Good evening, everyone, and welcome to the Elior Group's half-year 2024-2025 financial results conference call. As a reminder, today's call is being recorded. The management discussion and slide presentation, plus the analyst question-and-answer session, are being broadcast live over the internet. Today's call will start with an introduction from Daniel Derichebourg, Chairman and CEO. He will address you in French with a consecutive translation in English. After this introduction, Didier Grandpré, Chief Financial Officer, will then carry on with the usual presentation before opening the Q&A session. Mr. Derichebourg, please go ahead. Okay. [Foreign language] Okay. Good morning or good evening, everybody. I do apologize for speaking to you in French. Unfortunately, I did not really learn English at school. We bought the company two years ago, acquired the share in the company, and we have had two difficult years. Today, I am happy to say that things are going a lot better. Okay.[Foreign language] In the first half of this year, we're very happy to say that we've got an organic growth of about 1.5%. This is mainly in contract catering, where we've had 2.3% growth. This is mainly because we've been working very hard on rationalizing any loss-making contracts in our portfolio and also renewing contracts, signing new business with larger margins. We're very, very disciplined in our profitable growth. [Foreign language]. In terms of our perspectives and looking forward, especially in our commercial activity, we've really changed our approach, decentralizing all our commercial development into the regions of certain countries and of each country. We've managed to register a number of contract wins better than the amount that we've lost in the first half. This is not yet visible in our turnover. [Foreign language] We're really investing at the moment in all our commercial development. I'm happy to say that we've got a number of acquisitions in small companies, mainly in the cleaning activities. This is about EUR 60 million in turnover. We've taken a number of companies that are in difficulty, and we're in the process of turning them all around. We're doing a number of investments in central kitchens. This is for the development of our customers so that we've got more capacity in our central kitchens. Okay. [Foreign language] I can really tell you in terms of profitability that we can really start to measure the effects of this strategy because you can see that there is a progression of our EBITDA and also our net result, which is increasing, EUR 43 million. Our objective is to be able to give new dividends at last, short and medium term. I do not know if you remember, but the last dividends go back to 2018-2019. I really believe that each shareholder deserves to receive a dividend. [Foreign language] Also, another thing that we've done is to move, and the removal from the west to the east side of Paris has made a huge difference. We've saved EUR 8 million in cash. We've gone from having 17 floors to three floors. You can imagine the amount of savings that that has made. [Foreign language] Synergies is a really important point to talk about as well. Our objective for the end of 2026 is EUR 56 million in terms of synergies. I can already say that at the end of March, on an annualized basis, we're already at EUR 40 million. [Foreign language] Therefore, in terms of our refinancing, which was finalized at the end of January 2025 with a bond, I really wanted, and it was a real strong desire, to reduce all our financial costs. I think we talked about a saving of EUR 500 million. It is a reduction. Reduction of the size of the bond. Reduction of the size of the bond to EUR 500 million. We have really reinforced our discipline in terms of the cash with a very, very close following of every week with all the different managers of our subsidiaries. When I was a young man, I already learned that delays in payment meant that you had less cash. For me, what is the most important thing is cash. [Foreign language] In terms of reducing our debt, and that is absolutely a priority for us, and I'm very happy to say for the first half of this year, we've got a reduction of EUR 146 million. [Foreign language] [Foreign language] [Foreign language] Okay. In terms of innovation, and mostly in terms of working on all our information systems, we're totally working hard on converging all our information systems. We've hired two suppliers, competitors, whose names I won't give here, but they're working very hard on everything to do with artificial intelligence and making sure that we have innovation in every single area in this field and also bringing everyone together. We really want to be a benchmark and a leader in this field. [Foreign language] Just a word in terms of everybody, it's very fashionable at the moment to talk about Trump and tariffs and taxes. I just thought you wanted to know that we're not at all affected by those because an awful lot of our production there is local, and therefore we're not affected by that. In terms of Italy, which is another problem child, I'd like to say that we're really returning to profitability is our objective in short and medium term. For the moment, EBIT is showing, but we also really want to get back to profitability. [Foreign language] Now, it's the last point. Just a word on what we call the circular economy. And something we're very, very committed to is making sure that we get as much local suppliers and production in order to really give a value to the people that work locally in all the different countries in which we operate. That's really important. This really, these last nine points were a summary of what I had to say to give you an overview of where we are as a company. [Foreign language] Just a word to sum up everything. I'd just like to really say before I hand over to Didier that in the last two years, we've been working incredibly hard. I'd like to really thank all the men and women who work for our company, be it in Derichebourg or be it in Elior. I've met some sensational people and 140,000 across the globe. They're all really brilliant people. We really have nothing to envy in our competitors. [Foreign language] It's a bit like being in a rugby team. I feel we're really all together, all pulling together, whatever our size, origin, or anything else. It's really a source of pride for me. Okay. Thank you, Daniel. Let's move now to the presentation and the slide that you should see on the screen. [Foreign language] We have provided detailed financial information in our press release issued earlier this afternoon, which is available on Elior's website. I invite you to read the disclaimer on slide two, which is an integral part of our presentation. As you heard from Daniel, H1 2025 has been another key semester for Elior, with a strong profitability improvement and significant net debt reduction. I will make a short introduction before covering our half-year results in detail. I will share with you the outcome of our refinancing and how we perform on business development in the first semester. Finally, I will conclude with our revised outlook for the full year before we answer your questions. This first page perfectly summarizes the fruits of the strategy deployed since April 2023, around three pillars: profitable growth, cash flow generation, and net debt reduction. As already mentioned by Daniel, the overall organic growth was moderate at +1.5% in the first semester. It was, however, higher in contract catering at +2.3%. The group-adjusted EBITDA increased by +EUR 32 million, or 90 basis points year-over-year, from 3.2% last year to 4.1% this year, with a stronger improvement recorded in contract catering by +120 basis points, up to 5.2% margin. The net result group share increased even more by +EUR 42 million year-over-year, on the back of better operational profitability and the reduction of non-recurring charges, as the new organization is largely stabilized. The free cash flow amounted to EUR 205 million in the first semester, which triggered a further reduction of net debt by EUR 146 million and a further reduction of net debt leverage ratio by 0.5 point, down to 3.3x EBITDA at the end of March. Last but not least, we finalized our refinancing in January 2025, providing visibility over the next five years for the continuous development of our activities. Moving to the details of the financials, starting with the revenue. H1 2024-2025 recorded a consolidated revenue of EUR 3,213 million, increasing year-over-year by +2.9%, driven first by a total organic growth of 1.5%, fueled by contract catering at +2.3%, while multiservices is lower than one year ago by 0.6%. In contract catering, the organic growth was higher than our expectation in the United States, Spain, and Portugal. The U.K. kept a solid organic growth momentum. France was almost stable, including notably the voluntary exit of one non-profitable contract in healthcare, while the expected drop in revenue in Italy was higher than anticipated due to some public contracts that were regularly extended and finally came to for tender and could not be renewed at the desired level of profitability. In multiservices, on an organic basis, the revenue retreated by 0.6% in the first semester due to a lower demand for temporary staff services in France, while at the same time, we made further progress in the internalization of temporary staff services for our contract catering activities. Organic growth in this segment was also lower than our expectation due to some supply chain delays in aeronautics that did postpone our production plan. Consistent with our pragmatic approach for business development, the tactical acquisition made last year in May with the start of catering activities in Hong Kong and in October to accelerate our business development in the facility services market in Spain, contributed to a revenue increase by +0.9%. Consequently, our revenue growth at constant currency amounted to 2.4% in the first semester. Variation in foreign exchange rates, mainly USD and GBP, further increased the revenue by +0.7%. When looking at the drivers, the volume from existing like-for-like contracts continued to increase, bringing a +0.9% contribution to the revenue growth. In addition, the price revisions and renegotiations contributed to a +2.5% in the first semester versus +3.3% a year ago, reflecting the decrease in inflation, as well as the strong discipline in our operational teams, which has been maintained in order to protect our margin. The development remained active in our main businesses, especially for catering and facility services in France and in Spain, catering in the U.S. and in the U.K. It brought a +7.1% contribution to the revenue growth, while globally below the previous fiscal year at 9%. Excluding voluntary exits, the retention reached 91.6% in the first semester versus 93.6% a year ago. It has improved in Iberia, where the commercial activity was very dynamic last year, and in the U.S., but was last year temporarily below the good historical level. The retention was mainly impacted by Italy, where some contracts could not be renewed at the expected level of profitability. As expected, voluntary exits were significantly reduced in the first semester, mainly concerning France for both contract catering and services. Globally, the retention reached 91% at the end of March 2025, almost at the same level as at the end of September 2024. Moving to the next slide. After a turnaround in full year 2023 and an improvement by EUR 108 million in 2024, the adjusted EBITDA further increased by EUR 32 million, or 32%, in H1 2025 to reach EUR 132 million. The adjusted EBITDA margin improved by 90 basis points from 3.2% in H1 2024 up to 4.1% in H1 2025. It is to be noted that the margin improved in both segments, while significantly higher in our main segment, which is contract catering. The profitability in contract catering improved by more than one-third, from EUR 91 million to EUR 124 million, with an adjusted EBITDA margin at 5.2%, 120 basis points higher than last year, and close to the pre-COVID level of profitability. This profitability improvement was observed in all main countries where we operate. In multiservices, the adjusted EBITDA margin at 2% was plus 10 basis points higher than last year, corresponding to an increase in the adjusted EBITDA by + 8.4%, while the total revenue increased only by + 1.2%. The profitability improvement came in particular from the contract rationalization in facility services in France. Looking at the drivers of the profitability improvement, the increase in volume for existing contracts converted well in profitability improvement, leveraging on an optimized operational structure. The net balance of price revaluation and cost increases due to inflation was a + EUR 22 million in the first semester, fully catching up from the cumulative gap in inflation of - EUR 22 million at the end of September 2024. The net development was a - EUR 2 million in the first semester due to higher closings than openings, with some contracts that could not be renewed at the expected level of profitability, consistent with our strategy for profitable growth and retention. Openings of new contracts were, again, margin accretive in the first semester and contributed to further strengthen the quality of our portfolio of contracts. Voluntary exits brought another EUR 1 million of profitability improvement, although for a lower volume. Efficiencies and synergies brought a further contribution of + EUR 14 million in the first semester. Synergies amounting to EUR 4 million included the further rationalization of our real estate, as mentioned earlier, and started recording fruits from commercial synergies. Looking at the simplified P&L, in the first semester, the net result group share reached EUR 43 million compared to EUR 1 million last year. This increase by + EUR 42 million came first and foremost from operation, with an adjusted EBITDA EUR 32 million higher, and from non-recurrent charges, EUR 9 million lower, as the reorganization initiated two years ago has been almost fully implemented. The evolution of overriding is marginal, with the share-based compensation amounting to - EUR 1 million, corresponding to existing plans. Net amortization of intangible assets recognized on consolidation at _ EUR 12 million was slightly lower than the year ago following the one-off depreciation in the U.S. booked in September 2024. Net financial charges were stable at EUR 52 million, and income tax amounted to - EUR 22 million and was EUR 2 million lower than last year, despite a higher profitability due to a different geographical split of profit before tax, meaning more in the U.S. and less in France. The free cash flow improved by + EUR 36 million in the first semester compared to last year, with a further improvement in the reported EBITDA by EUR 9 million. A positive change in the operating working capital by EUR 38 million, including the ramp-up of a new securitization program that started in September 2024. A reduction by EUR 9 million in over cash items, including notably lower restructuring cash outlays that amounted to EUR 7 million in the first semester, meaning EUR 6 million lower than a year ago, as the change in organization has been almost fully implemented. These three first items have been partially offset by CapEx that increased up to EUR 61 million in H1 2025, representing 1.9% of revenues and EUR 18 million higher than last year, that was at 1.4% of revenues, in line with our expectation and the completion of the refurbishment or new acquisition of central kitchens to support our business development in France in particular. Tax paid amounted to EUR 7 million this year, EUR 2 million higher than a year ago, according to higher profitability. Finally, payment of leases recognized under IFRS 16 were stable at EUR 41 million. All flows resulted in a strong positive free cash flow of EUR 205 million in the first semester 2025. The free cash flow drove a further reduction of the net debt by EUR 146 million in six months, including on top of the free cash flow paid on financial fees of EUR 46 million. Transaction costs for EUR 12 million related to the issuing fees of the refinancing that was completed in January 2025. A further reduction in the IFRS 16 debt and disposal and acquisition for a net amount of -EUR 4 million, including the sale of our shares in Ducasse Development for close to EUR 10 million. The resulting net debt amounts to EUR 1,123 million at the end of March 2025. Thanks to the net debt reduction and the continuous improvement in the adjusted EBITDA that further increased by EUR 11 million in each one on the last 12-month basis, the leverage ratio further decreased by 0.5 points from 3.8x EBITDA at the end of September 2024 to 3.3x EBITDA at the end of March 2025. To be noted that the leverage ratio improved by 3.8 points in two years from 7.1x at the end of March 2023. As a reminder, our credit ratings are followed by two agencies, which are Fitch and S&P, with a B+ rating in both cases and a positive outlook from Fitch. Moving to the next section, starting with the refinancing. The refinancing of our debt was executed in two steps. In the first step, the new securitization program went live in September 2024 and ramped up as expected in the first semester, along with the seasonality of our catering activity to reach EUR 640 million at the end of March, with an 82-18 breakdown between the off-balance sheet compartment benefiting to the free cash flow and the on-balance sheet compartment part of our debt. The ramp-up of the securitization triggered the early reimbursement of our EUR 100 million term loan that was completed in December 2024. In the second step, we renewed and extended our revolving credit facility from EUR 350 million to EUR 430 million, out of which EUR 145 million were drawn at the end of March 2025. The maturity date of the new RCF is September 2029. Finally, in January, we refinanced for five years our senior note, which was reduced by EUR 50 million down to EUR 500 million. The new maturity date is March 2030. While keeping the liquidity at an adequate level, this new finance structure is optimized from a cost standpoint and offers the possibility to reimburse RCF drawings without any cost as we continue to generate free cash flow. In complement, it is to be noted that we reactivated our existing new commercial paper program that regained traction after the refinancing for an envelope that reached EUR 25 million at the end of March 2025. We now benefit from a five-year visibility to continue to leverage the optimized organization that has been implemented over the last two years in order to continue to invest in our business development, including central kitchen and small tactical and opportunistic acquisitions. In the first semester, annualized synergies increased by another EUR 4 million to reach EUR 40 million at the end of March, mainly coming from the optimization of our real estate cost and including the contribution of commercial synergies that start ramping up. Within this envelope, EUR 35 million have been recorded in the P&L over the last two years. As we have seen before, the revenue evolution in H1 2025 has been mainly impacted by contract closings higher than openings of new contracts, mainly coming from the commercial activity and the contract rationalization at the end of the previous fiscal year. As you can see now from this chart, the value of a new contract signed in the first semester was higher than the value of contract closes. The resulting net business development from the commercial activity in the first semester was a net positive of EUR 112 million on a run-rate basis. We won major deals in all main geographies, especially in France for both contract catering and facility services, as well as in the U.S. In these business perimeters, we signed around 10 contracts in the EUR 5 million-15 million range per year, with an initial duration between three and five years, mostly in the BNI market and as well in health and welfare. Considering the expected start of new contracts won, this improvement will partly contribute to the revenue growth in the second semester, while we expect the main contribution in the next fiscal year. Moving to the last section, starting with the updated outlook for the current year. As you understand, the revenue will remain driven by profitable growth. Regarding revenue, we expect a slightly lower contribution of price revisions and renegotiation in the second half, considering seasonality and main milestones for contractual price revisions taking place during the first half. As indicated just before, we expect the net development balance between openings and closings to improve in the second semester, while remaining negative for the full year. We need as well to take into account that Olympic Games that took place in Paris last summer benefited to contract catering and facility services activities. On this basis, we expect organic growth to be in the +1% to +2% range for the fiscal year versus +3% to +5% previously. In addition, as for the first half, the tactical acquisition made at the end of last year and beginning of this year will also contribute to the revenue growth in H2. Regarding margin, the volume evolution coming from light for light activities, openings and closings is expected to flow through down to the EBITDA in the second semester at the same level of profitability in terms of% of revenue as in the first semester. Inflation is expected to progressively trend to a neutral net balance in the second semester that will record some cost increases, notably in wages. Finally, operational efficiencies and synergies should further contribute to the margin improvement in the second semester. As a result, we expect a higher adjusted EBITDA margin in the 3.3%-3.6% range for the full fiscal year 2024-2025 versus above 3% previously. Finally, we confirm our expectation of a net debt leverage ratio below 3.5x EBITDA at the end of September, considering first the seasonality of catering activities in the evolution of the operating working capital and securitization during the second semester, and second, further CapEx expected in H2 in central kitchen and as well for new contracts to start operating by the end of the fiscal year. Updated modeling details for the free cash flow have been provided in the appendix. To conclude with this presentation, I wanted to come back on the key achievements since April 2023 when Derichebourg Multi-Services came into Elior and Daniel Derichebourg became CEO. When comparing the last 12-month period ending March 2025 to the last 12-month period ending March 2023, meaning just before the integration of DMS, we see that the top line grew by EUR 553 million or 52% at current currency or + 10% over these two years on a pro forma basis. The adjusted EBITDA increased by EUR 144 million or + 2.2 percentage points over the same period on a pro forma basis too. In two years, the group net result improved by EUR 185 million or 3.3 percentage points, while from a cash perspective, the cumulative free cash flow amounted to EUR 377 million over the same period, and the net debt was reduced by EUR 122 million, corresponding to a decrease in the leverage ratio by 3.8 percentage points down to 3.3x EBITDA at the end of March 2025. Finally, cumulative annualized synergies amount to EUR 40 million at the end of March 2025, higher than the expected EUR 30 million initially until the end of 2026. All these key achievements illustrate the hard work accomplished in the last two years, and I should say in only two years. Following this major business transformation and profitability recovery, Elior Group benefits now from solid foundations, including a streamlined and more agile operational organization closer to customers in all countries, a culture of profitable growth and cash discipline that has been developed in all operational teams, a more balanced portfolio of activities between contract catering and multiservices that demonstrated its relevance during the first semester, a strong drive from our new shareholder for continuous process improvement and operational excellence, and a solid financial structure providing visibility to further invest in business development. This concludes our presentation, and we are now ready to answer your questions. Operator. Thank you very much. Take the first question. Ladies and gentlemen, as a reminder, if you would like to ask a question or contribute on today's call, please press star one now on your telephone keypad, and to redraw your question, it's star two. Please also ensure your line remains unmuted locally. You will be advised when to ask your question. The first question comes from the line of Jaafar Mestari calling from BNP Paribas. Please go ahead. Hi, good evening. I have three questions, if that's okay. First, here just on net new business. It was almost - 2% in the half, you mentioned that the forward-looking trends are better. They're positive. It will turn to a net positive next year. Just curious, what order of magnitude can we expect? Does positive just mean above zero, or would you expect meaningful net new in 2026? Does this number of EUR 112 million you're talking about, that would be 3.5? Is that achievable, or will there always be a bit of a ramp-up effect? Second question on the pricing renegotiations. You said they're fully reflected in this H1, so everything you've agreed to has effectively been passed on already. It's fully caught up, you say. That's a very big margin driver for H1. The synergies are also unlikely to be as big in H2, so I'm just curious what main margin drivers you expect in the second half of this year. I know your guidance doesn't require quite as much margin improvement as you delivered in H1, but you probably still need 30 basis points-40 basis points midpoint. And then lastly, just an open-ended question on the U.S. administration. There's a lot of noise, a lot being debated in terms of funding to the healthcare sector, funding to the education sector. What are your US clients saying? Is it business as usual? Are they worried? On On the contrary, are they very excited coming to you for more outsourcing? Thank you. Okay. Thanks for your question. [Foreign language] [Foreign language] [Foreign language] just to translate very quickly. The most important thing is that we have profitable growth on any new contracts, and that's the most important thing. The second thing is that with our commercial departments, we put commercial departments into the different regions and markets, and I think that we've neglected our small clients, small customers in the past, and tended to focus on just the big groups because we're a big group. It is really important that we focus on those smaller clients. In terms of profitability, a bit more, a bit less, less than around 3.5. Just to complement what has been said, as a matter of fact, when you consider the EUR 112 million of net development balance at the end of March, we should look at it on a 12-month basis. Meaning in terms of impact for next year, I would rather compare this amount to the total expected revenue for the full year, which will make the percentage a bit lower than what you have mentioned. Thank you. You're not going to find double that in H2. That makes sense. Thanks. [Foreign language] Actually, maybe I should precise what I said earlier, but what we are saying is that we will still benefit from price increases in H2, and especially related to price increases that took place at the beginning of our fiscal year, which is as well the beginning of the school year. From that perspective, they apply to the full year. As well, from the price increases, I mean, the overall main milestone, which is rather at the beginning of the calendar year, which also benefits to the full fiscal year. What I wanted to say is that, yes, we did fully catch up from the negative gap that we had still at the end of September 2024. will still have a positive, we are still expecting a positive net inflation balance in H2, although at a lower level than in H1, considering that at the same time, we will record some cost increases, especially around wages, since there are some forcing increases in the national minimum wages around this summer. Meaning that from that perspective, it will still remain one of a driver. Another one should be the continuous delivery of operational efficiencies and synergies. We are not yet at the end of what we should be able to, I would say, unlock, considering that although we have made very good progress with EUR 40 million of annualized synergy at the end of March 2025, we still have some gap to close to the EUR 56 million by the end of 2026, which remains our target. Which means that, and we're confident that there are other opportunities still in real estate optimization, for instance, as we will exit this tower in the second half, and as well in the progressive ramp-up of commercial synergies that started to deliver in this first half. Right. Thanks. My last question on the U.S., [Foreign language] [Foreign language] We don't have any real return from our teams in the U.S. of any particular issues with U.S. customers. We have very few or little state contracts. We did actually, as part of business development, sign some contracts in the healthcare segment, for instance, in the U.S., in H1. Thank you. You're welcome. The next question comes from the line of the Pravin Gondhale calling from Barclays. Please go ahead. Hello. Good afternoon. Thank you for taking my questions. Firstly, on the net new business development, which was around 130 basis points drag on organic growth in H1, excluding voluntary exits. You mentioned that non-renewal of certain times in contract was sort of a key reason in contract catering business there. Can you elaborate the reasons behind those contract losses and what proportion of that were voluntary exits? The second bit is on multiservices organic growth. It was softer due to lower demand for temporary staff services in France. How has that recovered in more recent weeks? How sort of current trading in the overall business is looking at the moment now? If you can share more color on that, that would be helpful. Thank you. Okay. Regarding the net, [Foreign language] Okay. Regarding the net new business, actually, we have isolated the impact of a voluntary exit by 0.6% in the first half. This one came mainly from actually loss-making contracts we had in contract catering and in facility services. We had the objective to rationalize our contract portfolio at the end of the previous fiscal year. It was largely achieved. There were some few remaining, and those are part of what was left. You can see that the impact from a top-line evolution is rather limited compared to the two previous fiscal years. Regarding the retention, excluding voluntary exits, it mainly comes from Italy, where we did have a portfolio of contracts that have been renewed several times. As a matter of fact, quite a lot came for tender at the same time. I guess the message was clear that we want to be disciplined in our profitable growth or retention approach. Some of them, I would say, as expected, were not possible for us to get renewed at the expected level of margin. Moving to your second question, there was actually as well a change in the general management position starting beginning of May. We are, let's say, resuming the level of temporary services development in H2, although we consider and we expect that it will be progressive because any commercial action takes some time. We expect this to be progressive. That is where we are still expecting, and this is factored on our updated guidance for the revenue growth. We are still expecting a negative impact during this year. This is also, let's say, it reflects as well the economic condition of some of our customers. This is also why I mentioned that it is for us very relevant to have a more balanced portfolio between catering and multiservices because you can have some activities that compensate for others when they are going through more challenging times. Thank you very much. The next question comes from the line of Pierre Bonabon, calling from, as a private investor. Please go ahead. [Foreign language] [Foreign language] [Foreign language] [Foreign language] The next question comes from Christian Devim calling from CIC. Please go ahead. There are two very financial questions for me. The first is a question on the off-balance sheet sectorization, which was EUR 370 million at the end of September. What is the amount at the end of March 2025? And the second, very financial and technical question, sorry, is a question on the consolidated cash rotable on page 11. It goes from provision of EUR 10 million to a reversal of provision of EUR 9 million, so a swing of around EUR 20 million. Could you explain a little bit this swing in provision on the consolidated cash rotable on page 11 of the press release? Thank you very much. Maybe I will start from the last question. Actually, it's a mix between some provisions that we had last year, some specific general risk reserve provision from last year related to some social checks that we had that impacted in particular facility services activity last year. We had as well some budget reserve provision in 2024. Right now, we are conducting strong actions in order to collect overdue payment as mentioned by Daniel Derichebourg. We consider this was one-off in our financial last year, impacting more, let's say, the normalized profitability from last year. We had some related to the Ministry of Defense contract in Italy. As you know, it was provisioned till the end of execution of a contract by end of December 2025. Now, we are not recording any additional provision. I mean, we have stabilized the situation, and we expect no hit in the P&L till the end of the contract. I'm sorry, I don't have the amount of off-balance sheet securitization with me, but it corresponds to 82% of EUR 640 million, which is the total financing coming from a new securitization program at the end of March 2025. Sorry, 82% of, sorry, EUR 640 million, which is the amount of financing from securitization at the end of March 2025. We were at EUR 560 million at the end of September 2024. It has increased up to EUR 640 million at the end of March 2025. Thank you. You're welcome. The last participant to ask a question is André Juillard calling from Deutsche Bank. Please go ahead. [Foreign language] [Foreign language] [Foreign language] [Foreign language] Okay. [Foreign language] [Foreign language] I just say that over the last two years, we spent our time turning the company around. That's done now, and we think that in the next two years, there will certainly be some opportunities. I don't have a crystal ball, but we'll look at this space and watch this space carefully. We have a follow-up question coming from Jaafar Mestari. Please go ahead. Hi. It's just a very quick follow-up to say that the presentation is not online right now, so those modeling details you've mentioned, I don't know if you read some of them or if we're going to get them later. Thank you. Okay. Yes, for sure. We'll publish it right away or just after on the website. This concludes today's conference, so I will hand you back to Didier Grandpré to conclude today's conference. Thank you. Okay. Thank you for your attendance today. Our next financial release will be on November 19, as today, post-market, with our full-year result for the fiscal year 2024-2025. Until then, please do not hesitate to get in touch as usual. Thank you. Good evening to everyone. Goodbye. Goodbye. [Foreign language] Thank you for joining today's conference. You may now disconnect.