Good morning, everyone, welcome to the presentation of the first half 2026 results. Please note that this presentation will be recorded. You will be able to ask questions on the phone after the presentation. To do so, click the link on the video, follow instructions, you can press pound on your keyboard, you'll be on the waiting list. I give the floor to Olivier Roussat, who is the CEO of Bouygues group. Thank you. Good morning, everyone. This is a busy day we're doing everything online to give people a chance to attend as many presentations as possible. I'll give you this presentation. Stéphane Stoll will come in at some point, we'll be able to take questions together with all managers of this group. We start with page four. Let me remind you that this is a seasonal business, the performance of H1 are not representative of the annual performance. The geopolitical environment is very uncertain and volatile. In spite of this, the group's performance on H1 has been extremely robust. Revenue is slightly down 1.3% on the constant ForEx. The COPA is up EUR 33 million at EUR 829 million. As we expected, the significant improvement in Equans' COPA more than offsets the expected declines at TF1 and Bouygues Telecom. The net income group share is significantly up compared to last year, in spite of the impact for the second year running of the so-called one-off tax surcharge for large companies in France. One-off is not the case. In any case, at end 2026, the net financial debt was reduced by EUR 2 billion, following the trend that we've had over the past two quarters. A few words about Equans. Book-to-bill found a new momentum in Q2 with an order book historically high, up EUR 1.7 billion compared to June 2025. Equans' increased business in Q2 made it possible to catch up with a slow start in Q1. The profitability of Equans was 5.2% in H1, up 1.2 percentage points over one year, we confirm the group's outlook for the year 2026. Move on to page five with key figures. Group's revenue in the group was EUR 26.3 billion, down 2.2%. Let me remind you that in Q1, the decline was 3.2% over one year, the Q2 made it possible to compensate for some of the loss. In operating results, COPA was up EUR 33 million at EUR 829 million. Net income group share came to EUR 287 million, a significant improvement over one year in spite of this tax surcharge for large companies in France, which came to EUR 35 million this year. Net financial debt stood at EUR 6.5 billion at 30 June 2026, compared with EUR 8.5 billion at 30 June 2025. Before we move on to the examination of the various businesses, we would like to give you a presentation of the various initiatives we've been taking in the CSR front. We have a number of challenges, the heat wave, the wildfires. One example of what we've been doing, Colas has developed an initiative to support communities to face heat waves and also floods. It's an initiative called StreetADAPT, it involves management of rainwater and adjustments in urban areas, creating cooling areas. Equans developed NEMOSYS Fire, a fire detection device that can give early warning on possible fires. It is being used in the Gard department, made it possible to detect a number of fire starts this year and therefore call the fire brigades early on. Bouygues Immobilier published its white paper on cooling cities and housings, that came out in good time. It took a few weeks to write that white paper, it came in the nick of time with the heat wave. We are offering cooling solutions for buildings and entire neighborhoods in cities to adapt to the new weather conditions. This is how we do our part in addressing climate change. Other than doing ordinary business, we are trying to protect territories, their inhabitants, and adapt the various housing solutions to new circumstances. We will start with the construction business on page 10 of the presentation. There are two major highlights of Q2, illustrating our ambition to extend our geographical footprint. There is one acquisition in Germany. We acquired Frauenrath. That is a company that builds roads in Germany. That is a first for Colas in Germany. Up until now, we had had an acquisition with Colas Rail, that was in 2022, the Hasselmann Group in 2022. We are continuing that extension in that territory in Germany because we believe this is very promising for the infrastructure business. We expect revenue in Germany to stand at about EUR 1 billion for all business. As things stand now, we stand at about EUR 900 million. Bouygues Construction also made an acquisition in the U.S., the Vannoy Construction Company. That covers three states in the U.S., Virginia, North Carolina, and South Carolina. Vannoy, in 2025, had a revenue of about EUR 900 million, that makes it possible for Bouygues Construction to take another gain, an additional foothold on the U.S. market. We can start building the buildings in the U.S. market. That opens the way for new synergies in the U.S. because we are looking at about EUR 5 billion in revenue, thanks to the presence of also Equans and Colas in the U.S. The order book is pretty high. It stands at EUR 33.4 billion, up 1% over the year. The favorable effects on the scope with the integration of Vannoy were slightly offset by the negative ForEx. Moving on page 12, the order book of the construction business, we should be pointed out that end 2026, the share of orders to be performed in the next 18 months was up EUR 1.3 billion compared to end June 2025. Needless to say, the integration of Vannoy does make a difference. It has contributed to the order book, we did not take into account Frauenrath's order book because that will be integrated as of Q3 2026. Colas' order book is up 2% on a constant ForEx basis, not including main disposals and acquisitions. The road business is slightly down 1%. Rail is stable. The order books of Bouygues Construction stood at EUR 17.9 billion, up 4% over the year, up 1% on one year on a constant exchange rate basis, not including disposals and acquisitions. It is supported by Bâtiment International, whose order book is up 32% with the integration of Vannoy, and Bâtiment France, whose order book is up 12% over the year. Conversely, Travaux Publics, Public Works, is down 18%, and this is very much due with the unfavorable basis of comparison in H1 2025. Big projects are worth hundreds of million EUR, and depending on when they start, they can make a huge difference. The comparison basis does not lend itself to actual comparisons. In line with previous quarters with Immobilier is facing challenging times. At end June, its order book was EUR 7 billion, down 11% over the year, down 5% on a constant ForEx basis and not including disposals and acquisitions. We had, of course, disposed of the Polish business in July 2025. If you do include reservations in the order book, well, then you'll find that Bouygues Immobilier's order book is actually up 10% over that period. If you look at the sales for H1, in H1 2026, Colas had orders worth EUR 6.5 billion. In the road business, there's a significant slowdown in France to be expected because of the election period, especially municipal elections. There are positive developments in various parts of the world in H1, particularly in North America, Canada, and the U.S. An example is Colas through its subsidiary, Sully-Miller. They got a contract worth EUR 260 million in California to repair a freeway, a motorway. In Canada, the subsidiary Miller Group got a contract worth about EUR 350 million for the Bradford Bypass motorway. The rail business, well, there were several significant contracts worth more than EUR 100 million, several hundred million EUR in the U.K. and Morocco, so a high basis of comparison. Colas Rail's contracts are very much like Bouygues Travaux Publics. We're looking at significant and lengthy contracts. Still, in Q2, in spite of this high comparison basis, got new significant contracts in the rail business in Chile for the Santiago Metro, worth about EUR 100 million. Bouygues Construction, of course, its business is related to large projects, but that doesn't happen on a regular basis, so there are big variations from one quarter to the next. There's significant fluctuations in order taking. The way in which we have a layering of our order book to gain visibility, we find that there's one significant order, EUR 4.8 billion in H1. A significant portion of that is what we call the normal course of business activities, under EUR 100 million. These are businesses where competition is toughest. When there's a good growth in that type of contract, it means that the company is, of course, more competitive. A significant portion of these contracts are run-of-the-mill contracts, accounting for about 60% of all orders. In H1, we also had several contracts worth more than EUR 100 million, in particular in Australia for a data center, in the U.K. for the Lower Thames Crossing, and then another contract, Jersey, for a hospital. Finally, Bouygues Immobilier's sales for service buildings is at a standstill. Residential remains challenging. Indicators, however, for land purchasing are looking good. Unit reservations in housing are up 18% over the year. Of course, that improvement is somewhat hidden by block reservations, which will only occur later this year. Watch this space. There's a significant contract, a data center in Australia through our subsidiary, AW Edwards. It's a contract with AirTrunk. That contract is to be performed over a two-year period. The idea is to build a data center with a capacity of 400 megawatts. As you know, these data centers are growing bigger and bigger because the demand for cloud computing is constantly increasing. What's the revenue then of our three construction companies? The overall business stands at EUR 12.4 billion, down 2% over the year, but stable on the constant scope and ForEx basis. Colas' revenue was down 4% as published and down 3% on a constant ForEx basis. That 2% increase in the rail business did not offset the 4% decline in the road business. Bouygues Construction's business is up. Sales were up 2% over the year, 3% on a constant rate basis. The activity is driven by Travaux Publics, public works, up 14%, Bâtiment France up 6%, Bâtiment International is down because, of course, a number of big projects were delivered in Morocco for a big hospital and another one in Australia. Bouygues Immobilier's revenues were down 19% of the year, down 14% on a constant scope and ForEx basis. Of course, the disposal of the Polish businesses distorts the basis of comparison. We believe that we've reached H1 was marked by a number of operations that had a positive contribution to revenue. That decline now is not representative of the expected performance for the year. Let's look at COPA for our construction businesses. Again, that COPA is not representative of the annual performance. However, COPA for the construction business was at EUR 43 million, up EUR 17 million over the year, driven by a significant improvement in COPA and margin at Bouygues Construction. If you can move on to Equans at long last. As I said earlier on by way of introduction, we have good momentum of book-to-bill in Q2, as you can see on the right-hand side of this slide. Book-to-bill was very effective in Q2. For H1 as a whole, we have a good performance. The order book stands at EUR 27.6 billion, up EUR 1.7 billion compared to last year, a 7% improvement. The order book is made up of orders worth less than EUR 5 million, that is slightly up for the year, accounting for about 65% of all orders. Orders for contracts worth more than EUR 5 million account for about 35% of orders. This is significantly up over the year, with significant orders for a number of specialty segments, including, of course, data centers. This is booming in the U.S. and it's starting in Europe. Solar and storage is also picking up. A significant item in Equans' strategy and in line with the previous quarters, we find good margins upon order taking and Equans expecting high, large orders in H2. That, of course, will make a significant contribution to the order book as a whole. Let's look at the results. Revenues sales stood at EUR 8.9 billion in H1, down 3% on a constant ForEx basis. The sales in Q2 were almost the same as in Q2 2025. Partly offsets the slow start of the year. We're confident while ForEx had a negative effect on revenue worth about EUR 90 million, we find that COPA at EUR 460 million was up almost EUR 100 million over the year. Margin now stands at 5.2%, up 1.2 percentage points compared to what it was a year ago. I should note that there were a number of one-off items. Equans disposed of its electric car recharging business in the Netherlands in Q2, and that is one of the disposals we announced. All the asset-based businesses are being sold off. Regarding M&As and in line with the strategy, Equans has had three bolt-on acquisitions in H1. You have a company called ESAVE in Italy, ASTI in Singapore, MCI Faser Power in Austria, and more recently in July, that's Q3 rather than H1, we acquired CV Services in Australia. You have four acquisitions worth generating about EUR 210 million in sales, and other acquisitions are expected in the next weeks and months. Regarding the Equans' outlook, let me remind you that Equans is continuing its strategic project. You may remember, as was presented at Capital Markets Day back in 2023. For 2026, we're looking at revenue stable in 2026. We're looking at, in conversion terms, 80%-100% of COPA in cash flow before WCR. We are improving our guidance for the annual margin, looking at 5.2%. We were initially announcing 5% one year ahead of schedule compared to what we announced at the 2023 Capital Markets Day. Finally, the last picture, you can see that for organizational reasons, we'll be having the next Capital Markets Day on the afternoon of the day when we present our numbers. That will be February 25 rather than 27. This means that you'll have by then the full picture for the year. Now, if we look at Bouygues Telecom's performance, we'll start with a little video celebrating 30 years of existence. [Presentation] [Foreign language] Ok, back to the figures from Bouygues Telecom. Let's begin with the key figures in fixed telephones. Thanks to its customer satisfaction and quality of service and of course its BiG offering, commercial momentum has continued. The number of new clients was 116,000 in the second half year, including 69,000 in Q2, which is a record quarter or second quarter since we launched this business back in 2008. Clients with FTTH now number 4.9 million. We haven't been marketing ADSL for a number of years now, but they represent a total of 88% of the total fixed line portfolio, up from 84% a year ago. That's an increase of 185,000 customers in the first half, including 96,000 in Q2. We've been acknowledged for the quality of our network and we are now the first operator to propose XGS-PON technology across our entire fiber to the home network. This improves throughput for customers. Fixed ABPU rose EUR 0.20 over last year to reach EUR 33.20. As you can see on page 24, Bouygues Telecom has performed well in mobile despite the fact that this is a difficult market impacted by ongoing price pressure. At the end of June, Bouygues Telecom had 18.8 million mobile plan customers, excluding M2M. That's an increase of 173,000 customers in the first half year, including 82,000 in Q2. That's bigger than in the first quarter of 2025 where we added 105,000 new clients. This is because of the continued good performance of BiG announced in late 2024 and of course its impact on churn. Mobile ABPU totaled EUR 16.7, down EUR 0.60 over the last 12 months. This is because the market is still very competitive. ABPU is penalized by the acquisition of new customers whose ABPU is low, particularly in digital plans. Page 25. What do we get in terms of key figures? Well, sales bill to customers in the first half of 2026 was stable year-over-year. The increase in fixed lines offsets the decline in mobile. Sales were up 3% over the period, which is comprised mainly of terminals, accessories, and works up 16% over the period. These sales being non-linear, very seasonal over the year, if you prefer, and of course with the fluctuations that imposes. EBITDA after leases of EUR 954 million, which was stable year-over-year despite the continuing and ongoing efforts in cost control, particularly cost of networks and FTTH. Bouygues Telecom is continuing to contain its costs. Current Operating Profit from Activities totaled EUR 274 million for the first half year. This was in line with expectations, particularly in view of the increase in depreciation and amortization, in line with the CapEx trend of previous years, with an average amortization period of nine years. The outlook for Bouygues Telecom in 2026. Sales bill to customers after leases will be close to 2025 and showing moderate growth by comparison with 2023 before La Poste Telecom. Gross capital expenditure of close to EUR 1.3 billion, excluding frequencies, confirming a decline in the peak in CapEx observed over the last five years. Free cash flow before working capital requirements of around EUR 600 million, excluding La Poste Telecom and before the impact of income tax surcharge. If we were to include La Poste Telecom and this income tax surcharge, it would be around EUR 500 million. I should clarify that this outlook does not factor in the potential impacts of the proposed acquisition of SFR. Speaking of SFR, what is the lie of the land? This is a progress report. On June 6, 2026, alongside Orange and Free-i liad, we signed a memorandum of understanding with Altice France with a view to acquiring SFR. There are a lot of things need to be done from the operational point of view. There are things we've already commenced, and that involve quite a lot of people. There is the whole process of consulting the relevant employee representative bodies, which is underway. We need the opinion of these representative bodies before we can proceed with the signing of any deal. There is also what we call the limiter, or known as the long-stop date, which is December 6, 2026. As for the competition authorities, the French competition authority, ADLC, has begun its work. It is the French competition authority that will be competent in this instance. We have already given notice of our initial intentions. We have commenced a whole process of exchange with the competition authority and indeed with the telecoms regulator. This transaction could not be closed until the whole transaction is approved by the various authorities, particularly the ADLC, which is the competition authority, and after fulfillment of the other conditions precedent as specified in the sale contract. Given the amount of time it takes for these things to be processed by the competition authorities, we now feel that the likelihood is that this deal will not be closed before late 2027 or even early 2028. I propose that we now move directly on to page 29. This is the results of TF1 as published last Friday. Rodolphe has already commented these with Pierre-Alain. He commented them on Friday evening. I'll be brief. TF1 in the first half-year maintained its leadership in terms of audience, particularly among the women decision-makers under 50 and young people. Audience leadership was respectively 33.2% and 29.8% in these two areas. TF1+ has also confirmed its success with 42 monthly streamers on average in the first half-year. That's up 20% year-over-year, and a record of 44 million streamers in June of this year. Finally, TF1 set up a new unprecedented partnership under the leadership of Rodolphe. That was with Netflix. Entered into in 2025, it was implemented in mid-June 2026 France, whereby all Netflix subscribers can view TF1 and the TF1 content on Netflix. The idea behind this was to seek out people who do not connect via linear channels. This launch has confirmed our expectations. This has increased the number of streamers to a record of 8.3 million on the 25th of June. This was a record high. A very, very promising launch. TF1's performance is a reflection of the decline in linear advertising revenue. Our revenue in the first half was almost EUR 1 billion, down 6% on a like-for-like basis. The media figure was down 11%, or 7% on a like-for-like basis, given the disposals of My Little Paris and [inaudible] i n 2025. This includes advertising revenue, which is down 9%. The advertising market in linear is now impacted by the macroeconomic uncertainties. In this context, TF1 has maintained a relatively stable market share. Digital TF1 has continued to perform well with advertising revenue up 19% year-on-year, which goes to show how attractive this platform is for advertisers as well. Studio TF1 was down 3%. A substantial amount of Studio TF1's income comes from the supply of series for the platforms. This often takes place in the second half of the year. The COPA was down year-on-year as expected, the margin of activity was 7.8% in line with expectations. What about the outlook for TF1 in 2026? We can confirm them. Rodolphe confirmed them last year. With very limited visibility, and that's the context, we are aiming at double-digit growth in digital, a dividend policy that will be on the rise in recent years, and a margin on activities in the mid to high single-digit margin of activities before capital gains. That is subject to the evolution of the linear market. Let me give the floor to Stéphane Stoll, who will give you a detailed presentation of our financial statements. I see you have your notes, so you won't need mine. Thank you, Olivier, and good morning, everybody. Just a few words by way of additional explanation on the accounts as of June 30th, beginning with the income statement on page 33. Without dwelling on the sales figure and COPA, which we've already commented at some length. No very significant comment required. No real changes this half year. Two things I would like to point out. The first of these concerns non-recurring items which are booked under other operating income and expenses. This is not a reflection of operating activity, these include this half year, the booking at Bouygues Telecom and to a lesser extent at Bouygues, say the booking of expenses relating to the proposed acquisition of SFR. As you can imagine, we have been spending quite a lot of money on fees and consulting fees, et cetera. This also includes expenses relating to the profit-sharing program at Equans, which is to a lesser extent, of course, over this period. The second comment I wanted to make is that in the first half year, we booked a tax bill of EUR 173 million, not including the additional surcharge on large companies in France, which actually totaled EUR 39 million in the first half of this year. This is lower than in the first half of 2025. This drop in the income tax burden was due to the fact that pre-tax profit at Bouygues Telecom was lower, Bouygues Telecom and at TF1. Also, that the effective tax rate was not as high at Equans and Bouygues Construction. As a result, taking into account the EUR 35 million surtax, the group's share of net income was EUR 287 million at the end of June, up EUR 114 million by comparison with the same period last year. Moving on to the change in net debt. That's page 34. Our net debt at the end of June was EUR 6.5 billion, up from EUR 4.2 billion at the end of September. That's an increase of EUR 2.3 billion. This is the usual variation in the first half year and is a good reflection of the seasonal aspect of our business. It is also in line with the increase we observed over the first half of last year. The important thing to point out here is that our net debt at June 30th this year was a EUR 2 billion improvement on the same figure 12 months ago. This is part of the continued improvement that we have been talking about for several quarters. This variation, by comparison with year-end, is mainly due to acquisitions, net of disposals for EUR 133 million. Mainly the acquisitions made by Colas, Bouygues Construction that Olivier already mentioned, but also the smaller bolt-on acquisitions made by Equans in the first half year. Furthermore, as is customary, net debt is impacted by the payout of a dividend for a total of EUR 924 million this year, including EUR 809 million to be paid to the shareholders of Bouygues, the remainder corresponding to the remainder paid to shareholders in TF1 and Bouygues Telecom. We also have another item at EUR 1.3 billion, that's operations and other, which is historically low level for a first half year, which I propose to look at in some detail in the next slide. Let's begin with net cash flow. This was down EUR 180 million by comparison with last year. This was mainly due to TF1, whose results for the period were down. We also have a cash out for non-recurring items that were not provisioned at Colas, and a basis for comparison in 2025, which gave rise to a number of exceptional dividends from companies accounted for by the equity methods. Our CapEx, excluding frequencies, totaled approximately EUR 900 million. This was almost EUR 100 million lower than last year. The fact that the CapEx is lower is because of the fact that we invested less in Bouygues Telecom as announced. Free cash flow before working capital requirements at EUR 360 million, again, lower than in the first half of 2025 when it was EUR 440 million. The change in working capital requirements as every year, impacted by seasonal effects. That said, this year the variation was a negative EUR 1.8 billion, which is an improvement on the variation we observed last year. Also, various ForEx and IFRS 9 impacts that complete this change in net debt position. Overall, we can congratulate ourselves on the fact that quarter after quarter, we have successfully improved our working capital requirements and cash situation. Let me conclude with the group's financial structure. Because of this improvement in our net debt, we now have a financial structure which is, as you can see, very robust. Net gearing is 46%. That's a 16-point improvement over a 12-month period. Subsequent to the announcement last year of the signing of a memorandum understanding for the acquisition of SFR. Subsequent to that, Moody's announced on the 16th of June that it was maintaining the stable outlook on our A3 rating. This has been confirmed with a stable outlook, and on the 13th of June, S&P put it under a negative credit watch. It's A- with a negative credit watch. This rating is still A-, so still good. The group's liquidity is almost EUR 16 billion at the end of June. That's a very high level of liquidity. This breaks down into EUR 4.2 billion in cash and EUR 11.5 billion in undrawn medium and long-term facilities, undrawn, as I said, and covenantless. Finally, as you can see on the bottom right, the bar chart, the debt maturity schedule is very well spread over time. That brings me to the end of today's financial presentation. Thank you for your attention. Olivier, I'm giving you back the floor for the outlook. Thank you. Thank you, Stéphane. We will now wrap up this presentation by reminding you about the outlook for 2026 for Bouygues. This outlook has been confirmed. We are operating in buoyant markets. We have great diversity, geographic diversity, and diversity of our business segments that enable us to develop and grow over the long-term with great sustained resilience in a very uncertain macroeconomic and geopolitical environment. We will continue to be agile and adapt to developments in our markets. For 2026, the group is aiming at stable sales at constant exchange rates and current operating profit from activities, what we call COPA, at a record high after several years of significant improvement. The improvement of Equans' COPA will offset the expected decline in the COPA of TF1 because of the higher CapEx. We've decided to add a little sentence just to say that we will remain very vigilant regarding the consequences of the conflict in the Middle East, between the Ukraine and the Middle East. We'll see what the future holds in store, but we are going to remain very vigilant and continue to adapt. Let me now move on to Q&A, and alongside the different, Apologies. I was too fast. My apologies. Before moving on to questions and answers, I was going to say, before we leave for holidays. I was one step ahead of myself. Because of the lesser significance of certain quarterly results that I keep reminding you of, this is because a number of our businesses are very seasonal, in particular, Colas. In order to be better aligned with the expectations of our stakeholders, the group has decided to change its quarterly financial reporting beginning from the publication of our results in Q1 next year. From that date onwards, and for all subsequent Q1 and Q3, our first nine months' publications, our financial reporting will focus on the following main indicators. In terms of business activity, we will talk about order intake or reservations and the backlog for the construction division at Equans. We will also communicate on the number of new fixed and mobile subscribers, the customer base, and fixed and mobile ABPU for Bouygues Telecom. In the case of TF1, we will communicate the main audience figures, as well as metrics that track growth in online content consumption. As for financial indicators, we will be communicating the sales and net debt of the business segments and the group, and the liquidity situation of TF1 and the group. These changes mean that the group's financial communication will be aligned in future with market practice. This time, I think I have covered indeed. We've already given you the figure for the presentation of the first nine months. That will be the 5th of November. I will now, alongside my colleagues, head of the business segments, take your questions. You have the floor. Ladies and gentlemen, if you wish to put a question by phone, please click on the link on your screen, follow instructions. Once you're connected, please dial pound followed by five on the keyboard to be on the waiting list. Next question comes from Mollie Witcombe from Goldman Sachs. Please go ahead. Good morning. Regarding Equans, you gave us a guidance for Equans, group-wide, I don't see much of a change. Is there part of the risk which is lower than expected? Second, your competitors, Equans' competitors, have enjoyed significant growth with the data centers. What's stopping you from taking advantage of that trend? Then, of course, you want to protect the image of the group, but we'd like to know about that. On the telco business, could you give us some detail on the competition, especially for the mobile business? I believe there were signs of an improvement, we don't see much in terms of ABPU, maybe some color on the telecom market in France, especially the mobile business. All right. Jérôme will take the question about Equans, and then Benoît. As Jérôme makes his way to the little spot on the stage where he can be seen. He'll give you an answer about the data centers. Of course, there's no reason why you shouldn't be able to take advantage of that development. In 2025, there was a sudden boom, but then it slowed down in Europe while business picked up in the U.S. You'd like to, of course, surf that wave. Indeed, we find that the data centers, that business is picking up in Europe again. I think you said it all. No, you're trying hard. Yes, we have a development plan for data centers both in the U.S. and in France, and new technologies towards direct cooling has led to lots of design work. Now the orders are picking up, and this will translate into revenue in the months to come. Benoît, Regarding telecom business and regarding the mobile business in particular, we're in the same position as we said earlier. The mobile market has become mature inasmuch as there's no volume growth on the market in France. With innovations, we can extend our client base. In terms of ABPU, you have to remember this is a competitive environment, especially for the entry-level contracts, which are varied with lots of price pressure. Because of this, our strategy for the past 18 months has been to work on convergence between to satisfy customers and reduce churn. We have a significantly lower churn, and that explains the high number of Bouygues Telecom customers. Stéphane, sorry, there was a question. On the first question, we noted a higher guidance for Equans in light of the performance to date. We did not upgrade the group's guidance, but that doesn't mean to say that other business is in trouble. We're just being cautious. The year isn't over yet. There's an uncertain environment. We certainly hope that there will be an improvement in H2 as well. For now, we simply confirm the guidance, but the Equans' improvement is not significant enough to upgrade the group's guidance. Nonetheless, we have to recognize Jérôme's team at Equans. They were able to bring up the margins when we first presented the acquisition in 2023. Few people believed in it, but they've gone very fast indeed. Congratulations all around. Next question comes from Mathieu Robilliard from Barclays. Line's open, please go ahead. Good morning, and thank you for this presentation. I had a couple of questions. First, on Equans and the volumes, we find that we have an improvement on the top line on sales in Q2. I believe that there are contracts that have come into force. There is other businesses. Does that reflect the fact that the selective process that you started when you acquired Equans is behind us? There are few unprofitable contracts. Does that still make a difference that might drive down profits for the year, at least for the next quarter? Regarding M&As, there have been acquisitions in various businesses, including Equans. On Equans, you were more cautious in the past. Are you prepared to make more acquisitions now because you are more confident about the business, the fundamentals, or at least your understanding of Equans' growth drivers? How does that fit in with the fact that, presumably, hopefully, you will be finalizing the deal with SFR. How does that fit in with your debt objectives or at least your rating objectives? Because I can imagine that the acquisition of the SFR might actually bloat your debt levels. In other words, are your moves with Equans restricted because of the SFR project, or do you feel you have a full leeway for acquisitions? About the energy business, we find that the price of oil has been going up. The price of electricity, maybe not so much. What is your halving strategy in the telecom business in particular? All right. Well, thank you. I will take the second question. Jérôme will give you details, then in terms of hedging, not halving. T he hedging we have been conducting to hedge for energy prices. Then we will talk about electricity PPAs. On acquisitions, we will be Passing the cap around the room to collect money for the next acquisition. Only kidding. In fact, we want to grow Colas and Equans through acquisitions, through external growth. The reason we do this is either when we want to enter a new market, for instance, in the road business in Germany, where we cannot just come in from France with our trucks to gain contracts. You have to make acquisitions. Penetration of a new market means you have to engage in M&A. When we have a denser footprint, then we can grow our business. These are the main drivers you find in terms of which govern acquisitions in Colas and Equans. In Colas, we acquired Vannoy to be present on the construction business in America. Inasmuch as our companies have a regular flow of profitable deals, a regular level of profit margin, then we are creating a value to justify acquisitions. For Equans, you remember when we acquired Equans, and we met you in February 2023, we said the profit margin was 2%. We said that by 2027, it would be 5%. You did not believe us, we decided that we would consider acquisitions country by country. Of course, Equans has been making headway. Initially, they had a pricing issue to be able to ascertain their own weight, Jérôme has done fine work in climbing up and turning down a number of contracts. You had an initial status where you were tightening the screws, then you move on to situations where you make acquisitions. The first stage, maybe you pass up acquisitions, others do it instead. That was the sort of dry run. Now Equans is back on track, and it is facing possible acquisitions, and others are in the pipeline. That is part and parcel, of course, of Equans' development model. The acquisition of SFR will not get in the way of Bouygues' strategy as regards Colas and Equans, because these are the two companies that need a lot of M&As. Vannoy in itself was not a very costly acquisition. We're talking about EUR 100 million, that was not very significant. Nonetheless, we certainly expect to keep this power of acquisition both for Equans and Colas. Regarding the first question now, Mr. Robilliard's question. Yes, on that question as to whether in 2026, we still feel the effects of selectivity. Of course, there are a number of businesses we decided to phase out. We had actually listed them, especially in Britain, Netherlands, and Switzerland. We're still being selective on a number of businesses, we are now looking to a growth path everywhere we can do it. Pierre, in terms of hedging on the energy bill, because we've been working hard ever since the Ukraine situation in 2022. Yes, on energy, there are two aspects for industrial sites and sites where you consume electricity, gas, or coal, as is the case in Poland. We've been hedging contracts. About 70% of the contracts are covered by hedging provisions. Of course, the situation in Iran had less impact than the issue of diesel oil, the cost of fuel. Of course, this has a major effect on us. In Colas, we have 60,000 engines around the world. Many of them are diesel-fueled. We had to update our markets. We had to pass on some of the costs to our customers. We've been working hard on that. Of course, the market has adapted to various crises, especially public procurements. We were able, in many cases, to renegotiate many of the deals in view of these developments. Thank you. Benoît, about Bouygues Telecom. The energy cost is mostly power cost, electricity cost in Bouygues Telecom. We've been hedging our electricity purchases. We have a 70% hedge cover for 2027, and we are working hard on energy efficiency for our radio equipment so that on the radio network, which consumes a lot of electricity, we have locking features that enable us to consume less electricity, and we're working on that as well. Thank you, Benoît. The next question comes from Nicolas Mora from Morgan Stanley. Line's open. Please go ahead. Good morning, gentlemen. I have three questions, starting with Colas. What's going on? We have a rather more complex environment at the beginning of the year. In France, things are stable, there are challenges in North America. What's the outlook? The short-term outlook, we sense that the margin is under pressure. What's being done to address all this? That's question number one. On Vannoy Construction, what's the strategy there? How do you propose to grow in the U.S.? We're looking here at the residential housing. On Equans, I believe you have significant provisions in a volatile context. You said you have one-off items in Q2. Can you give us color on that? A final question about data centers. Can you tell us about the group strategy? You have the big contract at A.W. Edwards in Australia. Bouygues Construction was also present in Australia. In Equans, you have a data center with Equans in the U.S., and you have some data centers showing up in Europe. How is it working? Does the group offer an integrated solution? In terms of revenue, how will that translate? You're talking anywhere between EUR 800 million-EUR 1 billion in three, four years' time. What sort of revenue are you looking at? [inaudible] Thank you. Let's begin with Colas. I think you need to clarify one or two points, because what you have said is not quite what I think you've said. I think the news is a little bit better than you're suggesting. I'm a little surprised by your question, by the way. The first half year at Colas is in line, give or take EUR 1 million, is in line with last year, same period last year, which was a good year for Colas. We don't see any particular difficulty. Admittedly, the economic environment is a little turbulent, but it's business as usual. It's always perturbed in one way or another. The only impact that we referred to at the time was the volume of business in France, because of the fact that it's an election year, and municipal elections in particular. These are every five years, and the year of municipal elections is usually a poor year, with a decline in 3%-5% in terms of the volume of activity. This is what we've observed this year. In fact, the local government budgets are somewhat poor this year. The state doesn't have a lot of money to spend on its roads this year. This we anticipated, this we've managed, and I think we've diversified a number of activities to offset that. Broadly speaking, I would say our first half year was good and in line with expectations. In practice, for roads in Colas in France, we are not giving you an outlook because 20% of Colas' business in France is not in roads. It's in what we call urgent works, particularly urban construction, particularly the terminal islands I've been talking to you about. That's about 20%, which that 20% offsets the actual decline in roads. This is not reflected in the figures we've quoted. As for North America, Canada and the USA are two large countries. The market is fairing well. I think we've considerably boosted the order and taken backlog up 18% or 19%, particularly thanks to large contracts of over EUR 200 million in Canada. This was the Bradford Bypass. It's a greenfield motorway project. In the USA, we have on the West Coast, a number of projects underway are in the pipeline. This is for the interstate motorway. This is a market that's performing well, a market in which we have our market share. From my mind, North America is a good market. A good, buoyant market with a good level of margin. In practice on North America, roads are doing well, as Pierre has said. These are markets where the margins are good. Bringing now to Vannoy Construction. Pierre-Éric Saint-André, who's the head of the construction, will answer your Vannoy Construction. The acquisition is part of the strategic plan that we have devised, which consists in rebalancing our activities in mature countries. And of course, the U.S. is the biggest construction market in the world outside of China. Vannoy is in the Mid-Atlantic region of the U.S. This is the region which has the highest demographic growth in recent years. Demographic growth usually leads to economic growth, which is a good platform for us via Vannoy, which is very well positioned geographically. In Vannoy, we're mostly in the field of education, healthcare, retail, and industry. We're not in the retail segment in the U.S. We're also in a region where we have business with Colas, with Equans, potential synergy for all our businesses in this area. This is a good stepping- stone for us in a mature market. Your third question concerns Equans, Stéphane and Étienne. Stéphane, first of all. If I could just answer the first part of your question concerning non-recurring items that we've referred to. These non-recurring items, as you said, concern a capital gain on the sale of asset-based businesses, the EV charging stations in the Netherlands. As you no doubt will have seen, the margin in Q2 was 5.6% for Equans. Notwithstanding these non-recurring items, the recurring margin will be closer to 5.2%. E tienne Jacolin will answer the second part of your question. Let me reassure you that the quality of our accounts at Equans is excellent and has been certified by our statutory auditors, who have not made any observations. The whole issue of provisions and writing back of provisions in the construction business, they're standard. That's par for the course. Booking of provisions on historical contracts, depending on how these contracts advanced, then we write back provisions, even if that sometimes generates a cash outflow. There's nothing unusual about that. Our provisioning policy for difficulties is very strict when we identify difficulties, and once the problem is solved, then we reverse the provision. To answer your last question about the data center business. In fact, we do not have a perfectly detailed French garden. We operate as our companies are present, and when we have a foothold in Australia, we deal through A.W. Edwards. When we're in Europe and France, depending on which country we're talking about, we will work with Bouygues Construction and Equans. Sometimes in Italy, our solutions will be led by Equans. In the U.S., these are solutions that will be driven by Equans. We react depending on the strength of our foothold and our various businesses in the region in question. This is how we submit tenders and to generate the best possible synergies. In Finland, for instance, Destia is our business. It's a mini Bouygues, even if it works through Colas. Destia is our figurehead in Finland. That's how we operate in these different markets. To put it simply, in a word, we are very pragmatic about the way we approach markets. Next question. Next question comes in Eric Avery from the CCCB. You have the floor, sir. Thank you for taking my question. I have two. First one concerns Vannoy Construction. You mentioned an acquisition price of in the region of EUR 100 million for a sales figure of EUR 874. Doesn't strike me as being very high. Could you tell us about the Vannoy's margin by comparison to the rest of construction? My second question concerns Bouygues Telecom. You've talked about competitive pricing in mobile. Given the market dynamics, can we expect the ABPU margin to continue to decline in the second half year? On Vannoy, I said in the region of EUR 100. That was a real rounding off because more specifically, the purchase price was I thought we said we weren't going to give that figure. Oh, my apologies. It's an order of magnitude. That's all we're giving, in the region of EUR 100 million or so. So roughly speaking, around the EUR 100 million mark, but we're not going into details. The margin is the normalized margin. We have a 3.5% in line with construction. It's kind of borderline between what we can and can't say. I'm only a beginner here, so Benoît. As for the impact of the competitive pricing on ABPU in mobile phones, clearly, if the market is fiercely competitive, we can expect ABPU to decline in mobile with simple dilution. When you have a mobile customer base, we keep getting new customers. The customers leaving, I should say. But new customers tend to be below the average quarter-after-quarter. This drives our ABPU, our average ABPU down. Next question. The next question comes from Abhilash Mohapatra from BNP Paribas. Please go ahead. Yeah. Good morning, everyone, and thanks for taking my question. I just have the one, please, on Equans, where obviously this quarter we've seen a sort of strong improvement in your top-line trends. Despite which obviously 1H is down 3%, you're guiding to sort of stable top line for the full year, implying you could do at least in the region of 3% revenue growth in the second half. Given everything you've told us about the strong order intakes and the fact that you're expecting more sort of projects to come through, is there any reason why top-line growth next year won't be better than this sort of 3% kind of implied exit rate in H2? Thank you. Mr. Stéphane will answer you. We are just trying to be sure that we catch your question. As you rightly mentioned, we are catching up in terms of revenues after a slow start in early 2026, first quarter of 2026. You've also noted that we have a very strong order intake. Having said that, as you may know, and partly because these order intakes are linked to a larger project, there's always a time lapse between the time when we do recognize those order intakes and when those order intakes translate into revenues. The plan, as we confirm the guidance for Equans in 2026, with the revenues, which should be stable year-on-year, excluding exchange rates effects. That's the plan. As Olivier mentioned, these order intakes have led to a very strong order book, which will translate in revenues. Having said that, again, we look at a prudent approach to 2027 for now. The year is still not over, part of these order intakes are also linked to project where revenues will crystallize in, I would say not the short-term, but longer term. For instance, in data centers, when we secure orders together with Bouygues Construction. First of all, the shell and core aspect of the building need to be completed before revenues for mechanical, electrical, and plumbing activities can accelerate. Hence, the comments we had on the revenue and the top line of Equans. We are confident that with this order book, plus the contemplated acquisitions, we are looking mid-term to a growth in the top line at Equans. We will see you again by February 2027 to explain what's the next path for the next three years. We will explain you by February to give you some how do we handle these next three years. Let's focus on 2026 for now. Got it. Thank you. The next question comes from Rohit Modi from Citi. Please go ahead. Hi. Thank you for the opportunity. Most of my questions has been answered. I have just one follow-up from Mollie's question around group guidance, looking at the commentary around individual segments and the order book position right now in construction and Equans, then also on the backdrop of easier comps in telecoms. I'm just wondering why you do not expect a better 2H than 1H in terms of trends, why you have still a cautious stance in the 2H. If you can give key reasons for that, just the geopolitics or French elections or anything. Thank you Stéphane? Yes, for now, we've decided to confirm the 2026 guidance at group level. You've noted indeed that the first half of the year has proven robust. Having said that, the year is still not over, we indeed commented on the fact that the geopolitical and economical context are quite volatile and uncertain, hence a form of prudence, which leads us, for now, to confirm the guidance. When you look the geopolitical situation right now, for example, when we look about the consequence of Strait of Hormuz, the fact is closed, there is no real impact for us right now. In case the situation will last longer, it will lead to something negative at the global impact, and we will be, as all in the world, with some problem in the very future. Right now, we don't really know what will happen for this kind of situation the next months. [inaudible] Thank you. Ladies and gentlemen, let me remind you that you can put questions by phone. You click on the link on the video, then dial pound followed by five on your keyboard. There are no further questions by phone. I'll give the floor to the speakers to conclude the presentation. We will conclude the presentation wishing you a happy holiday. We look forward to seeing you on November 5th for the next presentation. Thank you and have a good summer.