Good morning ladies and gentlemen. I thank you very much to join us for this presentation of the GTT half 1 2025 results. In fact, GTT delivered a very strong financial performance during these first six months. Let's look at that. The energy demand, the LNG demand is remaining very strong as evidenced by four Final Investment Decisions already taken. Another key point is that we've acquired Danelec in May also and we are going to talk about it. We are restructuring of Elogen and it's largely done. Our revenue have increased by 32% compared to the first six months of GTT last year and our EBITDA has increased by 49% and we have an EBITDA margin of 68%. That shows that we did not lose our lean and fit approach to costs and management. The order book is very strong and is supporting a long term visibility. We have 280 LNG carriers to deliver and we have 54 LNG as fuel tanks to deliver which is more important than what we had in December 2024. I will leave the floor now to Thierry Vallot, VP Innovation, Group VP Innovation. Thank you Philippe. As highlighted earlier this year in our innovation roadmap, we remain committed to driving innovation across all fronts, enhancing our core technologies, developing maritime digitalization, enabling energy transition, and preparing the solutions for the future. Let me give you a few tangible results from this first half. We obtained three approvals in principle from leading classification societies, each reinforcing our leadership in our strategic markets. First, Bureau Veritas approved our ethylene slim version of our Mark III and NO96 technologies. This creates a specific version of our membrane technologies for the ethane carriers with additional benefits in terms of cost, volume, and also timeline. We got the approval from DNV for our one bar gauge membrane design. This is for LNG as fuel technology. It gives a higher flexibility for ship owners and ship operators, giving them some flexibility on preparing them for the future cold ironing regulations and also giving them more flexibility for warm bunkering. Finally, Lloyd’s Register approved our ammonia-ready Mark for Mark III technology for both LNG as fuel, LNG carriers, ethane carriers, and bunkering vessels. This gives additional flexibility for ship owners and prepares the energy transition. Each of these improvements reflects our ability to use our technological expertise to create practical value for ship owners. Our innovation efforts go beyond our internal R&D. Through GTT’s strategic venture, we support the development of disruptive technology with a strong potential for energy transition. Our most recent investment in Cor Power Ocean. CorPower Ocean is a Swedish pioneer in wave energy technology. You can see on the picture the first scale one prototype of this buoy. This technology proved its capacity to generate consistent power in normal conditions and at the same time to resist the harshest weather conditions, up to waves over 18 m high. This has qualified this technology for the future. By backing Cor Power and the eight other ventures in which we have invested since the creation of our venture capital body, we are actively contributing to the emergence of alternative sustainable energy sources. These partnerships enable us to explore adjacent technologies to our core technologies. They give us strategic insights and they also give us some potential access to potential additional capabilities for our long-term roadmap. To sum up, our approach is both focused on enhancing our core technologies, preparing the solution for the future, and broadening our reach through strategic venture. With that, I leave it back to Philippe. Thank you, Thierry. Let's look at our strategy and activity. First of all, let's look at the situation of the market, of the energy market. We can see supportive trends in a complex geopolitical context. We have very strong tailwinds supporting the industry. There is a U.S. LNG momentum which is strengthening the perspectives. The new American administration has stopped the pause put on LNG projects as soon as January 20. We saw several FIDs in the U.S. representing tens of million tons of LNG per annum. There are also some headwinds in the near term. First, the geopolitical tensions that we know in the Middle East and also in Asia and in Europe. There are also tariffs and taxes. The new American administration has installed a tax on Chinese built ships whenever they are calling American harbors. In this situation, the owners are a little bit perplexed on where they should buy ships. Chinese ships are taxed, they are driven to buy American built ships, which is not really in the competences of American shipyards. Current ships are enjoying a very strong position in this situation and are not particularly accommodating lower prices than those they were offering. Shipowners that we are meeting on a very regular basis are assessing their timing of ordering amid these strong long term fundamentals. We could add the European U.S. agreement past weekend on that, but we could add many things. For exporting energy you need ships. Let's see what it means for us. Another way to look at this strong tailwind is to see the expectations from LNG companies or agencies or consultants on the LNG demand. Since we gathered together last February, their expectations have increased. For example, the central scenario for demand of energy up to 2040 is at an average growth of 6% per year. Shell, as the largest energy industrial company in the world, has increased its long term perspectives. We can see that also through the sale and purchase agreement of LNG sales and purchase agreements that the agreements buyers are passing with energy providers. We can see that in the second quarter of 2025 there was a very strong activity both for pre FID projects in the U.S., for pre FID projects elsewhere and for post FID projects. We can see that this activity has never been through high in the past, which is clearly highlighting that something is going on in the LNG business and that should build our confidence for the future, in particular for future FID announcements. When we see all the pre-FID contracts talking about the FID, we can see that this first part of this year has been very, very strong. You can see on this graph that 2023 was very strong with 56 million tonnes per annum decided. In this first part of this year, we are already at 38 million tonnes per annum, so well on our way to possibly beat year 2023. It's mainly U.S. projects which are there, and there is another one in the Americas, in Argentina to be specific. The list of the projects, on top of the list you can see the projects which have been decided since the beginning of this year. Below, you can see the projects which are in the offings, and we analyze them for us. Some should be decided by the end of this year or next year, but there is a lot of activity for new LNG projects. Another strong factor, and we keep on talking to you about that, is regulations. The International Maritime Organization has passed a new regulation which creates strong renewal incentive. In fact, it's a regulation which is largely mimicking the European regulations on taxing the emissions of ships and on incentivizing owners to switch to biofuel, bioenergy, or e- fuel, e-e nergy. You can see that on this graph, on this graph that ships are going to be significantly taxed, and compared to what was in place before, there is a category of ships, the DFD ships built a bit before 2010, a bit after, but which are not that old, which are going to be significantly taxed as they have important emissions. On the right-hand side of the slide, you can see the scrapping and conversions which are taking place. You can see that in this first half of this year, the number of scrapping and conversions has been almost equal to what has happened last year. Definitely, this renewal is on the move. It's coming, and all the indicators are confirming that this new regulation, we consider that it should impact as soon as 2028, 350 ships. Of course, owners are going to pay the taxes, are not going to stop operating these 350 ships. These taxes will keep on growing, and the incentive for renewing ships will be increasing. Once a year in February, we publish our long-term estimates. We don't modify them, so we are not going to modify them, but we are maintaining our long-term estimates for 450 units over the next 10 years. As far as the energy carriers are concerned, I would like to talk to you about LNG as a fuel. As we are saying for many years, LNG is more and more the fuel of choice for shipping, and many ships are ordered currently with LNG as a fuel. We are receiving some. We received 18 orders since the beginning of this year. We have market share of about 25%. We are trying, we are fighting, we are struggling to enlarge this market share both through commercial efforts and also through technological efforts. Thierry Vallot explained to you a bit earlier the one bar gauge interest for the ship owners. Now I will give the floor, I will pass the floor to Anouar Kiassi, VP Digital, who is going to present to you our digital solutions. Thank you, Philippe. Good morning ladies and gentlemen. For the H1 2025, we have achieved a revenue of EUR 9.3 million, representing a steady growth year- over- year of 36% compared to last year, which was EUR 6.1 million. Most importantly, our gross margin has significantly improved from 48% to 57%, which is an improvement of 9 points. In order to illustrate the dense digital activity we have witnessed during the first part of the year, we selected three key events. Please keep in mind that we don't communicate all the contracts and the events that happen in this activity because our customers are shy in communication. Of course, there's more than that to achieve the revenue we announced today. Going back to this key event, we expanded our fleet center or real-time fleet performance monitoring center in Vancouver to offer a 24/7 service to our customers. The second event is the very important signature with TMS, which is a very important Greek shipowner with a fleet of over 130 ships of all kinds. That is also a testimony of the value proposition that GTT offers through the combination of Ascenz, Marorka, and VPS. That is very well welcomed by the market. The last example we have here is the signature of this contract with China Merchants Energy Shipping for eight LNG carriers. That is also an example of the trust that these players place in GTT and its LNG expertise. Ascenz Marorka conveys this through our digital solutions. We have announced the acquisition of Danelec earlier this year and it is a very important, I would say even transformational, acquisition as it will put us in a leading position in two segments: safety and performance management. I'll come back to that in more detail. First, Danelec is a Danish company based in Farum with an installed base of 15,500 ships and 168 employees. It has delivered EUR 44 million between July 2023 and June 2024. With a service network of 700 certified technicians, external partners—these are not employees—around the globe and positioned in the main operations hubs of operations around the world, we are really getting a global footprint, getting very close to our customers to serve them in the best way possible. Danelec operates in two segments, safety representing 64% of the revenues. That is represented mainly by this very important device, a critical device that is mandatory on the large portion of the ships that records the safety information, especially in case of an incident. Danelec has a leading position, especially in the retrofit segment that goes with or comes with an annual service that we call recurrent, because it is recurrent actually, as it is mandatory again. That is actually a test performance, a yearly test performance for each device. The second segment is performance, representing 31% of the revenue of this activity, represented mainly by another key device, shaft power meter, which is very important for the performance management of ship and software. That is a growing activity within Danelec and that we complement very well with Ascenz Marorka Solutions. The recurrent revenue represents 30% as of today with this acquisition. We also believe strongly that the combination of Essence, Morocca, VPS, and Danelec will unlock significant synergies. Here we try in this chart to highlight a few of them, especially the revenue synergies. If we take them one by one in ship performance, we believe that the solutions that we have developed through the years under the leadership of GTT and the support of GTT will fit very well. Danelec customer base, that if you remember, represents 15,500 ships. Same goes with our voyage optimization solution that is gaining momentum in the market and that will be a very good complement to the portfolio we can deploy over Danelec customer base. Regarding the sensors VDRs, which is a data collection system, and the shaft power meter that collects data that is very important and relevant for ship performance management, this will fit very well in our solutions, giving us an opportunity to upsell our solutions within our customer base. Last but not least, the VDR, which is a key component and solution within Danelec ecosystem, gives us a very close relation with thousands of customers to build a trustworthy or trust relationship with them and again upsell or cross sell our solutions within the customer base. I'll leave the floor to Thierry. He'll talk to you about the strategy and Elogen. Thank you Anouar. Good morning everyone. Now let's focus on Elogen. You know that we announced at the beginning of this year a strategic review for the activity of Elogen to consider the market lag and to consider the absence of significant orders for Elogen in 2024. This strategic review confirms the need to reshape Elogen's business model to limit cash burn and focus on what makes the company truly competitive, its R&D capabilities and proprietary technology. As part of this refocus, Elogen is concentrating on the production of high power stacks using the existing capacity at Les Huglis close to Paris. Regarding the measures or the status of measures announced at the beginning of this year, first, information and consultations procedures with employee representative bodies were completed early July. It means that we can start the workforce reduction by 110 positions. The second element is the gigafactory in Vendôme. The construction of the gigafactory has been definitely stopped and regarding subsidies, discussion with French authorities are in progress and we expect a favorable outcome in the coming weeks. As a consequence, at the end of June 2025 we book EUR 45 million for the restructuring of Elogen, mainly asset write-off of the gigafactory as well as costs linked to the decommissioning of the building and granted to construction companies. You have as well a provision for the workforce reduction plan. Regarding the figures for the business, you can see that on screen. For the turnover, the revenues for H1 2025 amounted to EUR 2.5 million and the EBITDA at - EUR 9.2 million. Now let's move to the financial part of the presentation. As you can see, our core business order book reached 308 units at the end of June 2025, for value at EUR 1.7 billion of revenues. This order book means strong visibility for GTT in the coming years, as mentioned in the graph at the bottom right where you can see the consumption and flows of our backlog in the years to come in terms of revenue. Now moving on to more details on revenues per activity. At the end of the first half of 2025, total revenues at EUR 389 million are up 32% compared to H1 2024, driven by new builds standing at EUR 365 million, meaning plus 35% and benefiting from a higher number of LNG carriers under construction. In H1 2025, driven by H2 razors, revenues are down and stand at EUR 2.5 million as mentioned just before, as is continuing its transition and repositioning digital activities through our Essence Marker affiliate which increases revenue by 36% at EUR 9.4 million at the end of June 2025. Please note that here you do not have any figures from Danelec because the closing has not yet been done as of today. Finally, revenues from services increased by 11% at EUR 12 million thanks to development of certifications and services to vessels in operations. Let's continue with the other main aggregates of the P&L and in particular EBITDA and EBITDA. You can see the impressive increase by +49% for both compared to H1 2024. This is mainly explained by the increase of revenues from GTT's main activity, mainly explained by the absence of significant delays in ships construction schedules, and mainly explained by a close monitoring of our cost. As a consequence, the EBITDA margin amounts to 68% in H1 2025 compared to 60% in H1 2024. One or two additional comments regarding our CapEx investments and the free cash flow. Our CapEx investments at EUR 25 million include the rehabilitation of our buildings, buildings of our headquarters R&D program as well, and the new minority stakes within the framework of our GTT Venture Capital with Novomov. Regarding our free cash flow at EUR 208 million which significantly increased by +64% compared to last year, I think that this is a solid first half of GTT. I now hand the floor back to Philippe for the outlook. Thank you very much Thierry. Our outlook for 2025, we maintain our revenue guidance with consolidated revenue estimated in the range of EUR 750 million- EUR 800 million. For our EBITDA, our EBITDA for 2025 should be in a range of EUR 490 million- EUR 540 million. For our dividend, we maintain our payout ratio of at least 80%. Of course, all these figures are subject to shareholders meeting approval and are before the acquisition of Danelec. Now we are available to answer to your questions. This is the conference operator. We will now see the question- and- answer session. Anyone who wishes to ask a question, press star one on the telephone. To remove your question from the queue, please press star. Please pick up your receiver when asked questions. Anyone who has a question may press star one at this time. Jean-Luc Romain at CIC Market Solutions. Two questions. You mentioned the LNG industry is pretty puzzled by the willingness of the U.S. to have LNG carriers built domestically. Do you see any shipyards that could be able, with maybe lots of assistance, to do this? That's the first question. The second question is on what kind of power for. You mentioned increased power for your stacks in a less competitive area. What kind of power are you envisioning for the future? Energian contracts? For the U.S. built contracts, this is something that the shipyards, current shipyards are looking at. Probably they are going to be able to obtain in a progressive way, a way where the ships will be at the beginning largely built in the U.S. and progressively more and more built in the U.S. It's something which is currently discussed. Obviously, the U.S., the Americans are very pragmatic people. They do know that in order to export energy from the facilities they need ships. They would like to have to revive the American shipbuilding industry. That cannot be done overnight, that will be done progressively. Let's see that we are discussing with the various parties in order to provide our support in this effort. In your second question, once you pass the 5 MW, 10 MW threshold, the number of companies which are able to provide electrolyzers with such power are much more limited. We think. We have always thought that the technology we had was a very attractive one. We can now offer these powerful stacks and what we aim at is selling these electrolyzers without generating losses. We think that it's something which is achievable and we are going to pay a lot of attention to the execution of these contracts. Yes. Hi, good morning, Quentin Roger from Kepler Cheuvreux. Two questions if I may. The first one is on the commercial dynamic on the LNG cargo side. H1 order intake has been relatively muted. You mentioned that the level of FIDs on the LNG market has been quite high with 38 million tonnes, etc. of project being sanctioned. When do you expect those orders to come? Broadly speaking, what are your maybe expectations for the H2 commercial dynamic on the LNG cargo side? The second question is on the full year guidance. You confirmed the guidance, but making a stupid in where Matt's taking the H1 EBITDA and replicating in H2, you are already in the high end of the range, close to EUR 530 million. Just trying to understand what in a way pushes you to keep the low end of the guidance on the EBITDA side, please. On the H1 orders, you may say that the orders have not been at a level that you would have expected. I would say that it's hard to analyze the evolution of the market on such a short time period. Many things are at work in this part of this year. The relaunch of the FIDs, which is very positive for GTT in the midterm, but also this willingness of the new American administration to have energy carriers built in the U.S. and also the implementation of taxes on Chinese-built ships whenever they are calling American harbors. Owners would like to better understand this overall context and how they can cope with that through partly American-built ships, Korean-built ships, whether through the negotiations between the U.S. and China, there could be an accommodation to these tax regimes. They just wait for clarifications on all these changes which have happened in the energy industry. The fact of the matter is that this beginning of this year has been absolutely decisive for new energy projects and once more insist on the decision this weekend on tariffs between Europe and the U.S. There is a very strong momentum and once this very specific issue on energy carrier is addressed, I'm pretty sure that the flow of orders will restart. Regarding your second part of your question and the guidance, you know that we factor every year in our guidance delays, potential delays in ship construction schedules, and definitely we do not expect any significant delays. We are very cautious regarding our approach of our guidance and we will keep this approach. If we need to revise this guidance, we will do it perhaps in Q3 or in Q4, but not before just that because we need to have time for that and to anticipate these delays in the future. I think we also have some questions over the phone. There is still a question in the room. Mr. Delaby, would you like to have a mic? No, I just would like to come back to the EU-U.S. agreement. I guess you prepared this presentation last week. We all know the agreement which has been announced and the commitment by the EU to purchase up to EUR 750 billion in energy purchases over the next three years. This may translate into 55 additional MTPA. Two questions. Is this possibly feasible over the next three years? Second, maybe qualitatively, could you tell us what is your feeling, I would say today versus what could have been your feeling, I would say Saturday night before this announcement. In other words, is your bullish view even more bullish and if yes, by how much in qualitative terms? The feasibility is something quite important, effectively, but it depends what you mean. In purchasing, we see the SPA which have taken place in the first part of this year. These SPAs are for projects which are going to be operational in 2029, 2030, 2031. Europeans and European companies, because that's not the Union which is buying energy, that's companies. European companies may buy EUR 750 billion of LNG over the next three years, but this LNG most certainly will be delivered either by the very end of this decade or by the beginning of the next decade. That means that other sources of gas will have to reduce their share. It may be Russian gas, it may be some other sources in the Middle East, in North Africa, or in other places. It does not particularly mean in fact that at the end of the day this LNG will be burnt in Europe because thanks to very flexible ships, LNG can be delivered in Europe or in other places. What we have to see there is that it's a very strong supportive factor for new investment decisions to be taken in the U.S., and the feasibility of that depends very much on the time frame and in particular in the next three years. I think it's signature of SPAs and deliveries will happen at the beginning of the next decade. We have always been bullish on LNG. We don't want to appear unreasonable or over excited. We are reasonable people and cautious, but we have always been very bullish because this industry is existing. It's delivering an energy which is cheaper than many other energy. When you look at the megawatt per hour prices in Europe, it's hard to beat gas and it also allows to reduce significantly the CO2 emissions compared to other energies. It has a lot of merits. We have always been bullish. Now we can see a very aggressive policy put in place in the U.S. Maybe it's compensating what has taken place, what has happened in the U.S. in the last part of the previous American administration. Let's look at the long term. We do think that energy will continue to grow and will continue to help the planet to work and to reduce its emissions. Next question. We also have questions coming from the phone line operator. Can we please take the first question? Sure. The first question is from Guilherme Levy of Morgan Stanley. Please go ahead. Hi, good morning everyone and thank you for taking my questions. I have two please. The first one just on your Elogen expense. How should we expect the disbursement of cash? Is that fully expected to be done this year or does part of it also slip into 2026? Perhaps if you can provide us an update on the Danelec acquisition, just if you have additional color in terms of timing for completion and also when we start to think about synergies, how quickly do you expect them to play out? Thank y ou. I will take the first one. Regarding Elogen, you have EUR 45 million of cost impact in our P&L and not all elements are cash because you have an asset write-off for EUR 22 million, which is not a cash impact but just a write-off and P&L impact. You will have some elements with cash impact, mainly the workforce costs, workforce reduction plan, and some penalties or indemnities that we need to pay to the construction companies for the stop or the halt of the gigafactory construction. That's the main one. We do not expect any additional significant cost at the end of this year. The synergies. We have not yet closed the Danelec acquisition, and once it's done, we will work on the detail of the synergies we are expecting, and we are going to communicate that to you as quickly as possible after closing. Okay, thank you. We have our next question coming from the call operator. Can you please announce the next question? The next question is from Richard George Dawson of Berenberg. Please go ahead. Hi, good morning Anouar. Thank you for taking my questions. Just a follow up there. On the Danelec acquisition, do you have any clarity on how it will be financed? I think last time we spoke it was still being decided whether it would be cash or whether it would be some element of debt. On the Elogen strategy, when you look to the future and you look at the sort of high powered electrolyzers which you're going to develop, when do you think that can potentially become profitable? Is this more sort of a 2030 story or could we start to see some profits maybe this side of 2030? Thank you. We take the first one. Philippe. Yes. Regarding the acquisition of Danelec, the price is EUR 194 million. We have a simple debt with a bank for EUR 120 million. The rest, EUR 74 million, will be financed with our cash. On electrolyzers and the timing of the recovery. We can see that there is a demand now for these large powerful electrolyzers, and we think that this demand will keep on increasing over the next years. As in particular there is a need for e- fuels. You can see that in the aviation industry, but you can begin to see that also through regulations in the maritime industry. We think that it will increase. We want to really target this upper end of the market with once more at least balanced activity in this significantly reduced scope. Next question. Operator, can you take the last question from the call? The next question is from Jean‑François Granjon of ODDO. Please go ahead. Yes, good morning, Jean‑François speaking from ODDO BHF. Two questions, please. I just want to come back on the Danelec acquisition. Do you have a view regarding the closing for the acquisition, and do you expect to include one part of Danelec during the second half or next year? The second question goes on Elogen. After the losses at minus EUR 9 million EBITDA for the first half, what do you expect? Do you expect to reduce this level during the second half and next year? Thank you. On Danelec, yes, we expect a closing very soon and we are going to obviously add the figures on the period since we acquired Danelec to our figures. That will be done most certainly in the second part and quite likely at the occasion of our communication for the third quarter of this year. I will leave Thierry to answer to you. Yes, Jean-Francois, you know that we do not provide any individual guidance per activity, but we can say that last year the EBITDA level was -EUR 33 million. We expect to reduce drastically, you know, these losses in 2025 and 2026. Definitely. Okay, thank you. Do we have any last questions from the room? If not, then Philippe, I'll hand over back to you. Thank you very much to have joined us for this occasion. We are pretty happy and also proud to have delivered such results in this context, which is both complicated and complex and also quite promising. Let's meet together very soon. Thank you very much. Have a good day.