[Non-English content] As said, in February 2006, the group has a strategy which is affirmed, borne by the long term trends: sovereignty of energy, development of new mobilities, necessary adaptation to the climate change facing extreme events that go on one after the other and extend on the whole European territory. Those trends will need investments, public as well as private, remaining powerful drivers for growth in the medium and long term for our group. Let's move to the highlights of the first half year. It's characterized by results and increasing outcome, as expected. In the works, operational performance is solid and visibility remains very good, with an order book, a gain in growth over year and progressing on all of the branches and lines of business. In the concessions, performance is impacted by the decrease of the motorway traffic of the LVs, given the persistence of the oil price, which is high, direct consequence of the Middle East conflict. These results enable us to confirm the perspectives of the increase of activity and results for the group in 2006. The construction line is back to growth. Commercial activity remained dynamic with some very beautiful operations. You can here see the contract attributed by RTE to the team's work and services for the construction over five years of 450 modular buildings, industrialized, which are meant to be installed in electrical stations on all of the French territory. It mobilizes 70 agencies all over the French territory. At Mantes-la-Jolie, our team secured a new contract and designed and built for the construction of a gendarmerie and 58 housing units with an approach aligned environmental performance and quality of use. Eiffage Construction supports the transformation of the campus of EDHEC Business School in Roubaix with a new contract of energy renovation of a building and the construction of an extension for a modernized learning center with better environmental performances. Operation led an occupied site within a campus welcoming over 4,500 students. In the infrastructures, Eiffage Génie Civil has a stable activity in France and remains supported by major projects. Eiffage Route sees its activity contracting by 5%, impacted mainly by the decrease of public order from the local authorities, which is not offset by private order, which remains still growing, neither with the participation in some major project of the group. Eiffage Métal France is in strong growth, thanks to the wind farm projects for RTE and direct or through the projects of Airbus Atlantic. You can see on the screen the contract devoted to Eiffage Génie Civil by SNCF Réseau for the construction of bridges of the line Amiens-Laon on the Canal Seine-North Europe, a bridge of 908 meters and a viaduct of 77 meters span. Eiffage Métal and Eiffage Rail are also intervening on this project. After a recent collaboration led in success on the Hinkley Point C in the U.K., Eiffage Métal signed with Arabelle Solutions, subsidiary of EDF, a long-term partnership, 12 years, for the manufacturing in Lauterbourg, components for heat exchangers for nuclear plants in France and Europe. This partnership consolidates the position of Eiffage Métal as a historical player and equipment provider of first line in the nuclear sector. It is on the location of Lauterbourg that is prepared the manufacture of metallic elements of structure for the EPR2 in Penly. The energy system branch has an activity in slight growth in France, thanks to a second Q more dynamic than the first. The CNES and ESA, devoted to a French consortium, Franco-German, under the aegis of Eiffage Énergie Systèmes, the implementation of a new sun farm on the spatial port European, enabling the production of hydrogen, low carbon hydrogen for Ariane 6. At the same time, Eiffage Route is revamping ways and roads for the heavy duty road for the launching pad. Eiffage Énergie Systèmes has been selected by Campus AI for the implementation of the electrical substation high voltage infrastructures for its campus Foujoux, for an amount of EUR 120 million. Eiffage Génie Civil and Eiffage Route are also mobilized. This starts the project in its operational phase. As during the past, the group leverages also its compactness to make the difference, mobilizing its different expertise as to win multi line of business contracts. Eiffage Construction has been appointed lead contractor of a groupment of design build with Eiffage Route and Eiffage Énergie Systèmes, for the building of a cultural center and green public spaces at the center of Crèvecœur-le-Grand. Eiffage Construction has been selected for the implementation of the first stage of the convergence project in Angers, a building of 38,400 sq m. Eiffage Énergie Systèmes has been awarded a contract for high and low voltage. The City of Paris, the Banque des Territoires, and the groupment Dalkia, Eiffage, RATP Solutions Ville have signed the articles of incorporation of the single purpose PPP, holder of the heating concession contract for Greater Paris. SEMOP, created for the execution of this contract, will make sure that the public service will be continued for a duration of 25 years. It will be in charge of the operation, modernization, and decarbonization of the heating system of Paris urban infrastructure, which is a major one at the city level, which is supplying above 1 million people in Paris and in the surrounding municipalities. The first half year has also been highlighted by many deliveries. Eiffage Immobilier has delivered a turnkey project on Campus du Parc, enabling to offer a second life to the old architectural school of Nanterre, an iconic building of the '70s. Besides the renovation of the building, the project encompassed the building of three new buildings. Our teams also delivered the Marché Saint-Honoré, a renovation of high technicity of a real estate of 18,000 sq m. The operation carried out by Eiffage Construction was highlighted by a dense urban environment, a partially occupied facade. Builder Goyer and Eiffage Métal also took part in this project. We also started a new project as the adaptable high service intensity residence of 319 housing units in Dieppe, a real estate program thought to be evolved after the departure of the workers of the project of EPR2, to welcome tenants of the housing provided by Logeo Seine. It is one of the three operations supported by Eiffage Immobilier to support Eiffage operation in EPR2 in Penly, enabling to provide 1,300 housing units. Eiffage Construction also started the works of Campus Université Grand Paris Nord. On over 77,000 sq m, the project encompasses four buildings devoted to teaching, research, lecture halls, and a convention center. It leverages also the electric works for Énergie Systèmes and Eiffage System for the operation and maintenance for 12 years. On the roads, it is in an urban environment that our teams are leveraging their expertise by implementing a double landscape cycle path of 2.6 km at Oullins Pierre-Bénite. It is the longest section of this cycle path. Eiffage Route inaugurated the project of renovation of the site of the Pointe du Hoc over Omaha Beach, aimed at improving the conditions of welcome of the public and matching the threats of erosion. The works included the widening of the parking, the security of the cycle path, the modification of the welcome building, and the redesigning of the visitor circuit with our Biolclair natural surface. After having dug over 2.5 km, one of the tunnel borer was transferred in April to start the digging of over 2 km. A logistic complex, impressive thing, with the transportation on 3 km of the cutting disc of over 150 tons. On the works of Penly, has moved on this summer with many important steps. The junction with the new embankment has become a reality with over 8,100 blocks of concrete delivered. This link will enable us to finalize the platforms won over the war, freeing spaces which are important for the project to come. We have also implemented 2 million square cubic meters of earthworks and got the first block of factory on its concrete. The teams of Eiffage Rail finalized the works of replacement of the tracks on LGV Nord in the Havrais. This project, led on behalf of SNCF Réseau, are an important path, an important stage in the modernization of the network. Eiffage Métal finalized also works on modernization of a pipe circuit, as well as dismantling of installation and thermal insulation of new lines of a food processing plant. Eiffage Énergie Systèmes and Eiffage Génie Civil implemented a double underground link of 320 kV over 40 km in the north of Brittany in the framework of a work of electric interconnection between France and Ireland. Eiffage Concessions and Eiffage Énergie Systèmes finalized the construction of a new court of justice in Lille, a building of 24,000 sq m, meeting a specification which is very demanding, facades and concrete in color. The delivery inaugurations are moving one after the other on the Nové project for the Ministry of the Armies and its planned ambition families. The company is at its operational peak with an average of 150 projects worked on simultaneously. Nové delivered over 1,500 housing units. For my part, I took part in the inauguration of the barracks in Versailles for over 100 renovated housing units. After this vision of this order book and the activity in France, let's move to the European part. As anticipated, the growth of activity is less important than in 2025, but it remains very dynamic with over 8% of real growth in Europe outside of France, 4.7% in organic growth. Development of the group, as alluded in February, remains supported by its exposure to great trends of electrification, digitization, and sovereignty, but also to its exposure to the trend of our markets in Germany, Spain, and in the Netherlands. Commercial activity remained very dynamic in our implantation countries. In Poland, Eiffage Immobilier will transform the most ancient depot of trams in Poznan, implemented over 130 years ago. The space will be renovated and requalified, including the building of two residential buildings of 230 housing units and the renovation of the main building of the depot, as well as the historic buildings. In Wrocław, we will implement for the past two years, one of the major residential projects ever implemented in Poland. We just signed the last stage. It's a real estate program of three buildings erected on a former train site location on the banks of the Odra, offering 500 housing units for rental. In Germany, the local teams of Eiffage Génie Civil will implement for the account of the city of Nuremberg, the replacement of two bridges as well as the access roads, a market of EUR 95 million for Eiffage. The new roads, coupled with cycle and pedestrian path, are within the relaunching, the restart of the renovations of the German infrastructure. In Germany, our Belgian subsidiary, Smulders, won the contract in a joint venture, the contract for the construction of a conversion station of DC to be linked with NSC2 as of end of 2034. The contract encompasses the design of the system, the delivery of the pieces, the construction, the implementation, sea and land, as well as its commissioning. Negotiations are underway for a second project of a similar size. In the Netherlands, Eiffage Métal has been attributed the contract for the construction of two construction in metal construction, an arched one, 260 meters long, and a mobile work of 53 meters for the new bridge of Merwede. Lemmens is in charge of engineering, manufacturing, delivery, and installation of both structures. In Spain, Eiffage Énergie Systèmes has secured the contract for the construction of the first center of data annex and data centers in Valencia, implementing mechanical installation, low and high voltage systems, as well as a system voice and data. Still in Valencia, Eiffage Énergie Systèmes has been awarded by the Municipal Company of Transport, the contract for the electrification of the bus depots. 24 points of charging for the electric buses, a smart system of energy management and adaptation of infrastructures to meet the growth of the fleet. Activity size, as I've been saying, with 8% growth in Europe outside of France, remains very sustained. In Warsaw, we go on the heavy renovation of an iconic building of modernism after war, transformed in a Nové hotel, 100 luxury rooms, 80 private residency, and cultural spaces close to the historic old city. In Spain, the inauguration of the future circuit of Formula One, Madrid, has taken place in June, three months before the first Grand Prix in mid-September. As you see here, this has been implemented. Our teams also implemented in a record time the building specific to the sports events all along the booths. In the province of Toledo, Eiffage Énergie Systèmes is finalizing the works of the processing of the station of Los Yébenes, implemented in a joint venture with Eiffage Construction. This project will replace an obsolete installation to enable the water renovation of the use for the population of 16,000 inhabitants. In Belgium, the project of the train station of Ottignies has officially started that will modernize the most frequented train station of Wallonia, which is inadapted to the needs today. In this framework, Eiffage Construction will intervene in the total destruction of the station, as well as its rebuilding, and as well as the surroundings. On the motorway A3, the 76 kilometers six ways driven by Eiffage Concessions and implemented by our teams of Eiffage Génie Civil, have been officially open to the circulator traffic on August 3rd, in presence of the cabinet ministers. With a total cost of EUR 2.8 billion for the extension, operation, and maintenance over 30 years, the project of PPP is currently the greatest project of this type in Germany. In Monte Carlo, Monaco, in the framework of the construction of the Hospital Princess Grace, Eiffage Énergie Systèmes was in charge of the five principal phases of the technical part of the phase one, commissioned end of June. The turnkey has been made in presence of Prince Albert II in mid-July. First patients will be welcomed in January 2027. Beyond the organic growth, we have made also five external growth since January. They take part either in the strengthening of the territorial mesh, or to the strengthening of our specialties and expertises. Hand & Werk, specialist in data centers, offers a turnkey offer going from the design, building of the technical construction of buildings, to the maintenance. 200 employees, Hand & Werk, implemented a sales of EUR 85 million in 2025. Claus Heinemann Elektroanlagen, 300 employees, enjoys a long experience in the design, installation, and maintenance of electrical systems for customers from the tertiary, industrial, and public sector. This acquisition enables to our Salvia subsidiary to widen its expertise and to strengthen its position on the market in the south of Germany. Finally, entities of work of the Baatz group, a family company created in 1938 for 170 employees, implementing in 2025 a sales to the tune of EUR 150 million. This acquisition enables Eiffage Construction to strengthen and complete its know-how to become a first line player of the construction and real estate in Luxembourg, with a new group of over 750 employees and sales of over EUR 200 million. In the concessions, we have strengthened our position as first shareholder of Getlink with 29.4% of the capital, following the acquisition of 1.74% of the capital in March, for an amount of EUR 167 million. It's our fifth acquisition since 2018. Our participation in Getlink is a masterpiece, among others, in the renewal of the portfolio of concession of the group, since Getlink is a concessionaire of the tunnel under the channel until 2086. Group goes on export mode on some projects, mobilizing its specialties. Contribution to this activity is, as foreseen, weaker than last year, direct outcome of the end of some major project. Eiffage Énergie Systèmes is building four solar farms and they are linked to the Noor Atlas in Morocco with a total power of 225 MW. It will also be in charge of the operation and maintenance for seven years. We are also in Benin, where we implement the extension of the site of Illoulofin with two new powerhouses of 25 MW each. This extension brings this capacity to 75 MW. That will be one of the major solar farm of the country. In Norway, Eiffage Génie Civil and Eiffage Métal implemented a first part of the motorway E18, including the viaduct of Grenland that you see on screen, a major step on the strategic axis between Oslo and Kristiansand. In the U.K., we have crossed a major step on the high-speed line HS2 with the implementation of the last of the more 5,000 concrete segments, making the main structure of the tunnel Chipping Warden, tunnel of 2.5 km within a trench, then recovered by earth, contributing to a better integration of the high-speed line in the landscape, as well as the reduction of the nuisance for the inhabitants, sound nuisance, noise. In the airports, the traffic is in a slight growth. The half year has been highlighted by the implementation of the new contract of economic regulation of the Airport of Toulouse for the period May 26th, December 2030, an important step giving economic visibility over this period of time. Quite recently, we received the confirmation by the opening by United Airlines of a daily line with Washington as of April 27th. In the motorway concessions, the traffic of light vehicles is globally in decrease given the persistence of high fuel prices. Compared to the first half year 2025, traffic has decreased by 2.5% with APRR. Until the beginning of the conflict in the Middle East, traffic was in decrease of 0.8% and of 3.3% between March and June 2026. To be noticed, a good traffic HGV increased by 2.4% on the first half year. This summer, our teams inaugurated the A480 Rondeau area ensured the widening of the motorway on 7.5 km while maintaining the traffic of over 100,000 cars per day. With an investment of EUR 300 million financed by the society, which is the concession, this operation proves the capacity of the concession model to deliver projects of collective interest within the territories, matching the stakes of mobility, quality of life, and ecological environmental transition. It is one of the most important projects implemented in the past years on the conceded network. Already pioneer with 100% of service areas with a charging quick charge posts, APRR and AREA goes on with the development of infrastructure of charging posts on the network. Two partnerships have been signed. An agreement with Allego that is foreseeing the equipment of 31 rest areas and five more service areas as of 2027. Partnership with Milence inauguration this summer of a new charging area for HGVs in Gevrey-Chambertin on the A31, aiming at the growth of the users. Fulli offers in France and Europe solutions to simplify the moves on the motorways like the badge of e-toll, recharging cars for electric cars, and stations at reduced prices. The semester has been the deployment of Fulli on four new areas on the APRR and the new area of Champ d'Amour on the motorway A20. After this 360 of our activity, some highlights of our carbon strategy. Improvement of our notation extra-financial by the stakeholders, EcoVadis and MSCI, validating the robustness of our action plans on the pillars carbon, climate, biodiversity, circle economy, health, security, and governance. In terms of environmental strategy, we have published a new release of our climate report that is putting in value our engagement for the transition of ecology and illustrating our determination to illustrate the climatic change in the evolution of our businesses. Decarbonization is a human challenge that is engaging our 90,000 employees. We implemented a global dynamic of training to the environmental challenges so that our employees will take ownership of the environmental strategy of the group and be able to use it on a daily basis. Let's get to the major figures of this semester. Sales increased to the tune of 2.3% and operational result increasing to EUR 20 million compared to the first half year 2025. A solid performance in works construction, with sales increasing by 2.8%, 4.8% in the second quarter, and an improvement of 20 basis points of the operational margin. Performances of the concessions impacted by the decrease of the traffic of the LVs. Net result group part is increasing by over 12%. Free cash flow, which was structurally weak in the first half year, is at the same level as in 2025. Net debt decreases over the 12 month by over EUR 500 million after EUR 1 billion investments of external growth. Finally, visibility of the group is comforted by an order book growing by 7% on the year up to EUR 31.5 billion progressing on all of its lines of business. As of the perspectives 2026. In the concession, the ongoing conflict in the Middle East triggered a decrease of traffic of the light vehicles that has been noticed during the semester and during the summer. We foresee sales and an operational result slightly decreasing compared to 2025. In works, the solid performance recorded in the first half year and notably during the second quarter, leads us to foresee a figure slightly increasing for infrastructure and construction, and a more sustained growth at Eiffage Énergie Systèmes, but at a lesser level than in 2025. After this solid first half year, we are confident and we confirm our global perspectives for 2026 of increase of activity of the operational result and of the net result. Thank you for your attention, and I invite Christian Cassayre to give some detailed explanation of our financial elements. Good evening, everyone. I will continue the presentation here with the figures more in detail. The group's activity, you can see, has grown by 2.3% in the first half, 1.1% being organic growth. In the contracting, remember, the first quarter was a bit flat and the second was much more sustained at 4.8% growth. The second quarter, the 2.8% total over the half year then. Concessions, we see the opposite dynamic with a net drop in auto traffic as of March due to the conflict in the Middle East. We see a slowing down in organic growth by 0.5%, negative 0.4% following the disposal of Nové. We will see in a few minutes the figures per branch. If we look at geographic zones here from the right there with the past five years, you can see a strong dynamic. Our European markets outside of France, +8%. More limited growth, yet still positive in France at +2.2%, in total. Our target European market, France and outside of France, you can see that in the gray column, we have 4.5% growth. Outside of Europe, we can see a bit of a slowdown, and that was at the ending of many infrastructure projects of a large size, and an increase in external growth. Note that the figures for 2025, here, they have been retreated, readjusted with Goyer coming out of that. A façade company that was previously in infrastructure is now part of the offsite Eiffage Construction sections. All the history that you have over the past five years has been readjusted. Now, as regards to results, aside from the allocation of Goyer being in the correct branch, the data for the first half take into account the revisions of provisions of IFRIC 12 at 31st of December 2025. You have the details in the annexes with a small impact. You have a note there on the bottom of the slide. Operating results, recurring operating, we have EUR 28 million, +11.6% at 2.8%, with the consequence there being an increase of 20 basis points in margins for contracting. As regards concessions, the drop is mainly due to the increase in amortization costs, which were not offset by traffic dynamic. Globally, operating results increasing by EUR 20 million. If we look at this per branch, Eiffage Construction, you can see a return of activity of 5%. First quarter, second quarter, mostly contracting +3.1%, and real estate or property at 11.7%. You can see in blue the comparison basis is favorable looking at the activity for 2024 and 2025, and that was particularly true in real estate. In contracting, growth is carried by the ratcheting up of our Nové contract, which is lessening towards the end of the half of this year. Renovation, residential and tertiary and energy efficiency in buildings. Major operations are also increasing their pace. Operational margins are stable at 3.5%. Real estate contributing to EUR 11 million in the results in 2025, with a slight drop in margin at 4.4% because activity has grown and it is imputable to sales of block sales at 60% in the first half. That is less profitable than the model, but more secure. The good news is that the erosion of the margin has been offset by increasing margins in contracting. You can see we are renewing our order book by +6% over one year and 2% compared to December 2025. This year, I wanted to illustrate my talk here by the buildings in adapting to climate change, which is a very positive, a very buoyant market for us and quite topical. Here we have in Anderlecht in Belgium, this is affordable housing, 156 housing units with a drain area and a spill-off area, and it is also contributing to local biodiversity, the flora and fauna and birds' nests. The infrastructure branch has stabilized after four years of strong growth. In roadworks, in road in general, revenues are down by 4.2% with inertia related to also dropping in municipal contracts. In Spain, the road group is increased by 10% compared to traditional markets due to the project that was presented regarding the Formula One project. In civil engineering in France, activity is stable. Major projects mentioned by Benoît de Ruffray are in full production. That is also the case for the HS2 project in the U.K. In Germany, we see an increase of 10% of activity, which is offsetting the end of the construction of the A3 motorway, giving us stable consolidated revenues. In metals, Smulders is increasing at over EUR 500 million on the increase of the HSM Offshore Energy integration as of the 1st of June 2025 through the first half of this year. Let me remind you that you know this structural margin is negative in the first half due to civil engineering and road, but that is why the consolidated figure that gives us 0.3% that is stable over the semester, but not representative for the entire year. That is due to the performance at the end of the year of these business lines. The order book is at +6%, particularly in the +18 month with this project, with stability expected in the short term. Here we have Eiffage Génie Civil in French here, resizing spillway here in the Roussillon Reservoir to meet regulatory requirements and to guarantee safety of the dam during any floods and the evacuation capacity moving from 10 cu m per second to 56 cu m per second. First step is to increase the walls to 45 meters, and second stage is to build a new evacuator at 155 meters. Eiffage Énergie Systèmes has solid growth at 4.8%, 2% organically with quite substantial acceleration second quarter at 4.1% organic growth. Stable activity in France compared to 2025, and a strong growth in Europe outside of France at +10.8%, including 6.2% organic growth. What stands out here is compared to the like in the past, organic growth is an essential driver to our European growth. This half saw a lot of development in Germany, 15%, and Netherlands +15%, Spain +10%, overall growth then at 11%, including the acquisitions from summer of 2025. Organic growth there is at 4% in Spain. Operational margins continue to grow by 30 basis points at 5.2%. Visibility is very good with an order book at +7% in the beginning of the year, +9% over the year. We have a framework agreement here, and we have this market where we've been providing emergency support with Enedis. Here you can see the map. We had our folks mobilized 24/7 to repair, replace any cables, and intervene wherever necessary in dealing with the heat waves. In the concessions here, you can see this slide's main interest is to give you the details of the PPP concessions are consolidated with overall integration, indicating their end date to show you that beyond 2035, 2036 are assets outside of APRR. I'll just make two comments on the bottom part of the graph. In the motorway concessions other than APRR, we can see that these revenues are on the downturn in three of the four. In the gray part of the graph there, you see the revenues in Nové 2025 consolidated by the equity method. If we focus on APRR AREA networks, there we can see the light vehicle traffic is down by 3.4%, overall limited to 2.5%, though it's maintained due to the HGVs. You can see that we've got an increase in tariffs, though, and tolls at the beginning of the year, but not enough to offset. At A79 is continuing to ramp up with a lesser growth in the current context. We've taken over four service areas directly with our brand Fulli generating us revenues of EUR 10 million, and commercial margin is low in this type of a business. It does dilute the margin, the EBITDA margin by 50 basis points. This means that the EBITDA, this area would have a slight increase at 72.2%, and that's due to the reactivity, the responsiveness of our APRR teams who contain their expenditures as soon as traffic started dropping. Sticking with dealing with climate change at the entry of the tunnel in Dullin, A43, in Savoie, we had to carry out some maintenance and monitoring operations because with the heat and the weather and freezing, thawing, these networks need to be secured. All of this, of course, is part of our business plans. Outside the APRR network, you can see that the EBITDA margin for our main assets is already high and our motorway concessions in the younger ones were at 80%. Allier here as well, where we manage these service areas at EUR 6 million with EUR 28 million you can see up here. On the right, you have just FYI, the amount here for construction carried out by Eiffage and the concessions in PPP and greenfield currently under construction. In Sun'Agri, their specialist in Eiffage Concessions for energy production. You can see the operations here, and this is to deal with climate change. We call this dynamic agrivoltaics, because we can change the orientation of these panels. Getlink, we have the update in the increase in capital here. You can see the share part with using the equity method. That's a share of the profit, EUR 34 million for components here. We can have the results for the half of Getlink is EUR 118 million. You can see on the right there, it gives us 34 million in QS. An adjustment of the 2025 result gives us 8.8, minus the amortization of goodwill gives us 9.3. We also have EUR 129 million in dividends on June 26th, much higher than 2025, and the EUR 62 million that were taken into account in 2025. Now looking at our income statement after going over operations, we can see we are more or less stable. EUR 161 million increase in interest rates have been offset by the drop in the net debt. Other financial expenses include the capital gains of the disposal of Volterres. Corporate tax is stable, and the net profit group share comes out at EUR 342 million, so that is an increase of 12%. If we look at the changes in the net debt, we need to compare this to 2025. You can have that in the bottom of the page. EBITDA is on the upswing as the dividends coming in from the associates using the equity method. You can see there is a greater change in WCR as compared to contracting and most of them in Eiffage Métal. We saw that the expenses, interest, and tax have been also impacted with the cash flow. This brings us to free cash flow at EUR 420 million. The net investments are under control, EUR 495 million, EUR 47 million, including EUR 35 million in contracting. Following these investments, free cash flow negative at EUR 75 million and negative last year in June 2025 at EUR -91 million. It is not representative of our annual cash flow. That is generated in the second half due to the seasonality of our business lines. In blue here, you have the acquisitions at EUR 204 million, including the most recent capital injection to Getlink and the acquisitions mentioned by Benoît de Ruffray in Germany and France, subtracting the disposal costs of Volterres. Then the dividends that were given out by APRR and those by Eiffage to the shareholders at EUR 468 million. Movements on the share prices. The debt, EUR 9.4 billion total in June. We invested a lot, nearly EUR 1 billion over the past 12 months, reinforcing our participation in Getlink by some 9%. The EUR 9.4 billion can be broken out into, there is a non-recourse debt and about EUR 600 million and then EUR 500 million of treasury in cash flow in the holding in the contracting division, gross cash at EUR 2.4 billion. This enables us to continue to be financially agile. A final slide here. This is our order book at a historic level of over EUR 31.5 million. You can see it is on the upswing in all of the branches. The essential growth here is in, you can see in green, and that is an increase of 14%, a growth of 3% compared to the short term. The group's visibility is very good, very positive. We benefit from our ability to be positioned in our operations that are multi-year and multi-business line. That is it for me with the figures. I now suggest we move on to question and answers. Hello, gentlemen. Thank you very much for your presentation. I am from JPMorgan. I have got a couple of questions. I might go one by one. Maybe we could start looking at motorways. Clearly, traffic is down this year, especially in the first half. Margins are down as well. You talked about some dilution of them. You talked about the actions taken to offset the drop in traffic and the impact on your margin. What are those drivers? What are those levers? What about the rest of the year? What will you do if traffic does continue to go down? What will be the cost for motorways and what have been the trends? This summer, we saw the increase in petrol and gas prices. Is there something planned for the motorways? I thought maybe I'll stop there and ask my other questions later. Go ahead. Thank you. We'll start with the traffic. As each and every year, I'll start by answering the first question about traffic. During the summer, which is not over yet, the trend on LVs is confirmed by what we noticed since March and the beginning of the conflict in the Middle East. As for LVs and for HGVs, we go on having a sustained traffic more to the tune of 1%. To answer your first question, what we implemented to take into account this decrease in traffic, we had a certain amount of action on various parts, either operational, current operation, or on HR, while keeping in mind that the security of our teams and also our customers remains the first top priority. So had to make arbitration not to question the security of our teams and our customers. Precision, LOD, on the decreasing margins, you will see APRR and AREA retreated. EBITDA, slight progression of the margin decreased by the charge amortization going with the end of concession date, which is getting closer. We don't stop on the CapEx. We keep the capital expenditure. But the margin of EBITDA re-transformed is in slight progression with an effect which is more marked on the measures taken in the second half year. If the traffic is picking up, should we expect an increase of the costs again? Well, everything is in the assumption you're making. If the traffic picks up, we can't say anything today. There are a certain amount of measures we took which will go on. A certain amount of things, if traffic improves, will be reported or delayed. It's in between, right? To add to it, maybe one of the elements is all through the summer, given the traffic, the short-term workers we are hiring, the amounts are much weaker than what we usually have in the summer. On the energy part, you reported to margin increasing by 30 basis points. Can you share with us what are the drivers? Is it an organic driver? Do you expect this kind of increase all over the year? Ludovic will answer. Hello. Good evening. Thank you for the question. In France, as we have seen, we have an organic growth which is less dynamic than previously. So to guarantee the level of margin, we work on the selectiveness of our business and also on the operations. This is something we discussed last year. We go on with that. It's a long-term system. We've seen in Europe we have a growth which is excessively organic, and some total part of the margin comes from this European drive dynamic. I would say at the half year, to add to what Ludovic said, the 30 basis point, we have them as much in Europe as well as in France. I think it's very important. It proves the performance of the teams. When you have an organic growth that is decreasing, it's more complex, but the dynamics implemented for a certain amount of years go on producing their fruits, and the selectiveness of the deals is key. We are confident on this capacity to maintain this increase of the margin. To go on with that about the data centers, can you give us an explanation where do we stand? Is it a sub-sector which is important for you, or will something change for Eiffage? Can we expect different margin on this kind of projects? Data centers, you have several worlds in the data centers. You have the world of the current data center we've been doing for years, under 20 megawatts, either we're working in a big chunk or on minor chunks, and on which we do maintenance. On this activity, we're in a regular growth for the past years. Then you have the hyper scales, everybody talking about it. We're talking about billions of works. There, we have to be cautious, relatively. Those are projects which are excessively long. We don't have one project to do with one order. It's several orders that are logged in. It's over the years. It's projects which are the implementation. Commercial closing, it's rather long. You have to make sure that you have the tenant before starting the works because given the nature of the tenant, you have the definition of the design because each user has its own design. It's a long process. You have to make announcement that you have the energy, you are ready, and you have to have the developers to make sure that they have the right tenant to use the data center. We, today, our ambition is to secure a first hyper scale. We are still in the first building. In the finalization, we've finished the building. We almost finished. There were 24 rooms of 1,000 sq m at 74 MW IT. We finished the rooms of the first floor, and we are negotiating to finish the rooms of the second floor, given the needs of the user. It's a project we started a few years ago. It's still in a phase of finalization. It's going to be an EUR 800 million project, and we're working with them on the building next to ours. We ramp up in a reasonable way on our capacity to do data center. We did it in France. As you have seen, we made an acquisition in Germany, enabling us to position ourselves on data centers. We have also the strength in Spain. It works. Everybody's moving on. On the hyperscale, our ambition is to structure ourselves to be able to do it in France, too, in parallel in the global Eiffage offer. We are also as an EPC, i.e., we are doing the energy but also the building. What I wish is to position ourselves on projects that will provide a major part of the equipment, because today you have a certain amount of hyperscale. If you're working for Google, for instance, they come with the prefab. They buy everything themselves, and you just do the installation. It mobilizes a tremendous amount of staff for a very low added value. In the universe of the hyperscale, you have different types of hyperscale, diverse types of data centers. What we want to do Eiffage way with all the provision of the equipment and the building to have a better added value. We have a reasonable process. We're working a lot on those things. It's excessively long. We might have some good news to announce at the end of next year. This good news, the major projects. Now, look, the impact on the profit, I can't give you the level of margin, but it must be a contribution, right? Non-dilutive. LOD, what's important beyond the general explanation of Ludovic is that, yes, it's relutive, but it's very risky. The contractual models, current ones on the European market, not on the American markets. We're not in the construction management. We're on risk transfer. Our subcontracted chains cannot have balance sheets, so it's a risk taken totally. Hence, the fact that we have an appetite, but reasoned appetite. We have a first team. It went well. If not, we wouldn't go on that way. We put more people on it. We hybrid the teams to be able tomorrow to face at least two construction in France and maybe in the future also in Germany. But at the end of the day, the risks are very important. Obviously, we accept to take those risks when we are convinced that we have the human capacities to do it, and we have the human capacity to do and we succeed. Yes, it's relutive, clearly, but we have to look on both sides. Just last one for the road. Where do we stand on the progress of the projects? Will we have a speed up, an acceleration on the order books and on the activity? Guillaume. Hello. The German plan, we talk a lot about it. We start to see the first effects, not only in the figures, even as been said by Christian, we were able to offset the end of the A3 by current activity. It's partly linked with the first effects of this plan of jumpstart of Germany. Some contractors are working on that. We see there is a trend, there's a drive, there is a strong drive on Deutsche Bahn, a very sustained activity. There's a lot of pressure on the regularity of the trains in Germany. It's a classical topic in Germany. They were on works. Things that were done a few years ago. They developed new models, more collaborative models, first element. Second element, also on projects of corridor. The network is much more meshed than in France. They are able to reroute trains totally and give complete areas of 30 km on which you have to do all the works. It's a massive impact because you have to mobilize a lot of resources on a very short time to do a lot of works. They are still looking on how to be able to speed up the implementation of their investments. We discussed it already. The traditional German model, the design is done by the government or the lender or state-owned companies, and all this process that requires engineering has doubled in Germany. The capacity to speed up is limited by that. It is less the case on Deutsche Bahn because it has been a long time they have those projects on shelf. They had budget problems and the restart of the economy in Germany. They have less constraints, and they speed up the implementation of the project they had prepared for some years. What Guillaume was saying, the only way to speed up is to open up cooperative modes where the capacity of design has to be found with the different players, and this is very positive. It is a very good thing. Let us say it. If it is longer to be implemented, those who are already on location in Germany are supporting the support. If there were a fantastic jump, you would have seen the influx of foreign operators. We are the operators in Germany. We are the first beneficiary of the plan, even if many people hope it would be faster, but it is already active, and it is going to go on, since the general consensus on its necessity and the obsolescence of many road and train infrastructure make it that there is a consensus for that. It is important for it to go on. It is very good news that finally it goes not as fast, but on a longer span of time. It is easier and gives us the capacity to better organize ourselves to capture this growth. Well, since no one else is going. Okay, I will come back then. To an extension to what was said, if you look at the German history, we have seen some competitors get it all wrong by subcontracting the design to architects' offices. I am thinking about the opera construction site in Hamburg, some EUR 600 million losses. Today, the risk for Eiffage and our competitors, we have to be able to implement our engineering capacities, whereas in the past it was not being done. That is my question. Are you capable? Well, two things are different. There is the building construction market where we are not that active. We just have one subsidiary there called Albau that is not that active. Then we have some civil engineering. These are two completely different worlds, and there have been a certain number of players in it, including Eiffage, where we have already had projects based on that model, and these were PPPs where we were the designers. We were controlling the design with other German designers who helped us out in capacity-wise. But in this area, we have not encountered any difficulty. The place where we saw major difficulties in the past, but we were not there. That was the very large building projects in Germany with some DGCE, for instance, where there were difficulties in the market itself, but we are not involved there. The stimulus package or the recovery in Germany is just on infrastructure that is rail and roadways. The stimulus package or the recovery package, if you look at the budget documents, you see that part of it is a transfer of budgets that are general budgets to the [Eiffage Génie] zones. Can we say that maybe this year, next year, we will see a net balance there, a positive balance there in terms of activity? That is what we are seeing statistically. That is what we want to do. There is a lot of discussion and debate in Germany right now because politicians want to show that they are moving forward very fast on the stimulus package, on recovery package, but it is not going as fast as historic budgets. The debate then is on transfers in Germany. Fundamentally, we have increasing amounts of activity, having 10% growth, normative growth, and continued growth, sustained growth with a certain number of operations. We have the visibility there. We have the capacity. We could not go a whole lot faster because you have to hire, you have to draw in the talent, and that is another point that I have already shared with you. A certain number of crises in other sectors, other industries, made our industry increasingly attractive, and I think that is one of the best news coming out of the German stimulus package. We have never had so many people interested. Now we are able to attract interim alternates, alternating workers, young people coming back into our sector, who in the past, you could not go out and recruit workers from, say, a German automotive factory. We are attractive now, and you hear about this on a daily basis. This is probably the most positive point for me in the medium to long term in our ability to continue to move forward and contribute to the German stimulus package. Another point that is very important is also the necessity to support the energy transition in Germany, and you see substantial growth for our specialized affiliates there in high voltage networks, and we see growth that is quite substantial there. Entry barriers, we see a lot of growth there. These areas are very dynamic. There is a lot of momentum here, and it is not just air. There is underground. When you say underground, this is civil engineering teams, and these are teams from the Énergie Systèmes as well. There is a real calling there. Behind infrastructure, you have to think that part of the growth is coming from Eiffage Énergie Systèmes and the electrical system, the electrical infrastructure of the country. Hi, Eric. Here. I have a couple of questions. I am going to throw them all out there on the Warnow Tunnel in Germany. What is it that compelled you to get interested in that asset there? Could you give us your viewpoint on the residential market in 2027 in France for Eiffage real estate? I am assuming you are not very optimistic there. I would just like to know what your feelings are. Also, as regards to Germany, were you directly, indirectly impacted by the drought that impacted the Rhine River? Is there anything impacting your business there? The slowing of traffic on the motorways, what do you think is the sensitivity of, say, light vehicles regarding price of petrol, gas here? If gas does stay high, if fuel does stay high, will people just get used to the new paradigm and drive their cars as much as they did in the past? Final question here, it is really a detail here. On Sun'Agri, you came in in 2022. I was just wondering if Sun'Agri was profitable at this stage. If so, have you started giving out dividends? Thank you. The first question was on the Warnow Tunnel. We had expressed that in the press release when we first entered into negotiations. If you read the press release there, of course, we are very familiar with Sartaria. Atlas Arteria. With Atlas Arteria. Our motorways, APRR, are an AREA. [Varia]. That is coming to completion of construction. With having the Warnow concession, we thought we would have a common structure to manage these two assets because we wanted to not consolidate A3. During the discussions, Atlas Arteria suggested we could acquire Warnow 100%. As discussions moved forward, and as you saw in the press release, we did not reach an agreement on the financial conditions for the 100% purchase of Warnow. It is a concession that enables us to go faster in the area where we want to build the future constant current substation. We managed to do that just as the concession came in for the direct current substation there. We know historically that goes well. There was no technical issue. We just had to reach an agreement on the price, and we did not. So that's where the idea came from. Hello, thank you for the question. As you know, in residential real estate, the context is deteriorated, and there's a climate of wait and see, in terms of confidence and trust and just a general context. It's hard to anticipate between now and end of 2026 and even into 2027, hard to imagine a substantial improvement in the situation as regards budgets and political situation and general context-wise. However, there are housing needs, and they have never been as high as they are now, and the desire to become a homeowner is still there. So our real estate teams are working really hard in finding the right fit of our commercial offer, working on these two levers, two drivers where we think our model has a real impact. On one hand, developing controlled cost acquisitions for working with our developers. We have potential activity of 11,000 housing units we're working on right now. The second driver we have is the contribution of our industrial solutions to our operations to be able to onboard, produce affordable housing by massifying the cost and then sustainable housing, including all of the usages and reversibility. So to have good visibility, we have to be able to be ready for the rebound effect when the confidence does come back. As regards Germany, the topics related to the drought in the Rhine River, we are not directly impacted, because when we work with these industrialists, we're working in technical maintenance and that, but not delivery. There's no real impact on our business there. There was road traffic sensitivity there, sensibility in road traffic. We'd like to have an idea of what the formula is, but we're seeing that the length, the duration of the crisis that we're experiencing and the really high prices over the long term of, say, diesel costs, which had a major impact on light vehicles. Second effect is that we saw a deferred impact. There are certain ways of working that are different, such as more remote working and less travel that impacts traffic. However, we are optimistic about the sensitivity of traffic to fuel prices. We're seeing an increase traffic of electrical vehicles, and so we're seeing also more corporate fleets moving to electric cars. So that should have an impact on the traffic as regards to thermal engines. Christian, regarding Sun'Agri. Production of 140 MWh. Solar. Solar hours. So we are expecting breakeven over two years, keeping in mind that a good part of our loss is development costs, where we have private equity actors in the same area. Those costs go into losses, but in terms of the non-capitalization of the development costs, and so is the policy, we're just being prudent there for right now. Cautious. Being cautious for right now. Elodie, did you have another question? Well, maybe one last one for me from a free cash flow, which is down a bit. It was last year as well, but you managed to turn that back around at the end of the year. Can we expect the same trend this year? That is what we said, that at the end of the year, after five years where we have over EUR 2 billion in cash coming in, you have working capital requirements. We are trying to have a full year, trying to do the same thing for a full year. I do not have any better forecast at this stage. It is all going to come in in the second half. Certain contracts, of course, depending on our ability to contract those contracts in H2. The cursor can move slightly, but the goal is, of course, to have our second half to be our H2, to be compliant, similar to last year. The motorway free cash will be lower than last year, of course. Since I got the mic back, what about tax in France? Taxes in France, we are all expecting those to seem level of income tax as well as last year. What does that change for you? I am sure it is something you were expecting. Does that change your policy of distributing dividends, perhaps? That is no big surprise, is it? We will see what the modalities are. As regards to dividends, we first of all try and get through the year, right? Of course, we will take all of that into consideration with the board, but it is not anything really surprising. We shall see if ultimately, I will, if they try and make any changes. This is exceptional. The exceptional is starting to last a bit too long, but as regards to dividends, we will consider this with a great interest with our board when the time is right. I suggest we move to the questions online. We now have our first question of the day coming in from the English channel. Marc Ip. First question coming in from English from Marc Ip. Hi. Thanks for taking my question. It is Marc Ip from Citi. I have just got two separate questions. The first one, on the working capital requirement number, you mentioned that it has increased year-on-year at the half one point. Can you elaborate a bit more on the reason for that? Is it simply a consequence of higher activity levels in [Prolitamo], or have you seen any change in client behavior or in your collection policy or anything around that? If you can elaborate on that, please. My second question is on Eiffage Métal. You mentioned that it has benefited from some offshore wind projects. I just want to ask about your view on the sector in Europe at least, or globally, if you have a view globally, but your view on what you think the offshore wind sector looks like now. Do you think it's more constructive now than it was one or two years ago? Are you expecting to see more tender activity? I think there's quite a few countries putting up more capacity auctions in the coming months and years. I just want to know what your view is on that, please. Thank you. As regards to working capital requirements, we don't see any change in our customers' behavior in the payment time frames that they are complied with, and we comply with our subcontractors. There are some that have not been payable yet, but maybe it's due to big contracts. Nothing specific to point out in terms of client behavioral changes. So far, we're not seeing any changes in behavior. Guillaume, what about the offshore market? Well, offshore market as we see it, as we imagine it, we think the market is well-oriented, less so perhaps than it was a few years back due to the increase in rates. We are seeing signs that enable us to think that it's positive still. There's a lot of development in terms of substations. DSOs, distribution companies are currently investing in offshore substations at sea, and constant current, direct current, DC, and we see Edda Wind and in Belgium as well. They're investing in these substations. We see that there's been a slight drop in developers, mostly due to an adjustment of the contract conditions and increasing prices. I think the U.K. At the auctions. Auctions in the U.K., they adjusted their models with the new conditions. Meaning that today the markets are recovering. We are seeing that in France as well. Bids, calls for tenders, RFQs, there are about a dozen programs. In U.K. as well, we are seeing RFQs for many different fields. Three, four years ago, we had the markets for foundations, now it is substations that are catching up, maybe even getting ahead, and we think we will see a balance in the upcoming years. So those are the major trends in this market. Next question. Next question. From Santander. Hello, good afternoon. I have three questions, if I may. I wanted to ask you about the retender of the French motorways. Do you have any visibility today when Sanef could be retendered? Based on the information available to you today, would you be inclined to look at this opportunity? My second question is on Getlink. In the last communication to the market you made earlier this year, I believe you did not include any statement regarding your intention to acquire more shares, and I wanted to clarify if I read that correctly. Last question, I am afraid it is again on working capital. I wanted to ask about another dynamic. The order book is up 7% year-on-year, but working capital inflows are down. I wanted to ask you if there has been a change in the type of orders that you are taking. Are large EPC orders down compared to a year ago? Thank you. Camille? On the future of the motorway concessions, we have a certain amount of elements. We know that on the side of the Cabinet Ministry of Transport, they will renew the contracts, but there is a deadline, spring 2027, that is the French presidential election, before talking with certainty. Regarding Sanef, it is terminated on December 31. Given the size, it takes three years to implement this call for tender. When the next president will be installed, we will have more visibility. Regarding the interest for the next call for tender for the concessions on the motorway, we can confirm that. On the need for a WCR, the slight erosion has to be made more relative. It is EUR 100 million on a quarter of EUR 12 billion activity. It is a few percent. It is not an exact science. It is linked to a lesser part of major EPC contracts in the order book. If you look at the order book, the last page of the presentation, you can see on the long run, the major contracts. It is in the green part of the graph. It is growing by 14.14%. We are securing major contracts. Sometimes when we execute through more favorable milestones, we recoup some cash. On the first age, we have a less cash, but nothing significant on the structure on the time of payment of the contracts, just zilch given the gap compared to the last age. Getlink, no change on our behalf. We always said it is an asset which is important and we believe in it in the long run, and we are ready to strengthen ourselves given the condition of the market. We are at 29.4% of the capital. I think we trod the path. Next question, UBS. Hi. Thank you very much for taking my questions. I have two. Maybe the first one, just to follow up on the data centers topic. One of your competitors talked about a pipeline of tenders of around EUR 30 billion over the next six months. I just wanted to understand, I think you've mentioned a bit earlier on the call, but I'm not sure if I understood well. The timeline-wise potential orders, large orders on data center hyperscaler. Do you think you could see anything over the next couple of quarters, or you think it's more a team for end of 2027 and beginning 2028? That's maybe the first question. The second one, just on the order intake recently in Q2, could you make any comments around the margin profile of that order intake? I don't know, from the mix perspective, I don't know if you're seeing some of your competitors bidding more aggressively for some of this project over the last few months. Are you confident your order intake comes in at accretive margin or a strong EBIT margin going forward? Thank you. Concerning the data center, regarding data centers, I don't know where is this pipeline of EUR 30 billion coming, but basically, we do not have the intention to do a data center in an export mode. That's crystal clear. Indeed, we are interested in opportunities of data centers in countries where we are already located. It's going to be data centers in Europe, basically. Then the countries in which we have capacities, human capacities, technical capacities to be able to implement them. Facing the mastering and the mastering of risks we were discussing earlier, which are important when you put this filter. Yes, we are confident in France. We're more and more so in Germany and on smaller sizes. We already did things in Spain, Belgium, and the Netherlands. Once all this put together, all those filters implemented, the EUR 30 billion is more in the United States and Australia, and all of the places where we are not and we're not interested in. It's much less opportunities. If I add to that we put the filter hyperscale and only hyperscale, we hope to have a team able to do so in Germany, and we regard that we have two teams able to do it in France today. So in the best of the world, we would do three hyperscales on a frame of 6- 12 months. We have one underway and the longest element in Europe, the administrative processes. Just listen to the major I.T. companies. They said it took them so much time to make an investment. They discover the red tape in Europe, and they notice it's much, much longer. Eventually, the securitization for the developers of the tenants, which are not very numerous, it is very complex, especially with the red tapes things. A certain amount of projects, even in the Paris area, will not be made because they will not be made on time. If you put in all these filters, it remains very reasonable in terms of opportunity. Next, we are not very numerous to be able to answer those orders. The demand is much more important than the offer, and it ends up by being done by bits and pieces, and there will not be suddenly order intake of billions of euros that will appear. But the long-term trend is that we are doing more and more. We still have the maintenance for the smaller one that is ramping up. Each and every year we do more, and we may have, we hope, two hyperscalers together, hundreds of thousands of millions of activity. We need the road for the installation, the teams of civil engineering or of contractors to maximize the mastering of the risk facing the end user. So it is positive in growth, but do not expect a tremendous jump overnight in activity. I think it is the best way to master the risk. It remains excellent opportunities that will go on being developed. Maybe three or four years from now, we will be able to do it in one or two other countries. But this is what we want to do. But it is going to take some more time since we have first to make sure that we are mastering the risk and the teams able to do it. The 15 people who have a hyperscale project of data center are very seldom. It has been done in the past, but it is always the same thing. If in the future those developers say, "We can't make and give us some means, and we will pay you in cost plus fees." We are not in the same risk profile, so we will be able to go faster. But for the time being, it is not the way the market is organized. On the part order intake and margin profile, there is no real change. The margins remain of good quality. They are different given is it design, is it design and building? Is it only design, given the risk profile of the businesses, of the line of businesses, you have different margins, but not the same risks, and this is what you have in the legacy. We would like to do so, but we have no notion of impairment of the margin level. There is always a trend, a drive in Europe on our markets that is very important, and we are still very active. There is no reason to change the margin profile of the group. [Non-English content] Next question, Nicolas Mora, Morgan Stanley. Yes. Good. I may actually switch to French. [Non-English content] Two questions from me first. Pardon? [Non-English content] Two questions from me. [Non-English content] On the M&A pipeline. [Non-English content] You were active. [Non-English content] On the first quarter. [Non-English content] On construction and energy system. [Non-English content] Can you tell us about the pipeline on the energy system? [Non-English content] You did Germany. [Non-English content] Where are the targets. [Non-English content] On the second half of the year. [Non-English content] We talked about speeding up. [Non-English content] As a vision to widen the activity. [Non-English content] Beyond the main strong points in France, Germany, Spain. [Non-English content] Regarding the external growth, we don't change our way of doing things. We go on trying to strengthen ourselves in the countries where we're already present, either to look for new markets or to develop new expertise. As we did this year in France, beginning of the year, we're going to look for strong expertise, like in the industrial cold, refrigeration. We're in the same rationale. We're interested to strengthen ourselves in all the countries where we are present already. We do it in Germany, we do it in Belgium, we go on in Spain. We're interested in all the countries where we are present. We have a certain amount of topics that I hope will be successful. Regarding the development of a new country, should we go to Eastern Europe? We are interested in it. We remain opportunistic because we entered last year in Switzerland and in Austria through the ECOS. I'd rather deal with those countries and strengthen ourselves in the countries where we put the flagship rather than to go on developing in new countries. It's not forbidden, but it's not priority of the day. The second question was on the growth. Currently, first quarter, there was a basic effect with the lower growth. Organic is better on the second quarter. I hope we're going to go on with this one or this way till the end of the year. With the caveat of saying that in France, we have an organic growth which is less sustained, but it remains sustained in Europe. I remain confident in the end of the year. Nicolas, I think that the assumption that 2%, 3% organic growth is the right one. The first quarter, as Ludovic said, it's a base effect compared to the first quarter 2025. To add on the M&A pipeline, it's the energy system branch, LOD, on which we are the most active. We do not forbid ourselves from acquiring a specialty that could strengthen us in the various countries. The acquisition of Baatz with the Eiffage Construction is a change of scale in Luxembourg. Next, I will add to the fact, in Luxembourg, we are not very present, except with the Belgian teams who are going to Luxembourg. It's not the same thing as being Luxembourgese. In the Eastern European countries, we do not have a will, as Ludovic said, I'll put a caveat. It's Poland, we have factories of Eiffage Métal. We have Goyer, a subsidiary. We're very present on real estate there. We have a basic knowledge of the country. We developed a certain amount of employees with our Polish employees, and it is the major country in terms of population in Eastern Europe. There was one place where we would have some thoughts, but we have to find the perfect match and make sure that we share. The positive we have, that we have a certain amount of Polish people in the group which are aware that it could be an opportunity for the group, so we will remain aware. As Nicolas said, it is the pipe for the second half. No, there won't be Eastern Europe there in H2, in the fiscal 2026, but there are some things on which we will work in other countries mentioned by Ludovic. Any other question? [Non-English content] No more questions coming from online. Thank you all for attending and listening, and we will see you around the cocktail party for those of you who are present.