will make a total, once we have recovered the hours, one of them. A complete debt reduction of $5.5 billion. So, for me, that's the number one priority for S2 2026. A question from Montel who finally asks us who is asking the question of modulation. Modulation volumes are down in this first half of the year. Is this related to the new rules that are pushing renewables to curb their output? In the event of an anticipated negative price, should we expect a sharp drop in nuclear modulation volumes for the rest of the year? Indeed, as announced earlier, I believe that the modulation which was 18.6 TWh last year if I am not mistaken was 13.6 TWh this year. Indeed, there are nearly 9 GW that can now be modulated, which also allows for further reductions. That will give us some room to maneuver. After that, it will depend on the whole picture. I don't know if there are any additional points to add to that. Yes, but thank you Bernard. We can add the fact that we have modulated less because demand has been relatively sustained, particularly during the heatwave period, for two reasons: consumption is a little higher than average, then we have outlets because other means of output are very scarce. During periods of extreme heat when there is no wind. We saw it in exports because it turns out that during these periods of heatwave, there is no wind, so in the evening, we immediately see, as soon as the sun goes down a little, a strong demand from the countries around us. That was a fairly visible factor during those periods. Thanks. We have a question from the world about EPR2. Where does EDF stand in its selection of possible sites for eight EPR2 reactors? Is there already a shortlist of potential sites? What is the amount currently planned? Sorry for making this announcement. Effectively. First EPR2, the teams are working well. Appointed to the Interministerial Delegation for New Nuclear Energy. So the work is progressing according to our expectations. Then, we were actually asked to identify sites for 8 more. Of course, we are doing the work and the order is for the end of the year. So at that point, I think that the announcements can be made. Great. Still on the subject of nuclear power, we have the forum which asks us the question of VC1. Can you tell us what first operation can be carried out in the case of VC1 of Flamanville 3? Is the replacement of the tank lid planned? I'm going to leave Etienne to it since, as a former Framatome employee, we're going to change the cover made by the French industry. I'll let you speak. On channel one, it's going to be a shutdown. Completely classic. We will begin the major VC1 projects which are first of all a regulatory control component where we will have a large number of trailing lines. Yes. I can say, of course, that the work will be undertaken in parallel. Another aspect which is the modifications that we will make to the installation, the improvements. There is one major one, which is the replacement of the tank lid. Indeed, there are others on control system updates. There is also a major project to replace the cold source heat exchangers in order to increase their capacity. Thanks. Still on the subject of nuclear power. At the nuclear level, is it still a question of reactors? Pardon? Is it still possible and profitable to build new EPRs in the central regions of France, using river water for cooling? The only way to minimize the risks of Does the impact on profitability linked to quantum change consist of building new EPRs only on the coast, on ocean coasts? As I mentioned earlier, for example for Bugey, it is planned to equip it with a device similar to the one at Civaux, where we are able to, d on't hear about Civaux. Yet, in the Vienne, there are not huge flow rates. It is planned. There are of course coastal reactors, but also river reactors. This also contributes to a good distribution of output in our electrical system. On the turbine side, my colleagues at Arabelle Solutions are working on a waterless turbine concept. To simplify, because there are regions of the world where sensitivity to water is still significant and there are technical capabilities. These are the developments that are currently taking place. This is more about existing nuclear power. Can you tell us what volumes the reactor shutdowns and load reductions due to environmental constraints represented in recent weeks? I'm going to answer you on the fact that we have very precise figures for the month of June. We have an output loss due to climatic constraints of 1 TWh in June. This should be considered in light of an output of 33 TWh and French Alternative Energies and Atomic Energy Commission exports of terawatt-hours. We would have been very happy to produce the terawatt-hour in question. You see that it's not the be-all and end-all of the park's output either. In July, it will probably be a little more significant, estimated at around 2 TWh for a total output that will be of the same order. Thanks. On the renewables front, Bloomberg reports that there has been progress in the renegotiation of the terms of the offshore Centre Manche 1 project with the government? There are discussions that are moving in the right direction. The aim is to identify extraordinary changes in circumstances that are recognized. These discussions are continuing. They are of good quality. I confirm. From the client's perspective, we have a question about Montel. Could you give us an overview of the long-term contracts and Nuclear Power Production Allocation Contract agreements concluded? What exactly do the 20 TWh you mention in the press release correspond to? What is the volume of medium-term contracts concluded over four and five years? The 20 TWh and 21 TWh correspond to long-term contracts. Beyond four to five years and potentially reaching maturity up to 18 years. These include, in particular, nuclear output allocation steps, also indexed price contracts concerning medium-term market offers, so rather four or five years. We are on the trans recorded the last two years, annual volumes signed between 15 TWh and 18 TWh, and we are at 8 TWh in the first half. I think the question was also about the number. If we have them, we do not disclose the number of contracts. 20,000 out of in the medium term. On Nuclear Power Production Allocation Contract. Since you have, some are confidential, perhaps. To be mentioned recently in the south. Yes. Yes, we just signed. He's not in those figures since he was signed in July. We have just signed an innovative contract with H4 Marseille Fos, what we call innovative, that is to say, for a factory that will be built for the output of fuel oil for the aeronautical industry. It's a contract that will begin, which is subject to a condition of fulfillment, obviously of. We have a question from Politico which tells us that local elected officials say your aid for installing air conditioners is ineffective due to stock shortages on public procurement platforms. What about that? Indeed, there is a very high demand for certain types of equipment, given the recent heat waves. That said, we are seeing high rates of applications for aid for the summer of 2026. Today, it doesn't. This aid applies not only to air conditioners, but also to other cooling devices such as misting fans. Today, it is an aid that communities are using without no problem at all. It is also possible to assume that platforms that are out of stock will have the means to replenish their stocks. Also, until the end of this aid. This aid will last until the end of September, it gives communities a little time to restock. In addition, there is a second form of assistance. I remind you in the system. Which allows for the installation of more permanent resources over a period extending until the summer of 2027, if I am not entirely mistaken. We have a question from Montel. You said that EDF's contribution to grid stability should be recognized at the European level. Could you elaborate on this point? There are already reserves that compensate for frequency management. How did the European Commission or Greenpeace react to this request? The message is that we look at electrons, but some electrons have certain properties, others do not. An electrical system has particularities which are laws of physics which must be balanced between supply and demand at every moment. It must be balanced in frequency and power. There are a number of electricity generation sources that contribute to this system stability. France is a core of stability. Including the nuclear power plants, this represents nearly 30% of Europe's rotating machinery. To say that. What we also observe is that attention to stability was not the initial concern. It was necessary to develop a number of energy output methods, but it is becoming more prevalent. There was a blackout in Spain, there was one in Macedonia, there were alerts. We know about it in different countries. Now, attention to the stability of the system is something that is relevant and understood by many people. There you have it, we benefit from the European system, we have exported, as we said earlier, we think it is also important to remember that there are stability rules to respect. We can see that Spain has adopted a number of rules and that the system service which contributes to this stability deserves special attention. I think so. This message has been heard. We have a question about the announced union mobilization on September 15th. It's a question of the world. What is the reaction of EDF management to the union mobilization of September 15th to defend the employee tariff, which the government intends to reverse? The possible disappearance of this tariff? Is the agent at risk of fragility? Will this weaken EDF's attractiveness for future recruitment? Elisabeth. Perhaps to give a little bit of context around this question, the Court of Auditors published on July 17th the results of its audit of EDF's human resources policy, covering the period 2018-2025. The report has given rise to various repercussions, press and commentary which have essentially focused on the Court's proposals relating to the agent tariff that you mention, knowing that the government had organized on July 9th first meeting with the trade union federations to indicate to them that it wished to implement the Court's recommendation to increase the social and tax scale of this benefit. There you have it. Therefore, without calling into question the specific tariff, the authorization of the scale of this benefit would lead to an increase in social and tax contributions for employees, retirees and all companies in the sector of the energy industry. It is, in fact, a system that does not only concern EDF. Indeed, as a result, a call for a strike was launched by the Interunion Group. To date, in fact, the precise details for changing the scale are not yet clearly defined. That is to say, the right sequence for EDF is for all our employees to be engaged in the electrification of France, in managing all the risks we see. There have been storms. There are things like heat waves, fires, etc. In the increase in the number of reactors, in the new nuclear park, in hydroelectric projects, we need to find a way to put ourselves back in this sequence which is the right sequence for EDF which has just celebrated its 80th anniversary, which is projecting itself into the future. We have a question. Excuse me, I'm going back a bit to the issues of liquidity on the wholesale markets in particular, we have a question from Montel, Cruas says that liquidity on wholesale markets for three and five-year maturities is low or even nonexistent. Why doesn't EDF offer more liquidity at these maturities? Doesn't this lack of liquidity risk harming the electrification of EDF suppliers? We cannot do them in the medium term. Well, it is true that liquidity in wholesale markets diminishes over time. Indeed, at longer time horizons, there is less liquidity. That being said, these are contracts that can be negotiated. For example, we sell volumes on these horizons every day through auctions, so it is possible to access volumes over these horizons. I note, however, that this lack of liquidity has not at all hindered the development of the four-year and five-year market. For customers, it remains. This is not an epiphenomenon. It was put in place following the crisis we experienced in 2022 with a desire in fact to develop these contracts. EDF developed these contracts. Today, they have become a market standard. We observe that customers can access coverage over these time horizons, and as a result, producers can also sell to those markets. Today, we consider this development to be a very, very positive development in the market, and we continue to work on the development of wholesale markets. Obviously. Thanks. We have a question about the deployment of the La Tribune STEP. An Atlantic Shores Offshore Wind is being developed to support the deployment of future STEP. Is EDF in favor of investment aid or rather of a remuneration supplement? It's a consultation. Not a call for tenders on support mechanisms can be on that, it has been said, but the STEP are being called upon more and more, which clearly shows how indispensable they are for the system. Our 5,000 MW pumped storage capacity installed in 2025 had already broken its pumping output record in the first months of 2026. We are still above 2025, we need to find ways to ensure that these objects, which are absolutely essential to the system, whether in massive storage capacity, electricity, or system service. Since these are machines which allow access to all services, systems which were also mentioned by Bernard Fontana. One of the long-term profitability prospects is that these are capital assets with long payback periods. Thanks. We have two requests for clarification, one on NUWARD, on the Would this be considered a minority stake in terms of opening up the capital? A minority stake in NUWARD? Are there already any potentially interested buyers? What is the strategic logic behind this approach? Yes. The openness is that what we want is to make it a European standard. That's the reactor. Moreover, it was developed with the cooperation of several security authorities and to make it a competitive standard available to Europe. Opening up to Europe facilitates the effects of repetition on a standard, and that's how we're going to achieve competitiveness. That's the logic behind it. We are ready to open up and even become a minority shareholder in this reactor. Why? Well, that would even allow us to raise debt without impacting the balance sheet of the EDF Group and what there are buyers. Yes. They ask me then when can we go? One last question, which is also a request for clarification on EBITDA. Was the previous downward revision forecast for EBITDA less than 10%? Here again, we had indicated, I'm going back to what we said earlier. We had indicated a slightly lower EBITDA, the lowering is very, very slightly different, but it's just a refinement of the projection, right? I think that there is no big difference on EBITDA, and we still have uncertainties in H2. We still started the year well. We are in line with our projections. That's what we can do. What we can say so far is that we are on track with our projections, and therefore we are very confident in delivering our projection by the end of the year. We are on track with our projections. That's exactly it. We still had a robust first half, and we think we will do better than our projections in terms of cash flow management. Thanks. That was the last question. The press office remains at your disposal for any further information, and I thank you all for your participation. Thank you for listening, and thank you to all our colleagues who participated. Have a good day and a wonderful summer. Best of luck to Etienne and Emmanuelle with their output