Good morning, everyone. I am very pleased to welcome you all here in Paris and online today for GTT's activity update for the first half of 2026. I am here with Thierry Hochoa, our CFO, and together we will walk you through, as usual, our key business highlights, our financials for the first half of the year, and a couple of updates also on our two divisions, GTT Marine second, and GTT Energy first. Thierry will elaborate on our financials for the first half of the year, and I will share with you closing remarks before we open the floor to your questions. An important figure, of course, for this first half of 2026 is the 65 new orders that we have recorded over the first half of the year, including 56 new LNG carriers, which is very much in line with what we expected the last time we spoke. Despite the high pace of deliveries, the sustained commercial momentum led to an increase of our order book amounting to a very high level of EUR 1.9 billion on June 30th, amongst the very highest level in the history of the company. Revenue came in as expected at EUR 387 million, EBITDA at EUR 264 million. The EBITDA margin is good, 68.1%, and net income is at EUR 210 million. In view of this performance, the Board of Directors has approved the payment of an interim dividend of EUR 4.30 per share. Looking back at the commercial dynamics of GTT Energy. As I was saying, the first half of 2026 is very much in line with our expectations. It contrasts with H1 2025 in several aspects. First, of course, the 56 new LNG carrier orders in the first half versus only 10 in H1 2025. An important point is that only 18 of those 56 orders are tied to FIDs taken in 2025 and in 2026. Another very good point, we announced orders for LNG-related infrastructure, five onshore tanks, one FLNG, and one FSRU. I expect more. Which confirms that our membrane technology is equally well-suited for complex projects and onshore applications. Those are key areas for growth in the coming years, as you know, in addition to our core of LNGC construction, and I will come back to this point later in the presentation. On the FID front, as you know, the positive momentum continues. After the 84 million ton per annum of new liquefaction capacity last year, we have registered 37 million ton per annum of new projects that have reached FID this year. In addition to the 37, we have seen 29 million ton per annum of liquefaction projects that have been confirmed in a limited notice to proceed. Some people call them pre-FID. It means that even if FIDs have not yet been formally signed, stakeholders feel confident enough to start ordering long-lead items or start some civil and pre-construction work, in order to speed up the construction once FIDs are reached. Of course, all of this bodes very well for the level of activity and orders to come. Again, the vast majority of the ships for the recent FIDs have not been ordered yet. From a geographical standpoint, the location of the liquefaction units are not the Middle East. It's mostly the U.S.A. and the Western Hemisphere. Since we talk about the Middle East, a couple of comments on the situation. Since we spoke in April for the Q1 business update, the situation has remained quite volatile and highly uncertain. We are monitoring the situation by the day. What I can share with you confidently, in line with what we said before, is that the conflict has not had any impact on the LNG long-term fundamentals. That's the first part. Neither any material impact on the LNGC shipbuilding business. As a reminder, today, only 3% of the global production capacity of LNG liquefaction, in fact, have been physically damaged. Two liquefaction trains in Ras Laffan for a total of 30 million MTPA and to export are, yes, currently constrained by the closure of the straits, but liquefaction capacity is available in the world and will continue to increase very fast up to well through 2030. When we look at LNG prices, it is true that in the short run, supply disruptions have led to an increase in LNG spot price. Quite moderate versus 2022. It is worth noting that LNG long-term contract prices have not increased at all by the same extent. Our reading is that, yes, there have been some short-term disruptions in this market, not the construction market, but the LNG market. That the mitigation measures that have been taken and implemented by countries have worked, and that none of these questions the fundamentals of the LNG demand and LNGC demand, as in fact, we can see with a good level of FIDs recorded in the first half of the year. Why is this demand growing? Of course, this is what we see with the upward revision of all demand forecasts released in June of this year. Major forecasts such as Wood Mackenzie and Shell are pointing to sustained growth in demand for LNG well until 2035, with a CAGR of at least 5%. Demand is in fact driven by Asian growth. It is a point that I've been sharing several times, but also with growing concerns over energy security in Europe and also a higher intake in the MENA region to secure LNG supply. Over the long run, the increase in LNG demand is tied to two things, Asian growth and the growing share of gas in the global energy mix. By 2050, as you can see on the left chart, coal and oil are expected to account for a smaller share of the energy mix, while natural gas and renewables in tandem are expected to play a larger role. This transition towards renewable and gas is supported by several long-term factors. The abundant availability and operational flexibility of natural gas, its environmental advantages, even though it is a transition energy, it is a long-term transition energy over coal and oil, of course, including lower air pollutant emissions, and the key role of gas in supporting the renewable power generation by helping managing intermittency. On the back of these drivers, after cautious calculations and many interactions consulting with many customers. It's not a macro view. It's a very solid work. Without waiting for the full year 2026 results, we have decided to revise our 10-year estimates for LNGC orders of our technologies. We now expect that about circa 550 LNG carrier units should be ordered by 2035 to meet the LNG demand and export growing volumes primarily from the U.S.A. to Asia in particular. Second, we have also increased our estimate on onshore storage tanks to circa 30 units. We will keep revising these estimates regularly, although I don't see them changing in the very near future. Another question that we look at and that we regularly have relates to shipyard capacity. Shipyards have a key role to play in delivering the LNGCs that have been ordered. What I can share with you also here, also in confidence, is that the supply chain is solid, and it is well-positioned to meet the expected demand of new LNG carriers. Shipyards continue to expand capacity in South Korea a lot with schedule optimization and debottlenecking. In China, in new investments, new docks, which leads to additional slots, at least 100 slots per year in 2028, according to our estimates. In addition to this base, a number of important countries have expressed their interest in developing domestic LNG carrier construction capabilities, including first, Japan, who has a plan to revive its shipbuilding industry, which could add a handful of ships, but also for the medium term, the U.S.A. and India and a couple of other countries, and GTT is involved in these preliminary or advanced discussions. A couple of comments on three important milestones for the energy business in H1 2026. The first one is the second consecutive order for a three-tank LNG carrier which has been placed by the same ship owner. It's a joint development with HHI, with Hyundai. It confirms that our pioneering design, it's really a breakthrough design, is able to meet customer and end users' requirements. By redesigning completely the ship with three tanks, we can enhance cargo handling. We can increase the volume of the cargo for the same size of the ship by about 3,000 cu m. We can improve the overall performance, reduce the boil off, reduce construction costs, reduce shipping costs. All of this through advanced engineering in good cooperation with the yard. Second important milestone, the first half of the year was also marked by the first order of an FLNG infrastructure for the U.S.A. in general, and it's also the largest LNG production capacity in the world, with a total output of 4.4 million tonnes per annum. It is the eighth FLNG that will be delivered with GTT's technology. This is the Delfin FLNG 1 project. It will be operated off the coast of Louisiana. The delivery is scheduled for mid-2030. It is also worth mentioning that amongst the 29 million tonnes per annum of projects that have been confirmed in limited notice to proceed, that I was mentioning earlier, 4.4 million tonnes per annum are related to a second FLNG for the same project. Last comment on GTT Energy. The first half of the year was marked by five orders for onshore tanks. GTT will license our GST technology for the construction first of the three largest LNG onshore storage tanks ever built in the world, each with a capacity of 240,000 cu m, all of them in China. We are the only company able to do so. We also recorded the largest onshore ethane storage tank ever built in the world with a capacity of 200,000 cu m, and here also in China. Our GST technology is a very strong technology. It offers several advantages compared with traditional onshore solutions, which are functioning for small-scale tanks, but certainly not for large tanks. In the same concrete envelope, we can allow for up to 25% additional net volumes at the same capacity. Conversely, we can allow for a 40% reduction in metal tonnage as well as a significant reduction in the concrete tonnage. We have major benefits in terms of operations and environmental performance of the tanks. And last, those infrastructures are, in addition to being long-lasting, they are also versatile. They can be used for different liquefied gases such as LNG, ethane, but also ammonia, as confirmed by the AIPs we have received recently from classification societies. These recent developments further strengthen our track record, and they pave the way, of course, for future opportunities, not only in China but in the rest of the world. This is one area of focus for us. Now, a couple of comments on GTT Marine. I will say here that we are well on track for the integration of Danelec, which is a success. We have presented at Posidonia 2026 our concept for a unified integrated software platform. We are receiving very good feedback from customers. In terms of operations in the second quarter of this year, we have signed a key software and hardware contract with PETRONAS, which brings solutions to PETRONAS's LNGC chartered fleet, ranging from data collection, performance, voyage optimization to LNG software solutions. We have signed other good contracts this first half of the year, including more than 150 shaft power meters sold to various ship owners, about 50 VDR sold to European partners. And finally, as promised, we are able to give you more color on GTT Marine's financial metrics. We will be reporting on this activity separately. Even so, there are strong synergies with the core business. The revenue for this first half of the year was EUR 31.8 million, EBITDA EUR 5.7 million and that represents an EBITDA margin of 17.6%, in line with our expectations, which is a good level of margin for an activity being in the scope of integration. Again, this gives us a very solid base, business base, and technical base to develop fast in services in general for the shipping industry, but also for the LNGC industry in particular. Let me hand over the floor to Thierry for financials. Thank you, François. Good morning, everyone. Let's move to the financial part of the presentation. Let's start with our order book for the first semester, which evolved as follows. As mentioned by François, we benefit from a very high order intake with 65 orders with LNGCs and five onshore tanks, as you can see on the screen. Deliveries amount to 47 units with 45 LNGCs for the first semester of 2026, one VLEC and one FSRU. This results in a strong core business order book with 306 units at the end of the first semester. Regarding LNG as fuel, with the delivery of only five units in the first semester, we have 43 units to deliver in the coming years. As mentioned just before, our core business order book with which 306 units at the end of June 2026 translate into EUR 1.9 billion of revenues for years to come, of which EUR 65 million for 2027 and EUR 603 million for 2028 of revenue already secured. 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 revenues. This give us a very strong visibility and confidence on top of the commercial momentum. Now, moving to more details on revenues by activity. Revenues are almost flat year-over-year for the first semester of 2026 at EUR 387 million for the first semester. This is mainly due to a lower number of LNG carriers under construction and a high comparison base in 2025, resulting in a slight decrease of GTT Energy revenue. This is partly compensated by higher revenue of GTT Marine linked to Danelec's acquisition, which not contributing last year for the revenue of the group. This division of GTT Marine now accounts for 8% of group revenue. One comment on electrolyzers or Hydrogen revenues, which are down as Elogen is continuing its transition and repositioning. Sorry. Let's continue with the other main aggregates of the P&L, in particular with EBITDA. Our EBITDA remains very solid at EUR 264 million. This is mainly explained by our operating leverage, explained by the absence of significant delays in ship construction schedules, but explained as well by the close monitoring of our cost. As consequence, the EBITDA margin remains at a very high level and amounts to 68% in H1 2026. Our net income at EUR 210 million. This means an improvement of 17% compared to 2025. This is mainly due to a comparison effect with our one-off cost that we booked last year for the restructuring of Elogen. One comment on our cash position. As you know, we finance the Danelec acquisition with cash and debt, and we still have EUR 90 million of financial debt in our books. This brings our net cash position to EUR 295 million at the end of June 2026. This is, of course, after the 2025 dividend balance payment for EUR 183 million. On that subject, the Board approved yesterday the payment of 2026 interim dividend at EUR 4.30 per share to be paid later this year in December. I now hand back the floor to François for the 2026 outlook and the conclusion. Thank you, Thierry. No. I need the next- Sorry. No, I need the next page. Yes. Thank you. A couple of comments on our outlook. We are, of course, confirming our guidance for the year 2026. As a reminder, we expect revenue to be in the range of EUR 740 million- EUR 780 million, where EBITDA will be between EUR 490 million and EUR 530 million. We will maintain scrupulously our dividend policy that has been a commitment since the IPO. We have no intention to change this at all. A few takeaways before taking your questions. The commercial dynamic is the one that we expected, but it is very good. 65 orders in the first half of the year. We are currently on a record level of order book. I expect more. As explained, LNG demand is solid for the medium-term. It is resilient. It will keep increasing over the coming years. Of course, we are closely monitoring the situation in the Middle East. So far, and while we are cautious, we have not seen a direct impact on our business, or at least any material or significant impact beyond the anecdotes. The 84 million tons per annum of new liquefaction capacity decided last year, the 37 million tons decided this year, the 29 additional pre-FID projects that we expect will drive the need for new vessels to transport new volumes that will come online in the next couple of years. We will build on this momentum and leverage our strengths on this market and our track record, our 60-year track record in this industry to bring more value for our customers first, but for all shareholders and all stakeholders in general. This will be done with the two divisions that we have now well in place and which are working in a very synergetic manner around the priorities that I shared with you earlier. One is accelerating the core business innovation close to our core business, close to our customers, and you have seen examples of that. Developing a service offering built around our digital offer. Third, improving our value proposition with turnkey solutions on a couple of markets for a couple of applications, including some onshore storage and LNG as a fuel. Thank you for your attention. Ladies and gentlemen, if you wish to ask a question, please press star and one on your phone. Thank you. Hi. For those of you who are online, we will take the question from the room first, and then we will take your questions. Okay. Henri Patricot from UBS. Thank you for the update. The first question is on the long-term outlook, the 10-year forecast that you gave us for LNGCs at around 550 units. Could you share maybe some details on the pillars, that number? What's your assumption around replacement, the size of the LNG market that you use for that forecast? Then secondly, on the deliveries for 2026, I think you're now expecting slightly below 100. I think at the end of the full year results, you had a bit above 100. Just wondering if there is some slippage because of the Middle East or if you're just being a bit more conservative with deliveries for this year. Thank you. Thank you. The 550 long-term estimate that we are releasing is a solid estimate. It consists in three parts. First, when we look at the ships that need to be ordered for FIDs that have already been taken, and by doing micro work, we find a total of 250 ships that need to be ordered for existing liquefaction, FID project, liquefaction capacity, liquefaction trains that are being built today. That's the first bucket. Second, we have made an estimate of new FID trains that will be most likely ordered in the coming years. That includes the 29 million ton per annum of limited notice to proceed or pre-FID projects that I spoke about earlier. That gives me a total of, let's say, 150- 200 ships for the second bucket, depending on how you look at it. The average shipping intensity for this, of course, we have to look at where those projects are and what is the likely customer base. The average shipping intensity, we have taken a conservative approach of keeping it to about two, which is around the shipping intensity today. The number of ships for 1 million ton per annum of liquefaction capacity is about two. That gives me 150- 200 ships. Third, we know that over the coming 10 years, old ships, and we have a list of all the ships, we know very well which ones are getting old. In particular, the old steam turbines and diesel ships will need to be retired and replaced. Here we have taken an assumption of 150- 200 ships to be retired. If I take 250+ 150+ 150, in general, I find about 550 ships to be ordered in the coming decade. That's the base for the estimate. Second, your question on the pace of delivery. We don't see any slippage in the pace of delivery. We are looking very closely at whether or not there could be an impact of the Middle East disruptions on the supply chain upstream from yards. I cannot say in general whether there could not be any impact in particular on electronic components or anything like this, that is beyond what I can say. What we know is that from our deep engagement and direct engagement from myself with suppliers, for the moment, we don't see and we don't expect any delivery. There is no direct impact of the supply chain of the Middle East conflict on the ability of the yard to build and deliver ships. When I share this with other member of the industries or other companies in the shipbuilding industry, this is also their analysis. Now, there is some degree of I would say not the noise around exactly how many ships can be built in a single year. There is no slippage whatsoever in our forecast. It's a standard noise. Jean-Luc Romain at CIC CIB. You had very successful orders in the services business, GTT Marine. If we would compare to the order book of EUR 1.9 billion you have for GTT Energy, how much do these orders represent in terms of turnover to be booked by you in the next few years? You discuss about services and two of the correspondence regarding our backlog. I think that today we have EUR 11 million of services. Last year, EUR 23 million. Definitely based on the discussion that we have with GTT Marine to have a solution on LNG or digital LNG, we expect to have more revenue. We do not discuss today this potential of revenues. Definitely, if we are working on this aspect and to have synergies with GTT Marine and the Danelec acquisition, it's not to have only EUR 23 million that we booked last year. Definitely, we expect to have more and more revenues. We will present at the beginning of September solutions during the Gastech exhibition. We are working on the business plan on it. We expect to have not a guidance, but to have some key elements to share with you when we will have this solution. First, the product and solutions, and after, the business plan. Thank you very much. It's time. Yes. Good morning. Kevin Roger from Kepler Cheuvreux. I have three questions, if I may. The first one is on the order intake LNG cargo. You mentioned 56 units, of which 18 are related to 2025, 2026 FID. The gap, the roughly 40 units, do you have a view if it's a speculative replacement or even, let's say, pre-2025 FID? Just to understand the 40 units, what are they related to? The second one on GTT Marine, Thierry. Is there any tools or guidance, whatever, that you can share with us on the organic growth excluding the acquisition of Danelec, just to understand the dynamic? The third one, is there any update that you can share with us on the new strategy, if I can call it like that, on Danelec for the LNG cargo or the services that you want to create around the cargo tanks? You take the first and third, I take the second? Yes. Okay. I will start with your question on the order intake for 56. It's hard for us to know exactly what is speculative or what could be speculative, and what can be related to previous projects. I expect that the vast majority is related to pre-FID projects. I don't have exactly the details. We just don't have it. It's a good question. Of course, we ask ourselves exactly this question. I don't expect that the speculative investments are significant in a way that it would change the overall balance between what is directly related to current FID projects and the past. It's mostly for the past. Your third question was about our strategy to build basically synergies between Danelec and, in fact, the digital part and our LNG historic activity. We are very confident about the fact that integrating hardware and software and data collection and data handling capabilities as part of our technical service offer for the operations of the ships and for optimizing the maintenance of the ships can create a lot of value. For this, we need a number of bricks. Developing a good LNG-specific software platform for the full LNG fleet of LNG carriers in the world is one of such bricks. It's one important element as part of that. We will release this software, or at least some of it, before the end of the year. That's one important element. There are a number of other elements in the service strategy that we are working on very actively and that we will be releasing before the end of the year. Kevin, regarding your second question. Within GTT Marine, you know that we have two divisions. The first one is data and performance, the previous Ascenz Marorka legacy for software, and the other division is safety and monitoring for Danelec with mainly the black box of the vessels. Regarding the black box and the safety and monitoring division, we expect the CAGR is around 5% within five years. That is internal studies, external studies as well. For the data and performance is around 12%. The CAGR, that's the percentage I can share with you. We expect to capture a large portion of this market because as you know, and we discussed about this topic previously, the acquisition, our ambition is to be a leader on these different areas. Because when you are a leader, you can monitor your price, you are the pricing power, and definitely, we expect to capture a large portion of this market. The synergy, what I was referring to on the building up the service business for an LNGC comes on top of that. Where that is really, Danelec is a game changer for us because it gives us a base of activity that allows us to develop a service business. You have seen in the accounts that for the moment, our service offer is not material enough. That is the trigger, if you want to develop over the long run, a very compelling case for a service business. Sorry. Jean-François Granjon, Oddo BHF. Three question from my side. The first one, could you come back on the onshore tank business and market? You mentioned an acceleration for this business, mainly in China, in Asia. Could you give us overview on the market, the size of the market, the trend expected, the growth expected, and what you expect for your own business? It will represent a huge business in the coming years for the company. The second question concerned the margin of GTT Marine. You mentioned 7.9% EBITDA margin. You expect an improvement or do you expect a, yes, potential improvement for this business to be more or less more than 20%? The last question regarding the guidance, despite the pretty good first half with a flat EBITDA level, why do you not improve the guidance? You expect a little bit decrease for the EBITDA for the full year, despite the flat level for the first half. Thank you. Thank you. I'll answer you on the onshore tank dynamics. Today, it's true that the majority, first, we have delivered about 50 onshore tanks in the world, in Asia-Pacific historically, but also in Europe in a number of countries. This over 40 years, we have a long experience of onshore tanks. We have seen an acceleration for large onshore tank demands in China today, who is building up large onshore capabilities, and storage capabilities. We know that the overall market for large tanks is about between 10 and 20 units every year. For the moment, for, I would say industrial reasons and of a question of how we structure our affairs, it's not a market that we have pursued aggressively because we have been just in the position of a licensor, and we have not marketed our, neither nor brought to the market our own GST technology with the same level of activity as what we have done on the LNGC market. We expect that we will be taking a couple of tanks every year. I look forward to taking the first orders of tanks outside China, building of the very good track record that we have recently in China and over the long run in the rest of the world as well. Of course, how much it will impact the P&L will depend on how much responsibility we take for those onshore tanks. I will never enter into an EPC. We are not in the world of an EPC, but we can take a little bit more responsibility than just licensing the technology on a case-by-case basis. We will do it cautiously, and I'm very confident about our ability to build tanks outside China in the coming years. Jean-François, thank you for your question. I recognize the question. Regarding the GTT Marine EBITDA margin, and the EBITDA margin at 18%, is definitely in line with our expectation, but we expect to improve this EBITDA margin. We have this level of EBITDA margin because you need to consider integration cost, because we bought this company last summer in August. We have a significant program of integration to create only one-based platform solution, sorry. That's why we need to spend energies and time and cost and cash on it. That's why we have this level of EBITDA margin, and we expect to increase definitely. That the first element. Regarding your second question, and the guidance, we have very robust figures as you mentioned at the end of June. You know that we are very cautious regarding our approach of our guidance because when you have delays in ship constructions schedules, definitely we can have an impact on our figures and EBITDA. Until the last minute. We don't know. We don't know the situation and the evolution of the situation. That's why we are very cautious. If we need to revise this guidance, it will be in October. Since I arrived in GTT three years ago, we always revise this guidance in October and not before to consider the evolution of the situation and because we are very cautious. Yes. Guillaume Delaby, Bernstein. Two housekeeping questions, if I may. The first one, could you shed some lights about how many EUR million your initiatives to drive up services could represent? Second question is on Elogen. Could you share with us what has been the loss in Elogen in H1? Or maybe can you share with us how many people are currently working on Elogen? Thank you. On services. We are investing. No, I will answer your question in two ways. One is that, of course, we want to increase our sale of services in a material manner, in a way that will impact the P&L of the company. I'm not talking about just small money. It will take some time, we have to be reasonable regarding the timing. We are talking about something that will impact the P&L of the company, I hope in a material manner. Second, how much money we are investing right now in developing new services? I would say in between EUR 5 million and EUR 10 million for the full year. A sizable investment at our scale. Regarding Elogen, Guillaume, we do not guide the figures per BU. We make a lot of efforts regarding GTT Energy and GTT Marine, and you can recognize that, I guess. For Elogen, in 2024, I remind you the losses, for EBITDA level, were EUR 33 million. Last year, EUR 16 million. We expect to have less for 2026. Regarding the people, this company counts 110 people last year. This year, at the end of June, it remains 45 people. If we don't have any more question in the room. Just another question on Elogen. I think the press release mentions the subvention that was received. Could you tell us how much it was? What are actually your R&D ambitions for Elogen, and what are your aims in the future for this R&D? What should it bring about in terms of revenue? Thank you for your question. Regarding the subsidies, we received EUR 12 million at the beginning of this year based on 2024 eligible costs. We do not require additional subsidies for Elogen. It means not because we are continuing definitely our R&D program, but we have a clause regarding the hiring of people to continue our program. That's why we decided to accept this EUR 12 million, but to stop requiring or requesting subsidies due to the fact that we do not have the criteria of headcount for the future. Regarding your question on the technology, Elogen has a very good technology. The hydrogen market is a market that I know well from my experience. We keep investing in small scale, I would say containerized or stack, which have a very good potential for industrial applications, not large-scale applications for hydrogen generation units for, let's say at the unit, at the power side, but more for industrial-size projects. It's true that this market is uncertain and volatile in the very short run, but so we are cautious when it comes to commercial forecast. This technology works well. We are expecting to take a handful of projects in the coming quarters or years, and that's enough to sustain the activity in developing this technology. We know that hydrogen is a marathon. It's not a short-term project. Thank you. Okay, we still have a couple of question coming from online, unless someone in the room wants to ask a question. Yeah. Who? I got my answer on subsidies, it's okay. Okay. Thank you. Question from online it is. The first question from the conference call is from Guilherme Levy of Morgan Stanley. Hi. Good morning. Thank you for taking my questions. Firstly, of course, we were given more color on the expectations for new orders over the next 10 years. I was wondering if you also have new thoughts on the balance sheet. With incremental confidence on the next decade and being a very stable business, does GTT still need to operate with a net cash position over the coming years? What prevents the company from increasing further its dividend payout policy in the remainder of the decade? Secondly, going to LNG as a fuel. Any updates on the revamping process of this business line? In the first half, there were no new orders of LNG as a fuel. Is that part of the strategy, deliberately not getting new orders into the business line strategies fully revisited? Those were my questions. Thank you so much. Okay. Regarding the cash position and the impact of new orders, definitely, regarding the level of new orders that we receive this year and in the coming years, we expect to increase this cash position, and to receive cash in advance because we have a model to recognize revenue after receiving the cash. It means that we are going to improve our working capital first and our cash position at the end definitely regarding the level of orders that we expect in the coming years. Regarding your question on the LNG as a fuel, I mentioned earlier that we had a strategy to totally revamp our offer for LNG as a fuel systems, which in fact will come in steps. We'll first work on LNG as a fuel, I would say, turnkey offer to be able to bring tanks in a very easy manner to shipyards. We are also working on the core technology of our systems to make them easier to install and cheaper. In the short run, I don't want the teams to run around and to push things on a highly, let's say, in a very aggressive manner in terms of price. That's not our business. Our business is to deliver good solutions with very good value for the shipyards. I am very confident about our ability to take a better position on this market gradually from 2027 onwards. That makes sense. Thank you so much. If I could just squeeze in one more, just for housekeeping purposes. There was a slight mismatch between the amount of taxes expensed and taxes effectively paid this half. Should we expect a catch-up too in the second half of this year? Regarding the level of tax, you know that we have a specific regime in France because based on our innovation and R&D program, it means that the consequence is we have a tax credit for this innovation cost. That's the first element. We pay taxes in China, in South Korea as well because we have a withholding tax based on our revenues, and it means at the end, we have a balance between the withholding tax paid in China, in South Korea, and balance with the tax credits that we receive in France regarding our R&D and innovation program. Understood. Thank you so much. Welcome. The last question from the phone is from Richard Dawson of Berenberg. Hi. Good morning, thank you for taking my questions. Two from me. Firstly, on the replacement market, when do you expect there to be material orders coming from the replacement markets? I assume most of the sort of near-term orders are coming from those LNG volumes under construction, but replacement market is still a large volume. Secondly, on the GTT Marine business, as you look to grow that, are there further inorganic opportunities that you're currently evaluating, or will most of that growth be organic if we assume Danelec is now starting to become organic? Thank you. Thank you. Of course, the replacement market will increase gradually as the fleet is aging. We know very well that, let's say, 200 ships will be with very old engines and more than 25 years old by 2030. That is a very strong factor for the forecast. However, what we see is that we already saw 15 scraps last year plus four conversion, we saw this year already, I would say, between eight and nine ships being scrapped already this year. We know that with the scrapping, the replacement cycle starts today. I expect a handful of ships being replaced in the coming years, perhaps starting in 2027, it will gradually increase. That's for the sequence of the replacement market. We are cautious on this. It's after careful thoughts and modeling that we released our estimate of 150- 200 ships to be replaced over the coming decade. It's not an aggressive forecast. Regarding your question on the inorganic growth for the digital business. First, what I said before is that what we have already as assets in the company, GTT Energy on the one hand, all the know-how on gas, thermodynamics, and containments, and second, with the base that we have acquired with GTT Marine, is enough for us to deliver good growth in the coming years, solid growth in the coming years, and a lot of synergies by developing a service offer. That I don't need anything more in terms of skill set. I don't need any addition to this business. Is the company completely closed to non-organic operations to M&A activities? In general, I prefer partnerships than just outright purchases because they can create value in the very near term, with people who are experts in their domains. If we saw files which had compelling reasons, of course, we would look at them in a very cautious and careful manner, I can tell you. We have no plans whatsoever in the short run. I can also share that. That's clear. Maybe if I just have a quick follow-up on the synergies, because you spoke in the release about achieving some synergies already with Danelec for some of the cross-selling. I think you identified EUR 25 million-EUR 30 million of synergies by 2030. Are you able to provide an update on the progress towards those? Okay. Regarding synergies, we have two kinds of synergies for Danelec. The first one, that synergy that you mentioned, EUR 25 million, EUR 30 million, we are on track regarding these synergies today. No doubt that we will achieve this target, because we have a solid basics for Danelec and Ascenz Marorka legacies. That's the first element. The second synergy is that you need to pay attention is the fact that we are going to have synergies with GTT Energy because we will develop services based on the LNG digital that we found in Danelec regarding the data collection. It's very key elements for our strategy for GTT Energy and services. That's why we have not yet measured this part of synergies, but we need to consider these two kinds of synergies regarding these Danelec acquisitions. That's clear. Thank you for the color. [inaudible] Gentlemen, there are no more questions from the room, from the conference call. Thank you. Well, unless there are any more questions, I would like to thank you for the various questions, your attention, and wish you all a very good summer and safe summer.