Ladies and gentlemen, welcome to the Edenred H1 2022 Revenue Conference Call. I am pleased to present our today's speakers, Mr. Bertrand Dumazy, CEO, and Julien Tanguy, CFO. I will now hand over the call to Mr. Bertrand Dumazy. Sir, please go ahead. Good morning, ladies and gentlemen. Thank you for being with us for our H1 2022 results. I propose that we move to page two of the presentation. Yes, 2022 H1 marks record results that demonstrates Edenred's capacity to further leverage the scale effect of its unique global platform in a new macroeconomic context. There are five things I want you to have in mind. First of all, the total revenue of EUR 920 million is up almost 22% in reported and 18% in like-for-like growth. If we go, in fact, into the detail of that, our H1 operating revenue is up by almost 21% in reported. It's an acceleration of our growth in Q2 2022, with some operating revenue up 19% like for like versus Q2 2021. Our other revenue, and as you know, the total revenue is the combination of operating revenue and other revenue. Our other revenue are up almost 50% by reaching EUR 31 million. The second thing is, yes, we have a record high EBITDA in H1 2022 at EUR 365 million, which is up 24% as reported and 22% like for like. Our EBITDA margin is up to 39.6 points, which is 1.3 points like for like better than what we had in H1 2021. Because as you know, at Edenred, we are all in for sustainable and profitable growth, this record results in revenue and EBITDA leads to a record high net profit group share, up 28% at EUR 170 million. Yes, revenue growth is important, profit is very important, but cash generation is also what we are looking after. We generated a strong cash level with double-digit like-for-like FFO growth to EUR 299 million. Finally, our S&P Global Ratings has been reaffirmed as strong investment-grade in April 2022, but the outlook has been upgraded from stable to positive. If we move to page three, as we said, Edenred is better poised than ever to deliver sustainable and profitable growth in 2022, but beyond. How are we going to do that? There are five things that we want you to remember. The first thing is, yes, we penetrate and we will penetrate further our markets thanks to strong go-to-market and relevant portfolio of solution. We have the capacity to offer unparalleled omni-channel user experience thanks to major investments in innovation. We will continue to benefit from strong positive structural trends, such as the stakeholders digitalization, the working world transformation, a new era of mobility, and quest for more responsible behaviors. The four element on which we will continue to work on is to take full advantage of the current favorable macroeconomic context, inflation increasing the attractiveness of Edenred solution because every employer around the world want to give purchasing power to their employees. We also have rising interest rates that positively impact the other revenue that used to be called the financial revenue. Finally, we will continue to increase our operating leverage and stronger than ever balance sheet to potentially seize M&A opportunities. The last element of my executive summary is the outlook. Our full year 2022 EBITDA estimate is between EUR 770 million and EUR 820 million, which represents for the year 2022 an EBITDA like-for-like growth between 14% and 21%. Now if we go into the details of our performance in H1 2022, and I propose that we move directly to page six. As you know, we are a unique B2B2C platform, i.e., we are a platform intermediating more than 50 million users around the world, 2 million merchants in four universes, through almost 1 million companies that are clients of Edenred, and we are operating in four different universes: the fleet universe, the care universe, the move universe, and the pay universe. If we move to page seven, we are a platform, and a platform has many advantages. As a platform, we are able to generate a virtual circle of growth. What does it mean? First of all, the growth is faster and faster, as demonstrated by our record high total revenue growth in H1 2022 by 18% like for like. The second platform advantage is it's a scale business, and so we are able to generate higher margin. That's why our EBITDA margin has reached 39.6% in H1 2022, which is 131 basis points like-for-like improvement versus H1 2021. The third platform advantage is our growing investment capabilities. If we want to grow faster and faster and more profitably, we need to continue to invest into this platform. In H1 2022, our level of CapEx represent 7.2% of our total revenue. It means that since 2016, we invested more than EUR 1.4 billion in our technology, and we intend to continue to do that because we want a stronger platform tomorrow. Finally, as a platform, we create new high barriers to entry. When you are in the economy of platform, the scale, the compliance, and the trust are very powerful barriers to entry, and are key also to manage 250 programs in 45 countries across four continents on global technology stacks. If we move to page eight, we said the platform is able to generate more and more growth quarter after quarter. What does it mean? It means that in Q2 2022 versus Q2 2021, the growth has been 19.2% in operating revenue as compared to Q1, where the growth was 15.3%, leading to an H1 2022 growing at 17.3% versus H1 2021. Why? Because we have a strong business momentum. It's fueled by our product innovation, the ability to propose on our platform more and more product and services to be more and more attractive to our ecosystem of clients and users. This attractiveness is increased by the inflationary context. In fact, you have more and more employers who want to give back purchasing power to their employees, and we have the portfolio of digital solution to do so. The other thing, in a context like the one we are, what is needed is enhanced efficiency and more control, and we are able to provide that with our fleet and mobility and B2B corporate payment solutions. Looking at the growth of the operating revenue, what does it mean for the EBITDA? Page nine, you see that the EBITDA between H1 2021 and H1 2022 has increased by 22% like-for-like, leading to a record high EUR 365 million. As a reminder, in H1 2020, we were at EUR 255 million. You see the platform effect on the increase of our EBITDA margin that has moved from 2020 up to 2022, from 36.7% to 39.6%. If we move now to page 10 and 11, as you understood, our willingness is to further leverage the scale effect of the Edenred platform. Page 11, you see, in fact, the four levels we're gonna put in place to increase the scale effect platform. It's gonna be our program that are called Beyond Food, Beyond Fuel, and Beyond Payment, but also via our technology and product, but also the sales machine that we put in place to increase our go-to-market efficiency. Finally, we are a platform for good, contributing to a better world, and we will continue to invest and attract more users, thanks to this ability to be a platform for good. If we move to page 12, what does it mean, Beyond Food or Beyond Fuel, for example? Beyond Food, what you need to know is, in fact, more than 25% of our employee benefits operating revenue is now generated by solution other than meal and food. In fact, meal and food represent 45%, and within this 45%, a proportion of more than 25% is Beyond Food. What we are doing in food, we are doing it as well in the mobility. We have more than 30% that is now Beyond Fuel with solution like the toll, the maintenance or the VAT refund. I propose you now to go into the details of what it means Beyond Food and Beyond Fuel on a platform like, the Edenred platform. If we move to page 13 and we take first the example of France. You might remember that in France, we are the leader with more than 40% market share on the meal benefits market, thanks to leading Ticket Restaurant digital offer. What you might also remember is now under the super app, MyEdenred, we are able to propose nine solutions, such as Ticket Restaurant, Ticket Mobility, Ticket Télétravail, Cadeos e-gift, ProwebCE, you know, the works council offer. This comprehensive offer is able to attract more than 7 million of French employees who can enjoy Edenred benefits. Another way to look at it is today, under a single app with a total digital solution, we're able to propose to every employee up to EUR 5,000 of additional purchasing power thanks to this super app. Another way to say it, when you are an employer and you need to increase the salaries following the inflation, you want to use different solutions to make it happen. Yes, you have to increase the base salary, but you could also think about better using the solution of Edenred because it's a way to complement what you are able to give on salary, increase to make sure that you attract and retain your employee, which is absolutely key in the context of inflation and in the context of great resignation. When we look at this portfolio of nine solutions providing EUR 5,000 of additional purchasing power, very efficient from a fiscal point of view. We know that in fact, the vast majority of the companies are not using the total potential of the solution. The idea for us is to continue to explain and to propose to fuel the growth. Another thing that we are doing in France is to extend our network. For example, if you look at the gift part of the portfolio of benefits, we have been able to extend the Cadeos network into the world of NFT cards with the inclusion of blockchain-based Sorare solution that we are now proposing to the users of the MyEdenred solution. It's a good example of a super app, many different portfolios of benefits representing EUR 5,000, full digital, being able to be implemented quickly and to be adapted to the solution of, or to the needs of every company, and giving access to a large network of merchants, knowing that the digital merchants are more and more present and important into the portfolio offer of Edenred. If I go deeper into details, page 14, with the example of Beyond Food benefits in France, we have MyClub, which is the Edenred unique proprietary e-commerce platform. On this e-commerce platform, you have enhanced purchasing power with negotiated discounts and deals in culture, sports, well-being. Why? Because our job is to drive traffic to the merchants, and so we're able to negotiate discounts and deals. Everything is integrated into MyEdenred super app with a best-in-class UX, and the success is there. We have today 6.5 million active users. The number of orders on this platform has been multiplied by two between H1 2022 and H1 2021, and we have an increase of 65% of unique shoppers. It's a good example in a country like France that demonstrates the power of the platform, and the power of the platform means being able to propose more and more digital solutions to attract more and more users and companies who want to give and receive more purchasing power. What we are doing in the Beyond Food is also true in the Beyond Fuel. Page 15, you see that our Beyond Fuel offer is booming, and I propose a focus on maintenance, which is one of the numerous examples of the Beyond Fuel, because we also have the tool, for example, or the telematics. Maintenance, what does it mean? For example, in Brazil, it's a 100% digital solution to optimize the maintenance management. It means that we are able to propose a comprehensive portfolio of services dedicated to fleet managers. For example, customizable preventive maintenance, service order, negotiated prices, and a decrease of the MTBF, the mean time between failures. We propose a top-notch user experience with a dashboard with more than 140 indicators. We have some dedicated mobile apps and geo-localization. What does it mean in terms of volume? We are now managing more than 400,000 active vehicles. We are connected to 15,000 repair shops, and the number of service orders has increased by 20% between H1 2022 versus H1 2021. Obviously, the fact that we are in 45 different countries, the fact that we have global technological stacks, we are able to take this technology and roll out in Mexico and Argentina. More to come in terms of penetration in Brazil, but more to come in terms of geographical reach as well. If we move to the second level, that we will continue to work on and that explain the sustainable and profitable growth of Edenred, and I propose that you move to page 16. The second level is technology and product. We believe in the power of innovation. We believe in the fact that we need to propose more and more seamless solution, totally integrated on the platform. An example here is, for example, what we call UTA EasyFuel that we launched a few weeks ago. It's a fast, safe, and contactless payment solution. You save time to refuel. You don't need to go to the cashier desk to process your transaction. You can do it directly on your smartphone, and it's now available in 1,000 stations. This solution, you know, allows you not only to save time, but also to prevent fraud and to provide a tighter control to fleet managers. In an economic context of inflation, the ability to control your cost and the cost of energy is more and more important to fleet managers. That's why we have such success on this business line and on the Beyond Fuel program. In terms of numbers, what does it mean? It means that today in the network of Edenred, we have 1.1 million refueling, energy refueling sources. It means 70,000 ethanol pumps. It means 300,000 EV charging points, and it means 700,000 fuel pumps around the world where you will be able, in fact, with fast, safe, and contactless payments to do what you have to do to allow also your fleet managers to prevent more fraud and give more tight control. The further elements for us that explain the present success of Edenred, but also the accelerated growth is the go-to market. Our ambition at Edenred is to build and improve day after day the sales machine. What does it mean, a sales machine? Here we take the example of one aspect of it, which is the inbound web sales. What does it mean? It means that in 14 countries as of today, representing 90% of the group operating revenue, we have been able to develop and deploy our web sales platform. This web sales platform allows, you know, the SME to onboard easily and to start the program quickly. It's a fast-growing sales channel to target the SMEs. In fact, when we look at the results through that channel, which is totally digital, totally web-based, we have an increase of 50% in the number of new clients through this web sales platform in H1 2022 versus H1 2021. If we make a zoom on one of the countries, which is Germany, the name of the platform is Edenred One. In fact, we have been able to attract 14,000 SME clients in the large economy of Germany. Not only it's efficient, but also it's a recognized seamless experience throughout the onboarding process. We are glad to share with you, in fact, the quality of the service, which has been rated 4.7 out of 5. You remember page 18 that the SME market is a key market for Edenred, and the level of penetration on those markets is still low. For example, in France, you have 1.1 million SMEs. In this SME market, in fact less than 10% are penetrated by solutions proposed like the Edenred solution. If you look at the situation in Italy, for example, you have 2 million SMEs, and you have less than 5% of the SME market that is penetrated by meal voucher solution like the ones proposed by Edenred. It's a fast-growing segment, and it's a segment on which we have a high pricing power. The deployment of our digital platform and digital inbound sales has in front of us a lot of potential for sustainable and profitable growth. What we are doing in fact in terms of sales machine for, you know, the benefits, it's also true, for example, for our corporate payment business line. Page 19, you have a breakdown on the way we are organized in terms of distributing, and we distribute our product directly. We have direct sales for the midsize market. We are using new distribution partners, so for example, banks for the large and strategic accounts. We are also using, you know, some software partners for the SMEs. One of the partner being Sage, for example, knowing that with the bank, it could be a Citi, Citibank, and direct sales. We go after many mid-sized markets, everywhere in the U.S. along our core verticals, but also looking after some new verticals. The sales machine is fueling the operating revenue that has been growing by more than 20% in H1 2022 versus 2021. The fourth lever, that we are using and we will continue to increase is the fact that yes, Edenred is a platform for good that is contributing to a better world. A platform for good, first of all, it means that us, the 10,000 employees of Edenred, we need to do better. The good news is on our CSR program, around the three pillars, people, planet, progress, we are well on track to achieve the 2030 targets. When you look at the progress we did in 2021 versus 2020 and the targets we have by 2030, we are well on track. But what I'm very happy to share with you is, as you know, we have a capital market day in October 2022. Based on the success of this first phase of our plan in CSR, we will announce at the capital market day, commitments that will be strengthened versus the current commitments especially on climate. A platform for good for the Edenred employees, but also, in fact, a platform for good as an enabler for all our users and our clients. Our ambition is to contribute to a better world. At Edenred, there are words, but more importantly, they are what we are doing. We just launched a worldwide program that is called Move for Good. You see page 21. It's a four-pillar program. We want to raise awareness, we want to reduce and avoid, we want to offset, and we want to preserve. What does it mean? It means that around the world, we have a global reach of 3 million vehicles, and we have a unique green network with 300 EV charging points, but also 70,000 ethanol points of energy. The idea is when you are a client of Edenred, thanks to our data power solution and embedded artificial intelligence, you have access on your cell phone and on your screen to all the information needed to raise your awareness. We are able to provide real-time data reporting and customizable dashboard to optimize, in fact, your route and to be aware of your carbon footprint. We are able to propose you some alternative solution. For example, if you are in Brazil, we are able to tell you, in real time, you have an autonomy in your vehicle of 80 km. Today is the day, where it's much better for you in terms of carbon footprint, but also from an economic point of view, to switch from fuel to bioethanol, and the next station is indicated on your cell phone. You can offset. You can offset because you will have access, and you have access now to offsetting programs, totally digital, that are going to allow you to act now and not one year or a few weeks from now. Finally, we want to preserve because the program we selected for our clients to offset are supporting local projects for biodiversity and the recovery of degraded areas. Another example on the next page, which is page 22. Another example of the power of our specific purpose money, and you know that we are the leader of the specific purpose money, and the usage of this technology can contribute to a better world. We have been able to sign in Africa, in Cameroon, what we call, you know, Agri Edenred. It's a 100% digital solution. As, in fact, as a farmer, you receive some digital money on your cell phone, but this digital money can be spent only to buy what is gonna allow you, in fact, to increase your productivity, i.e., mainly fertilizers. This program is for 600,000 cocoa and coffee farmers that are eligible. In fact, it allows them to increase the productivity, but also to increase, in fact, that their income by almost 18%. Another way to say it, in an inflation context, when you are a farmer in Cameroon, the cost or the price of fertilizer is skyrocketing. With your level of revenue, you will not be able to buy fertilizers. If you receive some subsidies, then 100% of the subsidies is gonna be dedicated, thanks to our specific purpose money technology, to buy, you know, the fertilizers. It increases your income because otherwise, you know, the cost will be too high, and it increases the productivity for those farmers that are eligible. Another example of what we are doing is next page, so page 23. As you know, we are in the United Arab Emirates, and we are expanding our value-added services to foster inclusion. What does it mean? It means that today, we have in Dubai 1.5 million users of our C3 Pay salary card. Because we are developing value-added services, one of the value-added services is Salary Advance, among many others, such as money transfer, SMS alert services, mobile recharge. We have already 500,000 users of C3 mobile app, so it's 33% of them. If we zoom on one of the new service we just introduced, which is called Salary Advance, when you are a user of the Edenred C3 Pay solution, you can get up to 50% of your salary in advance in case of emergency. It's quick and easy. In fact, you have an instant loan approval. It's a good example of the usage of our platform, 1.5 million users in Dubai, to develop additional services, so to allow for upsell and cross-sell, but new services that foster inclusion in this part of the world. It's what we like at Edenred. Now that you understand the four levels we are working with to accelerate, in fact, the scale effect of our platform. The first one being go beyond food, fuel, and payment. The second one, increasing our technology and product innovation. The third one being continue to fuel a sales machine and a more and more efficient go-to-market, without forgetting being a platform for good for our employees, but also for the 50 million users around the world. Now what does it mean in detail, the H1 2022 results? Julien, we are all yours. Thank you, Bertrand. Good morning, everybody. Very happy to be with you this morning to share the presentation of the Edenred H1 2022 results. I propose we start with the operating revenue on page 25. The operating revenue of Q2 2022 came to EUR 465 million, +24.5% in reported figures and +19.2% in like for like. This solid performance came on the back of an excellent start to the year and strong growth in operating revenue during the first quarter. It leads Edenred to a H1 2022 operating revenue of EUR 891 million, +20.9% versus last year in reported figures and +27.3% in like for like. Have you noted the currency positive impact is +4.1% in H1. During these first six months of 2022, the group has continued to penetrate its market by capitalizing on its standout technology and sales expertise. Let's zoom in now on our business line performance. I move to page 26. All the business lines posted a double-digit growth, both in published and like-for-like figures. Employee Benefits operating revenue grew by 17.7% in published and +15.7% in like-for-like, fueled by strong sales activity both with large accounts and SMEs. The performance is also driven by the increase of maximum vest values in many countries, such as Romania, Turkey or France. In H1 2022, Employee Benefits accounts for 59% of Edenred's operating revenue. Fleet and Mobility solution operating revenue stands at EUR 252 million, at +32.3% versus last year in reported figures and +24% in like for like. The strong year-on-year growth reflects the successful deployment of our Beyond Fuel strategy. Fleet and Mobility solutions accounts for 28% of Edenred's operating revenue. Complementary Solutions is at +13.6% in reported figures and +11.4% in like for like, despite the high basis of comparison for the first quarter due to the specific Earmarked Fund program set up during the first quarter of 2021 amid the health crisis. Growth for the business line reflects the good performance of corporate payment services in North America, operated through CSI. On page 27, you will find our revenue growth per geography. What is true for business lines is also true for all geographies, i.e., a strong double-digit growth everywhere in reported and like-for-like figures. In Europe, Edenred grew by 16% in reported figures and 15.7% in like-for-like. In Latin America, the operating revenue is up 32% in reported figures and almost 17% in like-for-like. In the rest of the world, we are performing well too, with plus 20.5% operating revenue growth in published and plus 31% in like-for-like. In H1 2022, Europe accounts for 52% of Edenred operating revenue, Latin America accounts for 30%, and rest of the world for 8%. Let's move now to the performance of Europe, starting with France on page 28. The operating revenue of Edenred in France is up 12.2% in Q2, after a growth of more than 10% in Q1. This performance was notably led by robust growth for employee benefit solutions, fueled by contract wins for the Ticket Restaurant offering. As Bertrand presented to you, Edenred is the leader of the market with a market share of over 40%, increasing year after year since 2016. On top of the meal voucher performance, the Beyond Food strategy is successful with an increasingly attractive proprietary employee engagement platform, MyClub, that allows employees to benefit from discounts on Edenred e-commerce website. Fleet & Mobility business is growing too, notably in the SME segment. In the rest of Europe, the operating revenue is up 20.2% in Q2 and up +17.5% in H1. This sustained growth is the result of the growing attractiveness of the solutions offered by the group in its value business lines. In employee benefit, Edenred capitalized on safe value increase and on our multi-benefits offer to generate growth. The performance of Fleet and Mobility is solid and supported by strong sales, especially on the SME market. Let's move from Europe to Latin America, and I move to page 21. In Brazil, the growth in Q2 reached 17.7% in line with our performance in Q1. This growth is supported by the continued success of Itaú Unibanco partnership. I remind you, Itaú is a major Brazilian bank owning a large network of branches across the country. We also delivered a robust performance in Fleet and Mobility solutions. In accordance with our Beyond Fuel strategy, we are successfully deploying our maintenance and toll solutions with high growth pace. In Hispanic Latin America, our operating revenue is up +16.3% in Q2, in line with Q1, confirming the recovery of the region for employee benefits business lines with a good sales momentum. The growth of our revenue in Fleet and Mobility is also strong, surfing on the deployment of our Beyond Fuel solutions. It's over for the operating revenue. We move now to the other revenue. I am on page 30. The other revenue is up 49.1% in reported figures, driven by increase in float and interest rates in non-Eurozone countries. The other revenue stands at EUR 31 million, EUR 10 million more compared to H1 2021. The increase of float is sustained by the growth of our business volume, and our investments are positively impacted from higher rates in Europe, outside the Eurozone and in Latin America. On page 31, you find the total revenue performance. The total revenue is the sum of operating revenue and other revenue. The total revenue is up +25.7% in reported figures in Q2, and is up +21.7% in H1, and stands at EUR 922 million for the first half of the year. I propose to move on page 32 to contemplate the P&L, starting with EBIT. As we've seen previously, the total revenue is up by almost 22%. On a like-for-like basis, the EBITDA margin was 1.3 percentage points higher year-on-year, demonstrating Edenred's ability to capitalize on its operating leverage while continuing to invest in technology and innovation to help drive the group growth. The operating EBIT growth is even higher at 24.3% in like-for-like, with an improvement of 1.7 points of the operating EBIT margin. On page 20, on page 33, we move to the H1 2022 net profit. The net profit group share is increasing significantly and is up by 27.5%. D&A are increasing by 11% as a result of continued investment in technology and innovation. Net profit takes into account a net financial expense of EUR 17 million versus EUR 9 million in 2021. The net financial expense in first half 2021 included the positive impact of the increase in the fair value of Edenred's investment in the Partech. At the end of the first half 2022, our net profit group share stands at EUR 170 million. After the P&L, I move to free cash flow statement on page 34. Edenred's business model generates significant cash flows, delivering funds from operations before other income and expenses of EUR 299 million in first half 2022, up 17.5% as reported. Our total cash related to working capital requested is improving versus 2021, moving from -EUR 22 million to +EUR 90 million. Reimbursements of gift vouchers done during the beginning of the year has been compensated by additional float driven by business volume increase. As you can see, the recurring CapEx stands at EUR 66 million to be compared with EUR 46 million last year. As Bertrand mentioned, it's 7.2% of our total revenue. We can move to the next page to analyze the level of net debt. The net debt position at the end of H1 2022 stands at EUR 1.056 billion coming from a net debt position of EUR 1.449 billion in H1 2021. This significant decrease of the net debt is the result of a very strong free cash flow generation of EUR 767 million, and has been achieved despite the full cash dividend payment we did in June 2022. I go to page 36 to share with you the robust financial position of Edenred. Edenred balance sheet is solid, with EUR 4.7 billion in cash and restricted cash on balance sheet, short-term financing options for almost EUR 2 billion, no financial covenants, and a firepower for M&A of around EUR 1.5 billion- EUR 2 billion. As you can see, on the right-hand side of the slide, we have no major debt repayment before 2024, and the soundness of the balance sheet is confirmed by Standard & Poor's. The rating of Edenred is BBB+, and the outlook has been increased to positive from stable in April 2022. This is it for the detailed figures. I give the mic back to Bertrand to share with you our full-year outlook. Thank you, Julien. We discussed a lot about, in fact, the engine of Edenred, which is, you know, our platform. We discussed a little bit about the mega trends that are very positive, you know, tailwinds for Edenred. There is one last thing that I want to share with you, and it's page 38, is the fact that we are, since the war in Ukraine that started in February 2022, in a very new macroeconomic context. When we look at this macroeconomic context, we are very positive for the contribution of this context to the sustainable and profitable growth of Edenred. What does it mean? First of all, the Edenred solution are more and more attractive in this context. First of all, we have inflation, and so inflation means purchasing power for the employees. It also means difficulties for many companies, and especially the SMEs, to follow, you know, the pace of inflation. That's why our digital comprehensive offer to give back purchasing power in a fiscally efficient manner is, you know, more and more attractive for the employers around the world. The second thing is when you are in such a context, you are looking for enhanced efficiency and more control. It's what we can provide with our fleet and mobility solutions, and also the B2B corporate payment solution, things that are more under control and things that are more efficient. So yes, the Edenred portfolio solution is more attractive in such an environment. The second thing is, yes, when you have inflation, you have increase in maximum face value of our programs. We saw that, for, you know, the Ticket Restaurant, where we had some increase in the legal maximum face value decided by governments. It's true in Romania, it's true in Turkey, and it's also true in France, where the government decided, in fact, last Friday to increase the face value by 4%. When you have an increase in the maximum face value, it doesn't mean that it's gonna happen. It's our know-how to convince clients, in fact, to use what has been given from a legal and, let's say, a regulatory point of view, to be used by the employers for their employees. It's not automatic, so it's our job to make sure that it is understood and it's gonna be used by the employers to give more purchasing power to their employees. The third element that is new is the increase in interest rates. In fact, the increase in interest rates, we see immediately the impact on our other revenue. We see in H1 an increase of 49%. It's an increase that is very notable in Latin America and non-euro countries. Knowing that the European Central Bank decided last week to increase by 50 basis points, it's gonna help us in the coming semesters. That's another new element that contributes to accelerate the revenue generation and the profitability of Edenred. The last thing is that we saw an increase in fuel price. When we look at what it means for Edenred, it means an increase of the like-for-like operating growth of about 2.5%-3% points, in fact, contribution in H1 2022. To make a long story short, there are a lot of tailwinds that are positive for Edenred in this current macroeconomic context. To conclude, page 39, yes, Edenred is in a stronger position than ever to generate sustainable and profitable growth. First, because we will continue to strengthen our platform every day, and what we want to achieve with our unique scalable platform is to penetrate more our under-penetrated markets, to bring more and more new solution and services on the market via the platform to increase the upselling and the cross-selling. Also the ability to distribute products that have not been developed by Edenred, but will be connected to the Edenred platform to contribute to our mission, being the everyday companion for people at work. Also because we are a digital platform accessible via API to have our product and services distributed by some other platforms. I remember all of you that we are now connected to, for example, to more than 200 food delivery platforms around the world. The second thing that is positive for the sustainable and profitable growth of Edenred is we have new trends that have accelerated on the market. The digitalization of our stakeholders is good for the digital leader. The working world transformation and especially the remote working is good for Edenred. People are looking more and more for Virtual Canteen. People are looking more and more for employee engagement solutions, and people are looking for more and more greener mobility. Thanks to our data-powered product and solution in fleet and mobility, that's something we can provide. Finally, as I said, since you know February 2022, we are now in a new macroeconomic context, and inflation and corporate needs for enhancing employee engagement are making the Edenred solution even more attractive. The combination of the platform advantage of mega trends that are accelerating and a new macroeconomic context are positive for Edenred. That's why for the full year 2022, our EBITDA estimate is between EUR 770 million and EUR 820 million, which represent a yearly like-for-like growth of EBITDA between 14% and 22%. Thanks. 21%, sorry. Thanks a lot for your attention. Julien and myself, we are all yours to answer all the questions you may have. Ladies and gentlemen, if you wish to ask a question, please press zero one on your telephone keypad to enter the queue for the question and answer session. We already have one question from André Juillard from Deutsche Bank. Please go ahead. Yes, good morning. Thank you for taking my question and congratulations for this good results. A few questions if I may. The first one was about the new developments and especially Ticket Alimentation or things like that in the mature market. Do you have any good news from discussion with government regarding the actual environment? Second question is about balance sheet. We are seeing that you are able to generate a lot of cash and decrease more rapidly than expected your leverage. Could you give us some ideas about the use of cash or the potential re-leverage of the company? Third question about the French market. We've seen that Swile and Natixis merge. What are the key interpretation you do from this merge and the fact that we reduce the number of players in France, which I think is a good news for the French market, but that's my interpretation. Interested to have yours. Thanks. Okay. André, good morning, and thank you for your questions. First of all, there is no mature market. The truth is all our markets are under-penetrated. We shared with all of you know, the numbers in terms of SME penetration, less than 10% in France, less than 5%, you know, in Italy, and we could take the countries one by one. In fact, that's the beauty of the markets we are operating on. There is no mature market. All the markets are still at opportunity in terms of penetration. The second thing is, because we are the worldwide digital leader with a platform that is stronger every day and with the intention to increase our level of investment, and you notice that our level of CapEx is at 7.2%, so because 2022 is a good year, we accelerate, in fact, our investments in the platform because we believe in the platform advantage. Thanks to the platform advantage, there is no mature market. As well, we're gonna grab more and more market share and more and more share of wallet. Once again, if you look at France, EUR 5,000 of total benefits that can be proposed, it's a very nice way for the employers to fight against inflation and to give back with a fiscally efficient solution to give back a purchasing power. Something I can share with you, André, I have always been, you know, a sales rep for Edenred, but these days I'm like, you know, a crazy sales rep. All the CEOs that I meet, I share with them, you know, the EUR 5,000, and immediately we have a meeting, you know, between the head of France and the people in charge of benefits in the companies because many people did not realize that, you know, the portfolio of Edenred was so vast and was so unused in fact. Do we have good news from the governments? Yes, we have. If you look at the face value increase, in Turkey it has increased by 50% recently. In Romania a few weeks ago, it has increased by 50% the face value, moving from 20 RON to 30 RON. In France, last week, as I said, the increase of the face value was supposed to be 2.5%, and the government decided to move to 4% starting, you know, September the first. 4% is better than 2.5%, but it's not enough because inflation is gonna be 6.5%, you know, in France. Yes, the sense of the story right now is more and more attraction to, you know, to benefits coming from the employers, but also coming from the governments who are looking at efficient solution to fight against, you know, the inflation. Your second question was, you know, our balance sheet. Yes, it's true that we believe in sustainable and profitable growth at Edenred. We believe that revenue growth is vanity, profit growth is sanity, but cash growth is king. Our job is to make sure that we are generating cash to give back to our shareholders via our progressive dividend policy, but cash also to fuel the growth of our platform via technological investment, but also investment into our sales machine, as explained. When needed, and you know that our big priority is organic growth, but when needed, when we think that from an economic point of view, it makes, you know, better sense to make some acquisition, we make some acquisition. You also know that we are very strict on our financial discipline. That's why for the last 2-3 years, we didn't buy much because the multiples were very high. Now that the situation on the multiple front is getting better, we could be more acquisitive in the future, knowing that as a platform, our priority is to go after digital services that have been developed during, you know, the last 3-5 years with the right multiple and that could be integrated quickly on our digital platform. For example, if we find a mobility service that has been developed in one country that is, you know, pushing, you know, further our ability to be the everyday companion for people at work, and if we think that it's more efficient to buy than to develop ourselves, boom, we will make the acquisition at the right multiple and integrate both services into the Edenred family. Yes, we generate cash. Yes, we are de-leveraged, and for sure our leverage is gonna be below one, you know, by the end of the year. When I say below one, it's much, much below one. We have some dry powder, but it's not because we have dry powder that we will not spend wisely. The priority is to fuel our organic growth by investing into our tech. The second priority is to keep our strict financial discipline and to invest in any digital services that will accelerate the strength of our platform. Your third question was about, you know, the French market. Yes, you have a kind of merger between Swile and Natixis. Our view on that is, first of all, it's very logical. It's a scale business. It's a global business. You have two actors who are only in France. One of them, if I'm not mistaken, Swile, the revenue of Swile after six years in France was EUR 11 million and EUR 34 million negative EBITDA. What we discovered with, you know, the publication of the merger is the merger of both of them makes, you know, a new entity that is not profitable. It means that what they said is they said that their intention is to be profitable by 2024. What does it mean? It means that in a scale business, in a global business like the ones we are with, you know, large costs for compliance, cybersecurity, in fact, concentration is a logical consequence. The fact that both players now tries to be together is for me very logic. That's my interpretation. It's, you know, let's say the best example of what we shared with you. We are in a scale business. We are in a global business. If we invest enough on the platform, it makes more and more difficult for players that are only local with limited investment capabilities to follow the pace of innovation and development. You are right. In fact it's one player less on the French market. I strongly suspect that there will be some other consolidation to come. Having said that, you know, as you know, we love competition because we are competitive people. As you see, our growth in France in Q2 was more than 12%. Thank you very much. We have another question from Simon Lechipre from Stifel. Please go ahead. Yes, good morning. Three questions for me, please. First one on the margin performance. Could you give us some color on the operating leverage? As the margin improvement was a bit more limited than I was expecting if we include the contribution from other revenue. Is it like inflation eating a little bit into margin or is it just higher investment to fuel growth? And in this context, if you give some color on H2 and should we expect margin to improve year-on-year in the second half? Second, on CapEx, so slightly above 7%, is it the new norm? Should we expect CapEx to stay above 7% going forward? And lastly on Brazil and regulation, is there any update that we should be aware of? Thank you. Okay. Thank you, Simon, for your three questions. As to the margin performance, in fact, what has happened? Well, first of all, we are a scale business. A scale business means that, at the end of the day our margin should continue to improve. It's what you see in H1 with an improvement versus H1 2021 in published from 30% to 39.6%. In like-for-like it's an improvement of 131 basis points. Yes, the margin is improving. Could we have a higher level of margin in H1? The answer is yes, Simon, but the decision we made is to accelerate our investments and investments at Edenred are mainly development, it's, you know, in our sales force, but it's also in, you know, the development of the digital capabilities of our platforms. Digital capabilities means developers and part of the development, the developers can be, you know, in CapEx, but part of it is still in OpEx. When we understood the equation we are in, i.e., you know, a new macroeconomic context that could be favorable to Edenred, we decided as usual at Edenred to accelerate our investments. That's why you see a level of CapEx that is slightly above 7% because we accelerate boom, boom. It means that you can imagine the same acceleration on OpEx because for technological investment it's a combo of CapEx and OpEx. Yes, we limited a little bit our EBITDA margin improvement because we want to accelerate our development. The second thing you have to take into account is, you know, at Edenred, we are operating in 45 different countries and the level of profitability from one geographical zone to another is somehow similar but still, there are some differences. If you look at, you know, the weight of Latin America, the weight in fact of Latin America in 2022, you know, is lower than the weight we had in fact in 2020 for example. Knowing that Latin America globally is slightly more profitable in terms of EBITDA margin than, you know, Europe, for example. Here, in fact, the good news is you have an EBITDA margin improvement. The good news is we could have done better, but we want to accelerate our development, so it's one way to use the surplus of margin. There is another aspect which is, you know, the geographical weight, knowing that Latin America slightly more, let's say, globally slightly more EBITDA margin relative and the weight of Latin America as compared to the previous year is slightly lower. There is another good news behind that, Simon. The EBITDA margin in Europe is increasing. It's a combination of less weight in Latin America, higher EBITDA margin in Latin America, but growing EBITDA margin in Europe, and then the willingness to accelerate our development. Your second question was about the CapEx. We said at the last Capital Markets Day in 2019 that our level of CapEx should be between 6%-7%. 7.2% for the semester, you know, is very close to 7%. Yes, I expect in the future, depending on the economic conditions, obviously, and depending on the growth opportunities that we see. I expect our level of CapEx to be closer to 7%+ than 7%-. Once again, when you are in the platform economy, when you are looking for scale, time is of the essence and innovation is of the essence, and we don't want to miss any train as long as we see, you know, many, many growth opportunities. Your third question was as to the regulation. The question is, do you have any news? The answer is no, we don't have any news. We have conversations working on the different elements, and so we'll see how it goes. But once again, we have been in Brazil since 1976. 100% of our people in Brazil are Brazilians. They know the business well, you know, and they know well how to discuss with the authorities to make sure that even if the administration is changing on a regular basis, they do the work of education and explanation well, you know. Okay. Thanks for that. That's really helpful. Thank you, Simon. We have another question from Justin Forsythe from Credit Suisse. Please go ahead. Thank you so much, and thank you guys for doing this, and nice quarter. First I wanna ask a question around the employee benefits segment. Are you seeing any signs of deceleration in the addition of employees to the platform at your employer clients? That's question number one. Question number two, I know you've spoken a little bit in the past about the impact of unemployment on the employee benefit segment. Can you help quantify that for us? For instance, if unemployment was to increase from 7% to 10%, would Edenred see, you know, a corresponding drop, or would it be disproportionate, given the size of the businesses that Edenred works with? Lastly, I wanted to dive in a little bit on the SMB points you were making. Of course, you mentioned that's an under-penetrated channel, but can you remind us of the sales strategy within that business, and if you expect to do a lot of self onboarding there? If that's the case, will you expect marketing costs to sign up those SMBs to go up as a result? Thank you. Justin, good morning. Thank you for your questions, and welcome on board. Your first question is, do we see some deceleration on employee benefit segment? The answer is no. As of today, as of yesterday night, we don't see any deceleration. Your second question is, what would be the impact of unemployment on the Edenred business? First of all, we are in vastly under-penetrating market. Yes, it's true that if you have a rise in unemployment, you have less people theoretically to serve on every portfolio of each client because on average they will employ less people. Having said that, due to the fact that our markets are under-penetrated and due to the fact that we have more and more upselling and cross-selling to be done, thanks to our product innovation, we think that we should be able to more than compensate the negative aspect of the rising unemployment. When you say, "Is it going to be disproportionate?" The answer is yes. Positively disproportionate. Means that we believe that thanks to the scale advantage we have with the platform, we believe that due to the under-penetration, we believe that with our sales machine, whether on field, but also, you know, web sales, as we demonstrated, you know, a few minutes ago, we feel that we have more tailwinds than headwinds. You are right to say that at some point of time there might be some recession leading to unemployment. You are right to say that it's gonna have an impact on our portfolio of current users, so less user to serve. You have to remember that we are in 45 different countries, so it means that the recession might not be the same from one zone to another, an intensity that could be different. The second aspect is, as I said, under-penetration and investments on our platform to allow more upselling and cross-selling makes, you know, for us, in the total of tailwinds, stronger than some of the headwinds we might have. Your third question is about SME and SMB. Yes, in fact, let me give you a few elements. All our markets are under-penetrated. The most under-penetrated sub-market per business line and per country is the SME. One of the priority is to penetrate. Why? Because, in fact, economically, it's what is, in fact, the most efficient. When you have to move one client from one provider to another provider, the level of commercial efforts and probably, you know, the pricing is not as, let's say, attractive than, you know, going after unpenetrated market. We have a very well-defined, let's say, picking order in terms of which market, which clients we want to go after first. The second thing is SME game is a game that we love because it's a very technical game with a complex equation. You have to look carefully at your cost of acquisition, you have to look carefully at your churn, you have to look carefully at your pricing, and you have to look carefully at your cost of, you know, satisfying the customer. We love that because it's a scale business, and we love that because it's a business based on a very strong expertise. A few years ago, we decided that it was one of the many levels on which we wanted to be the best. At Edenred, we built at the headquarters a center of expertise that we are using, you know, country per country to make sure that they respect, you know, the different rules of the equation. We will continue. We are more and more digital because the cost of serving needs to be reduced as much as we can. The onboarding is gonna be more and more fully, you know, self-onboarding driven. In fact, the web sales are going to continue to increase because the name of the game is to reduce the cost of servicing, to reduce the cost of distributing, and the name of the game is to find the right equation between the cost of acquisition and the lifetime value of the customers. That's an equation we love, you know, working on, and we love maximizing because we are scaled, and we are in 45 countries, so we can try things in one country, look at the results. If we fail, we stop. If we succeed, bam, we are able to fertilize in some other countries. I give you an example. What is the right proportion in lead generation between internalization and externalization? What is the right percentage? What is the right percentage in terms of lead conversion between using external providers and internal providers? What is the minimum number of salespeople, telesales or web sales you need to have to make sure that you are at scale? We can test and learn all the different equation on a weekly, monthly, quarterly basis to continue to improve the machine because we are at scale, and we have the luxury to try different formula in different countries. To make a long story short, SMB will continue to be one of our priorities, and we will continue to work on the maximization of the equation, taking all the elements into account. Got it. That is super helpful and crystal clear. Thank you for that illustration, and also happy to be on board. Thank you. Thank you, Justin. Our next question comes from Geoffroy Houlot from Bank of America. Please go ahead. Yes, good morning, everyone. This is Geoffroy Houlot from Bank of America. Three questions, please, from my side. Just quickly getting back to the - EUR 50 million line, you know, in other, so EBITDA, so to get back to that, but just to clarify, you know, your prior answer, that's coming from a higher OpEx. That's explaining the move from + EUR 2 million to - EUR 50 million, between H1 last year and H1 this year. My second question is regarding your EBITDA guidance, so the EUR 770 million to EUR 820 million for that year. I guess you said it basically means between 14% to 21% like-for-like growth. I think you have reported 20% between the first half. Taking, you know, the midpoint is 17.5%, so imply, you know, a kind of deceleration in the second half, even taking the high end of the range. Just would like to get, you know, why we should see a kind of deceleration in second half. Is it driven by more investment, the comms? Happy to get your thoughts there. And thirdly, regarding, you know, the CMD in October, November, just would like if you can share with us a bit of what are going the key themes, the key topics, you know, you are going to discuss, you know, during this event if possible. Thank you. Geoffrey, thanks a lot for your question. I will take care of the third one and the second one, and Julien will take care of the first one. I will start with the third one. Geoffrey, you need to be there in October to, you know, to see what we're gonna discuss about. The discussion will be about, you know, accelerated growth due to the platform effect of Edenred. The explanation of what a platform is, where are we as a platform, and what do we foresee in terms of mega trends, but also macroeconomic mix with the platform. It's gonna be very technological driven for all of us to better understand where we are in our journey of total disruption and evolution of Edenred into, you know, the platform model. I will not say more than that because it's gonna be a very good day. We will be very proud to explain to you where we want to go, and we will be very happy to take your questions because by the questioning all of you are making, you help us, you know, to grow better and stronger. You know, bear with us and it's gonna be in London, and we trust that you're gonna be with us. Your second question was about the EBITDA guidance. Yes, it's between 14% and 21%. What do we foresee for the second half of the year? We foresee a lot of, you know, positive tailwinds that will continue, in fact, in the second half. We see a few things to be taken into account, knowing that we love being in the higher part of the range that we give. You know that that's something we enjoy at Edenred. There are a few things to take into account if you look at the performance in terms of like-for-like growth. The first thing is the basis of comparison. In fact, H2 2021 was stronger than H1 2021. Why? Because H1 2021 was still in certain countries, you know, COVID months. We know the basis of comparison in H2 is gonna be stronger than in H1. The second thing you need to take into account is the fuel price. We benefited in H1 from the fuel price effect. It has contributed to an additional growth of between 2.5% and 3%. We know that in H2, the basis of comparison is gonna be stronger because, in fact, if you look at the evolution of the Brent and the WTI, it has increased starting in fact, in H2 2021. The 2.5%-3% growth we saw in H1 mechanically will be reduced by half, moving to, let's say, between 1.2% and 1.5%. The third element in the basis of comparison, and it's always the same at Edenred, the Q4 is very strong every year. Why? Because you have the gift campaign. Every year a gift campaign is a new campaign. We are in business for growth. We have all, you know, the services to continue to have a strong growth in gift. Last year we had, you know, a little bit of help from the regulatory environment because some countries doubled the incentive for Christmas. Why? Because in both countries it was a new wave of COVID. We know that we have a strong basis of comparison in the gifting in 2022, but we also know that we operate better and better on gifts, so it should be a good year, but too early to say. To make a long story short, we know that the basis of comparison is gonna be stronger in H2 than in H1 due to the gifting campaign, due to the fuel price effect, and due to the COVID effect that did happen in H1, in fact, H1 versus H2 last year. That's why, it's too early to say, where we're gonna be, but probably based on, you know, the trends that we see that are much more, you know, deep and profound, we should be in the upper range of this, between 14% and 21%. You had a question on others, Julien. Yes. A few comments on that. Yes, we have a gap between what was in others last year and what we have in 2022. Two explanations to that. The first one, which represents around 50% of the gap, comes from the long-term incentive plan that we manage. You know that those plans are three-year plans. We did a poor performance in 2020 compared to what we used to do. This year we took into consideration the good performance in 2021 and 2022. I would say that it is a comparison basis that explains this gap between 2021 and 2022. The second main topics we have in this variation comes from investment that we consciously decided as Bertrand explained. Yes, we have an increase in terms of CapEx, but you know that tech developments increase means both CapEx and OpEx increase. You have a part of this OpEx increase that you find in others as we are managing that at EQ level. Great, Julien, thank you very much. We have another question from Ed Young from Morgan Stanley. Please go ahead, sir. Good morning. Thank you for taking my questions. I've got two that have been asked. First of all, on France, I appreciate it's still a very good growth rate there and well above where your guidance is. Relatively speaking, it's the slowest growing region compared to the I guess exceptional growth you're seeing elsewhere. Is that just variance? Is there anything going on in that market in particular? You were very keen to say earlier, Bertrand, that there's no such thing as a mature market, so presumably you've got even higher expectations maybe. Just any color on France in particular would be interesting. The second thing is, you can't cover every theme and every mega trend in the presentation, but you didn't mention Virtual Canteen, which you've mentioned, I think in the last two or three quarters. Just noting that the contract caterer is now reporting very strong business and industry volumes, you know, Compass well above 2019 levels. Is that coming through as maybe a little more of a headwind of signing Virtual Canteen or is progress there still strong? Thanks. Okay, Ed, thanks a lot for your question. As you know, Julien was the head of France for a certain number of years. Maybe I propose that you answer, you know, the first question. Yeah. Maybe we can talk together about the Virtual Canteen. Yes. Regarding France, yes, we did +12% in Q2, which is a great performance. When you compare France to other countries, I think you have to take into consideration two things. The first one is that inflation in France is not that high. It means that when you compare the inflation in European countries and in France, because the government took few decisions, the inflation in France for the last 12 months is something like 5%-6%. When you look at inflation in the rest of Europe, it's between 7.5% and 10%. Inflation has not the same impact in France as in other countries. Nevertheless, as Bertrand said, we have tailwinds regarding the face value of Ticket Restaurant, so the government decided to increase the face value, the first of January, of 2.5%, and last week they have decided to add another 4% on the face value. It means that the face value in France is going to increase by more than 6.5% this year compared to last year. This is the first thing I want to say. Second thing, in terms of performance, I can tell you that generating more than 12% growth in France is a good performance when we compare to other markets and when we compare to competitors. As we already mentioned in the presentation, our market share is growing on the Ticket Restaurant. It means that we were at 36% in 2016, now we are above 40%, and when I say above, it's 41%, 42%, according to last studies we did with Ipsos in June. It means that we are gaining market share and we are still pushing on that. The last thing regarding the France performance compared to other countries, keep in mind that the fleet and mobility business in France is not that big. It means that, yes, we have the fleet and mobility, but it's quite small compared to our other businesses. It means that you have no fuel price impact on the performance of France. It can explain the gap between France and other countries. Maybe I can add, you know, a different angle. When you think about France, there's still a lot of penetration to be made, for example, in SMEs, a lot of upselling and cross-selling with our EUR 5,000 portfolio of digital solutions. You also have the macroeconomic context of France. You have more unemployed people in France than, you know, in the average of Europe. You have less economic growth in France than the average of Europe, and you have relatively less inflation in France than the average of Europe. France is really, you know, in the middle of the corridor. That's why maybe when you look at the growth in France of 12%, it sounds, you know, or it looks like a little bit mild as compared to the average growth in the group, but mild as France is. Unfortunately, I may say, Ed. You had a second question on the Virtual Canteen. Yes. In fact, it continues because remote working, which is the number one driver, is here to stay. Due to the fact that you have less and less people in the office, due to the fact that people are more satisfied with, you know, a Virtual Canteen solution than with a physical canteen, due to the fact that it's less costly for the employers, we see the movement continuing. As I explained before, it's gonna be a movement along, you know, many years because it takes time in the sense that generally speaking, you need to wait for, you know, possibilities with your landlord, and then you need to get an agreement with your workers' council because generally speaking, it's co-managed between the works council and the employer. The trend is there, the trend doesn't decelerate, but then it's opportunistic in the sense that you need to have the right window of opportunities. It's a top priority for us as well to make sure that people who are looking for a more adapted solution to the remote working are using the Edenred digital solution. Thank you both. Very useful answers. Appreciate it. Thank you, Ed Young. We have our last question from Paul Sullivan from Barclays. Please go ahead. Yeah. Morning, everyone. First one for me. Can you remind us of the free cash flow guidance for the full year and how we should be thinking about conversion versus the target? Secondly, in aggregate, what was the contribution from inflation in employee benefits in the second quarter? Then finally, as it becomes more meaningful, can you give us some help on how to model other revenues and the breakdown of float by currency and remind us of the sensitivity to Eurozone rate changes going forward? Thank you. Thank you, Paul. I propose, Julien, you take one and three, and I will start answering on two. Yeah. Perfect. Go for one and three. No. Okay, you said you would start by answering on two. Regarding the free cash flow and the conversion ratio, you know that our commitment is to convert at least 65% of our EBITDA into free cash flow. When I look at the performance we've been able to deliver during the first half of the year and regarding the growth that we are generating, I'm quite confident in the fact that we will be above those 65%. When I say above, it will be quite a good performance compared to the 65%. You know that over the last two years we've been able to be at more than 80% in conversion. This can give you an idea of where we could land, knowing that last year we did well because we did a great performance with discount in last quarter. We are committed to deliver more than 65%, and we will do that this year. Even more, maybe more than 75%. Julien, I don't, you know, I know you are very, let's say, conservative, but the probability that we do more than 75% is. Is high. is super high. Yes. Okay. Yeah, yeah. The question number three as to the other revenue evolution. Yes. The other revenue came from EUR 21 million last year to EUR 31 million last year. When we look at the distribution of the floats per geography, 80% of the float is in Europe and 20% is in Latin America. In Europe, if you look at the 80%, 1/4 of this 80% are in a non-Eurozone country and 80% is in Eurozone country. What does it mean? It means that today we took advantage of the interest rates in Brazil and in Latin America. In Brazil, the Selic is above 12% today. Last year it was at 2% in January and 6% in September. We have a big increase even if the second semester will be with a higher comparison basis. In a non-Eurozone country, we have a big interest rate increase. It's true in the U.K., it's true in Czech Republic. In Czech Republic, it's something like 500 basis points. In Romania it's almost 400 basis points. This is what you see in our other revenue. Regarding the Eurozone country where interest rates are going to increase in the coming months. It started last week with the 50 basis point increase decided by the ECB. It will come and as Bertrand said, it will have impact on our other revenue in the coming semesters. Last comment about the other revenue, it is the impact of Turkey, because when you look at the line, rest of the world, you see that you have discrepancies between the like-for-like performance and the reported performance. It is the consequence of the devaluation of the Turkish lira. We have a high interest increase, we have high interest rates in Turkey, but we also have the impact of the depreciation of the local currency. Okay. Your question as to the contribution of inflation on employee benefits, it's a super complex question. The answers I have for you at this stage are only qualitative answers. On the Fleet & Mobility, we are able to compute quasi scientifically what it means because we know the evolution of the fuel price. We know country per country, price formula per price formula, what is due to a take-up rate on the value, but what is also due to the number of transactions. What is, you know, the, let's say, the pricing that is based on the kilometers, for example. We are able to say that it's between 2.5% and 3%. On employee benefits, the only thing I can say, it has a positive impact on face value increase. This impact is gonna continue and probably amplified. But by how much? It's difficult to say because then what happens is the usage of the maximum legal envelope is very different from one product to another and from one country to another. The pace of usage is very different as well. Finally, we also have inflation in our costs. Looking at the, you know, the revenue is only, you know, one side of the equation, the other side is, you know, the cost. At the end of the day, on employee benefits, I'm not able in fact to give you a credible number. The only thing I'm able to say, it's positive and what we want to be is an inflation winner, and we demonstrate that. We want to benefit from the increased value of the potential portfolio we have. We also want to control well our cost structure to make sure that we continue to create some value. That's the name of the game for us. That's brilliant. Can I just clarify, the 1.2%-1.5% contribution from oil that you talked about, was that in the second half of the full year? Yes. Yes. What I said is on fleet and mobility, when we look at the contribution of it, of H1 to H1, it's about, you know, 2.5%-3%. When we look at what has been the fuel price in H2 2021, it was much higher than in H1 2021. Our computation leads to the fact that the delta in H2 should be 1.2-1.5% instead of 2.5% or 3%. Another way to say it, the growth coming from the fuel price should be divided by two in H2 versus H1. That's very clear. Thank you very much. Wonderful. Cheers. Okay. Thank you. Thank you, Paul. It's now 10:07, Paris time. Maybe it's the time to conclude. In a nutshell, we are very pleased by the H1 2022 results. Those results demonstrate our capacity, our capability to accelerate our growth. Not only the growth, but what we like, i.e., sustainable and profitable growth. The second thing is when we look at the performance of Edenred, now we are looking at the global performance, i.e., the financial performance we discussed a lot about, but also the extra financial performance. The purpose of Edenred is to enrich connections for good, and we want to be, you know, a tech for good, i.e., the ability to use our leadership in digital specific purpose money to contribute to a better world by being an enabler in many countries for many users. The third thing is, we believe that more than ever, we are very poised to generate, you know, growth in the future. Why? Because we will continue to strengthen our platform from a technological point of view, from a product point of view. The idea is to penetrate deeper. The idea is to upsell and cross-sell more. The idea is to be distributed and distribute products on our platforms or the platforms of others. The other element is, yes, there are some trends that are very positive for Edenred. Digitalization, working world transformations, and an era of greener mobility. Finally, we are in a new macroeconomic context since February 2022. This context, if we play it well and we demonstrated that we are able to play it well, it's a context where you need to give back as an employer more purchasing power. You need to control more your costs. Due to the inflation, it's good for Edenred. The interest rate increase is good for Edenred. In this new macroeconomic context, Edenred solutions are more and more attractive. We are positive on our H2, and more importantly, we are positive beyond H2 on our ability to generate sustainable and profitable growth. Thank you for your attention. Thank you for your questions because it help us, you know, better understand our business and continue to make progress. We wish you a wonderful day. Bye-bye. Bye-bye. Ladies and gentlemen, this concludes today's conference. Thank you all for participating. You may now disconnect.