Good afternoon, everyone, and welcome to today's conference call. I am Rodolphe Ozun, Director of Financial Communications, and with me is Cécile Cabanis, our Chief Financial Officer. Cécile will start with key highlights of the first half of 2026. I will then share details on performance by business groups, after which Cécile will comment on the financials and conclude. We will then be happy to take your questions. Turning now to our announcement, our release was issued a short while ago in French and English and is available on LVMH website, lvmh.com, as are the slides for today's call. The habitual safe harbor statement is included in our press release and on slide two of our presentation. Let's now move on to today's topic, our first half figures, passing over to Cécile. Thank you, Rodolphe. Hello, everyone. Thank you for attending the call. I will dive right into the results starting on slide three. LVMH delivered a very solid set of results in the first half and a sequential acceleration on organic growth in the second quarter. Group revenue rose 2% organic in H1 at EUR 38.6 billion with Q2 up 3% organic. Operating margin reached a very high level of 22.5%, very good outcome as we remain focused and disciplined. Profit from recurring operation closed at EUR 8.7 billion, reflecting a significant negative currency impact. Net income was in line with last year. Finally, another semester of strong free cash flow delivery reaching more than EUR 4 billion. Let's turn to slide four with a few qualitative comments on the semester. Overall, the first half of 2026 confirms the strength and resilience of our model. Middle East conflict impacts H1 top-line growth by a negative one point. Both Q1 and Q2 suffered from this point. If we exclude that, organic growth is rather 4% in the Q2. Revenue momentum accelerated sequentially in our three largest division, Fashion & Leather Goods, Selective Distribution with Watches & Jewelry at double-digit growth in Q2. Our key geographies posted sequential acceleration. U.S., Japan, and Asia all posted mid-single-digit growth for the first half. These results were supported by, amongst other, product innovation and creativity, which delivered tangible results in the first half, the strength of our icons, and outstanding experiences in retail. The first half also demonstrate our continued attention to operational efficiency. Rodolphe will now comment on the numbers and key highlights by business group. I will then comment further on the group financials. Thank you, Cécile. We will start with Wines & Spirits on slide seven. The Wines & Spirits business group recorded EUR 2.6 billion in revenue in the first half, up 5% on an organic basis, flat on a reported basis after a -4% currency impact. Broken down Champagne & Wines generated EUR 1.4 billion, up 7% organic and up 2% reported after a negative 5% currency impact. Cognac & Spirits delivered EUR 1.2 billion, up 3% organic and down 1% reported after taking into account a negative 4% currency impact. Profit from recurring operations for the division rose 11% year-on-year to EUR 582 million. Operating margin rose 210 basis points to 22.4%. Moving to slide eight, Wines & Spirits improved markedly in the first half of the year. The 5% organic growth achieved in H1 was predominantly driven by volume growth, reflecting improving demand for our products. In champagne, volume, price, and mix all contributed to growth, and all Maison accelerated in the first half of the year with strong momentum in Europe and Japan. Mix improvement was driven by the outperformance of Prestige Cuvée. For rosé wines, volume growth came from Château d'Esclans in the U.S. and Minuty in Europe. For Chandon, growth came from the U.S. and Asia. In cognac and XO, volumes also returned to growth in H1. U.S. demand remains soft and depletions are still negative, but this was more than offset by improving demand elsewhere, notably VSOP in China. The launch of a new ready-to-serve format in the U.S., Hennessy Very Special Cocktails, had limited impact on volumes at this early stage, but highlights our commitment to innovation. Finally, spirits also performed well, driven by Belvedere and Glenmorangie. Going forward, we expect the division to grow at constant currencies in 2026, albeit not as much as in H1, and we expect full-year EBIT margin to be closer to 2025 levels due to cost phasing and to the delayed adverse impact of currencies in this division due to profit in stocks, notably. Turning now to Fashion & Leather Goods. On slide 10, revenue reached EUR 18.1 billion for the first half, down 1% organic and down 5% reported after taking into account a - 4% currency impact. Q2 growth amounted to +1% organic. Profit from recurring operations came to EUR 6.2 billion, down 7% year-on-year, and operating margin contracted 60 basis points to 34.1%, although in both cases, the decline is more than entirely attributable to currencies. Turning to slide 11, two broad comments on the division. Firstly, virtually all brands accelerated sequentially in Q2, including Louis Vuitton and Christian Dior. Secondly, local demand outperformed in both Q1 and Q2, but offshore demand, which was negative in Q1, turned flattish in the second quarter. A few words on the largest brands. Louis Vuitton celebrated the 130th anniversary of the Monogram canvas with success, consistent with its ambition to communicate on some of its most distinctive attributes: knowhow, history, and travel. Christian Dior accelerated sequentially, driven by continued excitement around the unveiling of Jonathan Anderson's new creative vision, with good response to bags and to ready-to-wear. Loro Piana and Rimowa continued to enjoy above-average growth, while Celine and Fendi improved sequentially compared to the second half of 2025 and to Q1 2026. Moving on to Perfumes & Cosmetics on slide 13, revenue reached EUR 3.9 billion, flat on an organic basis and down 4% on a reported basis after a - 4% currency impact. Profit from recurring operations declined 2% year-on-year to EUR 417 million, whilst operating margin improved 20 basis points to 10.6%. Now to slide 14, which details product innovation across our Maisons. The Perfumes & Cosmetics business group continued to see good performance from its historic Maisons, in particular Parfums Christian Dior and Guerlain. By category, fragrances outperformed, although again, Dior and Guerlain enjoyed good momentum in both makeup and skincare. Looking at key markets, whilst travel retail remained a headwind, Asia and Japan enjoyed good momentum. Finally, our Maison remained focused on maintaining their selective distribution strategy with tangible and measurable benefits on brand desirability. Next, turning to watches and jewelry on slide 16, where revenue for the first half of 2026 rose to EUR 5.2 billion, up 9% organic and up 3% reported after taking into account a - 6% currency impact. Profit from recurring operations rose to EUR 831 million in the first half of 2026, up 9% year-on-year, and the operating margin rose to 15.9%, up 90 bps year-on-year. I'm now on slide 17. Jewelry recorded an excellent performance in the first half of the year, including double-digit growth in the second quarter and positive growth across all key regions, driven by the U.S., Asia, and Japan. Tiffany continues to progress in its elevation strategy with iconic lines, new store, and high jewelry all outperforming materially. Focus remains on developing our iconic lines and HardWear, and Knot in particular enjoy exceptional growth despite very tough comps. Meanwhile, Tiffany is also progressing with the ongoing renovation of its retail network, with approximately 40% of the network now renovated. Bvlgari also continued to enjoy strong momentum, notably in retail, with strong growth across jewelry, high jewelry, and watches. Again, growth was broad-based across all key regions and driven by the continued success of Bvlgari's icons, Serpenti, Divas' Dream, and B.zero1. Our watch Maison also unveiled several exciting innovation in the first six months of the year. Moving on to our last business group, Selective Retailing, on slide 19. You can see revenue came to EUR 8.4 billion in H1, up 5% organic and down 2% reported after taking into account a - 5% currency impact and a - 3% perimeter impact due to the disposals at DFS. Profit from recurring operations came to EUR 893 million, up 2% year-on-year, resulting in a slightly improved operating margin of 10.6%. Turning to slide 20, a few words on Sephora, which enjoyed good performance across key markets, including the U.S., Europe, Middle East, and China. All categories recorded positive growth, with makeup and hair care outperforming. Sephora also continued to invest in its retail network and to expand into new markets, with Belgium and Croatia open in the first half of the year, amongst others. Le Bon Marché continued to see good growth in the first half. Finally, we have continued to progress with the sale of DFS assets, which led to a negative one percentage point perimeter impact at group level in Q2. This concludes the business group presentation, and I'll now pass back to Cécile for financial results. Thank you, Rodolphe. You can breathe now I guess. Now let's discuss H1 2026 financials in more detail, starting with slide 22 with the revenue bridge. First-half revenue reached EUR 38.6 billion, up 2% on an organic basis, down 3% on a reported basis, given first a strong - 5% currency impact, mainly USD, JPY, and KRW, and a negative 1% perimeter impact due to the disposal of DFS activities in Greater China. Organic growth accelerated two points in Q2 to 3%. Slide 23 details the geographic breakdown of revenues in EUR. Our regional mix remain well-balanced with Europe 25%, U.S. 25%, Japan 8%, Asia gained one point to 29%, and other markets, which includes the Middle East, fell one point to 13%. Slide 24 highlights regional trends with growth across all key markets in Q2. In the first half, growth came from Asia, the best performing region, up 6%, followed by Japan up 5%, and the U.S. up 4%. Europe declined modestly 1%, penalized by lackluster touristic demand. Tourism improved, however, in the second quarter, driven by Asian clienteles, which explain the sequential slowdown in Asia and the improvement in both Europe and Japan. The sharp acceleration in U.S. offshore demand in Q2 came on top of a tangible improvement in local demand, leading to the sequential acceleration in the U.S. market, up 6% in Q2. Turning to slide 25, which illustrates the tangible acceleration of organic growth in our largest divisions. Fashion & Leather Goods return to growth in Q2, driven by the acceleration of U.S. and Japan. Watches & Jewelry enjoy the strongest growth in H1, with 9% organic, including double-digit growth in Q2, driven by very strong performance at both Tiffany & Co. and Bvlgari. Selective Distribution also grew 5% in H1, supported by a continued strong momentum at Sephora, as Rodolphe presented, while the sale of DFS assets negatively impacts the division's reported growth. Wines & Spirits revenues grew 5% organic in H1, a very good outcome supported by improving consumer trends. Finally, Perfumes & Cosmetics, where revenue momentum is stable with a good performance by our historic Maison. Let's now switch to operating income on Slide 26 with the bridge of operating income versus last year. As you can see, we enjoy nice EBIT growth of around 4% in organic terms and a negligible perimeter impact, but this was more than offset by a significant negative currency impact totaling nearly EUR 700 million. Slide 27 details operating income by division. Wines & Spirits delivered a very strong performance with double-digit EBIT growth, driven predominantly by champagne and wines, but also a nice improvement in cognac and spirits. Watches & Jewelry also delivered a significant increase in operating profit, driven by strong growth in jewelry and OpEx discipline, with continued investments in Tiffany & Co.'s transformation. Fashion & Leather Goods operating income decline is entirely driven by currencies. At constant currencies, EBIT margin improved modestly, and operating income was flat. Operating margin remains very high at 34%. Finally, Perfumes & Cosmetics and Selective Distribution operating profit evolution is close to flattish, with Selective Distribution improving slightly. On Slide 28, a few comments on our income statement. All in all, the net profit group share closed at EUR 5.7 billion, in line with last year. If we go line by line, revenues, I already commented. Gross margin evolution is in line with revenue evolution, which is a good outcome, with the rate of gross margin actually improving by 30 basis points versus last year at 67.1%. The negative currency impact is fully offset by organic margin expansion across divisions on the back of improved top line. In addition, there is a modest positive perimeter impact from DFS assets sale. Operating expenses were actively managed with a 2% decline in marketing and selling expenses. G&A was kept flat, reflecting continued discipline on cost. Other income and expenses are slightly positive on the semester. Nothing major to report there. This leads to an operating profit for the group of EUR 8.7 billion, already commented earlier. Financial results for the first semester improved strongly versus last year, and I will provide more details in the next slide. Finally, tax rate remained at a very high level of 30%, reflecting this year again, the impact of the French surtax. Moving on slide 29, a positive change, as I was saying, in net financial result of EUR 300 million, which includes, on one side, cost of debt and interest on lease liabilities, which both saw a small improvement. The cost of FX derivatives decreased by over EUR 100 million. It is not so much the cost of the hedge, but rather it is the impact from the amplitude of currency move that was more contained this year versus H1 last year, where the amplitude was huge. Lastly, and again, we have a strong positive impact from the revaluation method in mark to market of our financial investment portfolio that led to an increase in value larger than the one of last year. However, a reminder that this impact is purely theoretical and does not reflect any profit in reality. Turning to slide 30, regarding the structure of the balance sheet, currencies once again had an impact on most balance sheet lines in EUR terms. Both assets and liabilities, and consequently, the structure of the balance sheet remained very similar to last year. One point I did not comment is equity slightly up, reflecting the share buybacks that we completed at the end of June. Slide 31 illustrates another strong momentum on free cash flow generation in H1, closing at EUR 4.1 billion with the modest decline in cash from operating activities entirely offset by operating investment evolution. Slide 32, net debt to equity ratio. As you can see, compared to H1 2025, our net debt declined by almost EUR 2 billion and gearing edged down three points to 12%. I will end my comments on the figures with the interim dividend, which has been fixed at EUR 5.50 a share and will be paid in December 2026. Maybe before moving to Q&A, a few words to conclude this presentation on slide 34. What you have seen is that despite continued instability in the macro environment, trends improved across all geographies in H1. Where wealth is created, consumer appetite for luxury and for our products in particular is strong. Secondly, the outperformance of our most iconic products illustrate the desirability of our brands and shows our strategic initiative bearing fruits across diverse businesses. Based on these successes, we will continue to adjust to evolving consumer expectation with distinctive stores and experience, attention to perceived value, and increased brand desirability and innovations. Finally, while we continue to invest selectively, it is important to note our financial discipline, which continues to deliver tangible results as evidenced in H1. Thank you very much for your attention. We are now ready to take your questions. Thank you. This is the conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Charles-Louis Scotti, Kepler Cheuvreux. Yes, good evening. Thank you very much for taking my questions. I have two. The first one, on Fashion & Leather Goods, is there any chance you can give us a bit more granularity of the performance by brand and especially on Dior? I am curious to know if the brand returned to a positive course in Q2. It also seems that the growth at Dior was constrained by difficulties in ramping up production capacity related to the re-internalization of production and maybe the change in designer. Could you confirm whether this is indeed the case? If so, if you can estimate the growth of Dior, what kind of growth Dior could have achieved without these production constraints? Then my second question is on the performance by geography, particularly Asia excluding Japan. This was the only region where growth deteriorated sequentially in Q2. I would have expected the demand in Korea to accelerate and the region also to benefit from, to some extent, the repatriation of Asian spendings because they travel less in Europe. What is the main driver behind this slowdown? Is it China? If you can elaborate a little bit on the trend versus Q1 and what factors weighed on demand locally. Thank you very much. It's two very exhaustive questions. Thank you, Charles-Louis. To start with, on Fashion & Leather Goods and your question around giving more granularity on the brand, what we can tell you is that Vuitton and Dior are both in positive territories in Q2. Vuitton is consistent with the average. Dior is a bit above. You have Loro Piana and Rimowa still outperforming. When it comes to Dior, all clienteles were up in H1 with double-digit growth from the Americans and Japanese in Q2, all accelerated. You have leather goods and women ready-to-wear outperforming based on the big success of Jonathan Anderson first release collections. It's only after two quarters and probably more to come. Has there been some issues in supply chain? I think whenever you start with creative renewal and you are in a transition, it's a bit more complex for your supply chain. I will not give any theoretical figure. What we see, I think, is telling us that we have made great results and that the trend is positive and accelerating. I think it's what matters. When we look at Asia, you're right to mention that Asia is decelerating in Q2. If you look at clientele, Asian clientele spending is unchanged quarter-on-quarter. Same for Chinese. However, Asian clientele did spend less in Q2 in Asia and more in Europe and in Japan. That's also why in the graph I was showing you see an acceleration at the same time in both Europe and Japan. It's also interesting to see that in Japan, tourism is more diversified that at some stage with Americans, Koreans, and Chinese are gradually recovering. That's for Asia and for Chinese. Thank you. The next question is from Anne-Laure Bismuth, HSBC. Anne-Laure, we don't hear you. Yes. Hi, good evening. Anne-Laure Bismuth from HSBC. I have two questions. My first one is on jewelry and watches, which you recalled a very strong acceleration in Q2. What's the performance between categories within that segment? Was the sequential improvement mostly driven by jewelry or watches also sequentially improve? Have you seen any particular strong performance for that division in South Korea, and what is the exposure? My second question is about wine and spirits. Given the signs of recovery in H1 that we have seen through that division in H1, how directionally should we think about this division for the remainder of the year? Thank you. Thank you, Anne-Laure. On watches and jewelry, the growth momentum was mainly driven by both Tiffany and Bvlgari on jewelry. We've seen a very good performance, both in Q2, Bvlgari and Tiffany grew mid-teens, with very strong performance on icons. The acceleration when it comes to geography was both Americas, Japan, but also Korea, as you mentioned. On Tiffany, it's really around all the part that we transform because we have now 60% of the business, which is transformed, growing much quicker than the legacy that is still negative. We have some icon like HardWear growing 75%, and Knot is nearly 50%. There are a lot of successes and a lot of momentum within the icons. Same for the renovated store. It's really for Tiffany, the transformation agenda that is bearing fruits and success with the strength of the icons becoming even stronger quarter- after- quarter. On Bvlgari, we've seen success on really all the icons. Geographical span is very even when it comes to success as well. There has been new lines launched like B.zero1 Mini, which is off a good start. High jewelry has a bit overperformed as well. It's really across the board that we've seen that. Watches are a bit negative still in Q2. If you take watches as a category, adding Bvlgari, Tiffany, and Vuitton, it's likely growing for the period. That's where we are. On wines and spirits, we are very pleased with the results, which is really a big work from the teams, reaching 5%, which is really an improvement in momentum for the champagne and wines in particular, Prestige Cuvée also, and improvement of demand for cognac in China that is offsetting a still soft demand in the U.S. Rodolphe mentioned when he was commenting on his slide that we still do expect growth for the remainder of the year, but probably a bit more moderate. That's what we can give as a direction for wine and spirit. The next question is from Thomas Chauvet, Citi. Good evening, Cécile and Rodolphe. Thanks for taking my question. I have two. The first one, could you come back to the second quarter fashion leather performance by nationality? I think you said the Chinese were more or less in line with Q1. Could you comment on the other nationalities on a global basis, please? Second one on the FX impact on margin. If I'm not mistaken, in February, you guided for, and that was very useful, thank you, for an FX headwind on EBIT for this year, broadly similar to last year, close to EUR 1 billion, and that was going to be very H1-weighted. You were right with over EUR 600 million in H1. Given what's happened to FX in the last few months, particularly the US dollar and the renminbi appreciation, how do you think about that FX impact in the second half and how perhaps also it relieves a little bit of pressure from you to delay any pricing into next year? Thank you, Thomas. To answer your question on clientele dynamic for F&LG in the second quarter versus last year, the bulk of the growth came from the Americans, who are up high single-digit. Koreans also contributed, but obviously it's a smaller base, the impact is more marginal. You had a negative impact from Middle Eastern, but not higher than Q1, as the longer duration of the impact was offset with improving sequential and gradual trends. Then European, Japanese, and Chinese were flattish. That's for the clienteles in Q2. On FX impact, H1 was around 70 basis points. As you said, it was in line with what we had projected. We do expect that on the revenue part, we could have a slight positive impact from FX going forward on revenues. Probably offset by a perimeter impact because there are more sales at operation that are going to get closed in H2. On the margin, we still expect approximately the same impact that we had in H1. Especially if you take wine and spirits, given the stock duration and the time lag between the time you put it in stock and you release it, you are still going to recycle impact from last year, and you already had your aging gains. There's a bit of a time impact. It's a bit technical, but that means that on the margin, probably we are looking at the same impact for H2. The next question is from Antoine Belge, BNP Paribas. Yes. Good evening. It's Antoine Belge at BNP. Three question, if I may. First of all, I'd like to come back on the performance on the Chinese cluster, flat but unchanged quarter-on-quarter. If my memory doesn't fail me, last year, the Chinese cluster went from down maybe 9% to down 15%. Isn't it a bit disappointing that on easier comps, China is not improving? Also, if you could comment on the litigation between Louis Vuitton and this tea company. Is it having any impact? Second question is about overall H2 and on this idea that the comp base will become tougher. The recovery of the group started in Q3. How should we think about that? Are you confident that maybe, you were mentioning that you could expect sort of sequential improvement at the top. Any also pipeline initiative at Vuitton, especially in the base of H2 last year, you've got the boat in Shanghai. Finally, on the margin, first of all, congratulations because the margin were well above consensus. Especially this idea that with a flat organic growth in H1, you managed to have a flat margin at constant currency. Is it the result of a special effort because you knew that H1 would still be a bit under pressure? Or is it something a bit more structural? Because if growth come back, I guess maybe investment will come back as well. A clarification, because I think Rodolphe, on wine and spirits, mentioned that, which something you confirm on the top line, which would be that maybe H2 growth would be a bit less than in H1. Did I understand correctly that the margin over the full year would be rather flattish year-on-year versus up in the first half? Thank you. Thank you, Antoine, for all these questions. On the Chinese cluster, net-net, what we've seen in H1 is that Chinese local and touristic demand has been flattish. We have been seeing an improvement of offshore demand over the Q2, so you have local demand outperformed in Q1 and onshore demand outperforming in Q2. We are not challenging the fact that the basis of comps was easier in Q2, but when it come to Chinese, we need to look at it, and especially we need to remember that the easier basis of comp of Q2 last year was linked to exceptional growth in Japan in 2024, which was recycled. I think it's important to have that in mind. What we are seeing is that Chinese local consumption is high by historical standard. What we are already seeing is that Chinese demand is increasingly clustered around shopping event. It's important to follow that in order to have the right trends. On your question of litigation, I'm sure you agree that IP is an absolute key asset for us, and we diligently protect our brands. Our Maisons handle trademarks infringement in many countries very regularly, including China, but not only. This case received media attention. It's still a legal process, so I will not comment more than that. On the comp base of Q3, maybe I should have linked it to the previous one. First, we are only a few weeks in July, and July is a small month. I will not comment on trends for H2 because it's much too early. The comp base in H2 is optically tougher than H1, but it's also on the base of easier comps in 2024. Overall, it's quite similar. On the rest, I already commented answering previous question on what we see for the FX. On margin, we take your congratulations. Thank you very much. There has been, of course, an effort on discipline and particular cost attention in order to come to this result, and we are very happy to have managed it. And then I think you were referring to a comment of Rodolphe on wine and spirit regarding the full-year margin. Indeed, you understood it well. We believe that overall full-year margin in wine and spirit will be comparable to last year. Bear in mind what I was explaining on FX as well, which will impact H2, especially in wine and spirit in term of margin hit. Next question is from Erwan Rambourg, Goldman Sachs. Yeah. Hi, good evening, congratulations on the margin. I hope you can hear me. Three short questions. Firstly, on Sephora, I was wondering if you could maybe help us understand what part of the growth is linked to like-for-like in the different regions and what part is maybe linked to the impact of openings. How much does that weigh? Secondly, I had a question on Tiffany. You were saying you've revamped 40% of the store base. I'm wondering what's next. Presumably revamping the store base was weighing on margins. I suspect that with the type of growth you're getting, margins are going higher. Does that change your cadence in terms of revamping other stores? How should we think about that prospect? Thirdly, if I understand correctly, Celine and Fendi are probably still negative. Can you tell us about the prospects of when that might improve for those two brands and what it would take? Thank you. Thank you, Erwan. On Sephora, when we look at the growth, it's probably half-half in term of expansion. It's not only country opening, it's surface expansion and like-for-like. We've seen a very sustained growth in all markets, including the U.S., especially on exclusive brand. You remember we had the launch of Rhode, which is still going very well. In term of country openings, we have opened Belgium, Croatia, and Ireland. We'll continue, and we have continued to open in the U.K., which is a market that is going very well for Sephora. On Tiffany, yes, the transformation and the stores, as you mentioned, is weighing on the margin because it increased the selling cost. It's not the only one. You can imagine as well that the transformation of the portfolio with the decrease in silver is also creating a short-term headwind on the margin. You're right to say that with the increasing growth and the performance of the icons, and soon, let's hope, the decrease in gold price, we will be able gradually to get leverage in order to improve the margin. We have not changed the program when it comes to store renovation, and we'll continue to do the rhythm that we discussed several times. Overall, 10% or more per year, because we still want to do it gradually. It's not only an issue around margin, it's also making sure we do it well and we do it gradually. On Celine and Fendi, we see progress quarter-to-quarter. On Celine, there has been some innovation in soft bag, like the Soft Triomphe and other formats that are doing very well. Shoes are doing well. Ready-to-wear is doing well. It's really progressing. Fendi started later. We had the show of Maria Grazia again early July, we see improvement already. We are very confident that these two brands will continue to make progress. Thank you. The next question is from Edouard Aubin, Morgan Stanley. Good evening. Thanks for taking my questions. Two quick ones, just to follow up on the margin trajectory for Fashion & Leather Goods. Cécile, just you managed to have FX flat margin on the minus one constant FX decline in H1. Hypothetically assuming that you would be in a situation to grow your top line by low-to-mid single digit as consensus is currently expecting. Should we therefore assume that you should be able to propose some operating leverage, excluding FX, in H2 for Fashion & Leather Goods? That's question number one. On the Perfumes & Cosmetics division, the division was basically, again, more or less flattish for the H1, which has been a pattern of low growth in the past few years and I think below some of your prestige peers. How do you explain the relatively sluggish top-line performance for the division in the recent quarters? Thank you. Thank you, Edouard. On the margin, hypothetically on your assumption, maybe I'll come back to the message that I repeat often, which is, for the group, probably once we reach 3%-4% growth, we are starting to get operating leverage. It's true that H1, we managed to do it with less than that, with extra effort on discipline and cost, and it's a great result, but it doesn't make it a rule. My message is not changing and stays. On P&C flat, what I would say is that we have made a choice with Perfumes & Cosmetics and some of our brands to be very selective in distribution, to pay a lot of attention of promotions. There could be some areas and opportunities of short-term growth, but for us it probably would mean damaging the brand equity, and we want to continue to build the brand desirability and equity for the long term. We've been working hard in order to be very selective on distribution, and we are still impacted as a result by travel retail performance. The next question is from Oliver Chen, TD Cowen. Hi, thanks very much, Rodolphe and Cécile. Regarding the U.S., we've seen really good momentum here as well as you have seen that, too. What's happening with the tourism in the U.S. versus local? The equity markets have been strong here, but what should we know, because it was a rapid acceleration that you saw. Second, Cécile, on your comments on China shopping events getting more clustered, what does that imply for how you're thinking about longer term? You've done a great job with the highly experiential Chinese stores and also investing in the stores. Third, the marketing and selling expenses were impressive in how you managed those. How are you balancing your management of that versus long term, and what should be done to perpetuate that? Finally, on artificial intelligence, we're seeing a lot of innovation there and a balance in terms of magic versus logic. Vuitton's had a rich history of managing inventory quite tightly, but what are your philosophies or frameworks towards approaching AI and personalization and supply chain? Thank you. Thank you, Oliver. On U.S., the good momentum in Q2 was both. We had a great momentum in local and an acceleration of tourism on top of that. That's why you see the U.S. market growth accelerating between Q1 and Q2. Where in Q1 we still had some impact from tourism linked mainly to exchange rate, but the trend has reversed in the second quarter. On China, my comment is not deriving to having any kind of structural conclusion. It was rather to comment that we should be careful with very short-term trends, as you might have some weeks where it moves, but you have also purchased that are more clustered. You need to ensure that you have sufficient period of time in order to really analyze the demand. For us, there's no specific things. We are already, as you said, both in terms of experience in store, both in terms of ensuring that we have brand activation at those moments. I think we'll continue to do what we've been doing, and that has been quite successful. Balancing cost versus marketing, it's obviously something we are very vigilant around, and we make sure that wherever we need it, we invest in the brands. When you go for a creative renewal, for example, with Jonathan Anderson, you invest in your brand, you activate, and that's very clear. It's really not marketing or margin. Where we are going to find efficiency is, you mentioned on your AI question, it's on sales crew, improving your sales crew, for example. Time to market, improving the brief, lowering your stocks will have tremendous impact in terms of profitability. Can also help you reinvest. We are looking really around costs that are not costs where it is investing for the clientele service quality that we will never bargain. You can trust us on that. On AI, there are several initiatives on AI because you can really leverage it in many areas. I think on some calls we were discussing about clienteling and how you can really make the relationship and the conversion much more efficient. On supply chain, you are right that there are also opportunities both for demand forecast, but also prototyping and time to market that we can leverage. We are really using, and by the way, also on corporate function and cost management. We are really leveraging all of them, in all our Maison. The next question is from Luca Solca, Bernstein. Yes, good evening. Luca Solca from Bernstein. Maybe stepping back and looking at the Fashion & Leather Goods divisions, and in particular at the core brands, Vuitton and Dior. It has been unprecedented that for a few quarters, seven quarters or so, organic growth has been as low as we have seen, and sometimes negative. I wonder what your analysis, what your diagnosis is of what is causing this. What is it that is missing in the market? What is it that is missing in your execution, you think? And where do you stack against some of your competitors? Would you say that at the moment in these categories, you are getting market share gains or you are losing market share? One of my doubts is that you are actually, as the rest of the industry, missing middle-class consumer demand. Price increases post-COVID have made some of the products more difficult for them to buy. The lackluster and polarized consumer demand environment is causing middle-class consumers to be on the back foot, and core mega brands like Vuitton, as well as they are managed, have to deal with this thing. How are you adjusting pricing and assortment, as a way to address this issue? Assuming that you are sharing this diagnosis and this hypothesis of the underperformance. Thank you very much. Thank you, Luca. Maybe, because Dior and Louis Vuitton is not exactly the same, to be concrete on what we are seeing, I will take one and then the other. On Dior, you might have listened to some interviews of Delphine Arnault and Jonathan Anderson that they had in the first half. We are aiming to build lasting momentum. Lasting momentum is not meaning you do not yield short-term benefits, but the reverse is not true. Today, we are very encouraged by the short-term results. I mentioned a few of them. On Dior, all key clienteles are up in H1, double-digit for Americans and Japanese in Q2. That all accelerated. We are very strong, ready-to-wear for women, performance and very strong momentum in bags, both on the newness that have been proposed by Jonathan Anderson, but also on some other lines that he has reinterpreted, including icons like the Lady Dior. We have made a lot of progress. The collections are super successful. What we are offering is getting success, and there will be more to come. It is two quarters that we started the creative renewal. On Louis Vuitton, you know that we decided this year to put the 130 years of Monogram as a key feature. What we are seeing is that it is leading into good momentum for the Monogram. Both in the iconic shapes like the Alma and the Speedy that are back to growth, but also in some new shapes, that I will talk about on your comment regarding clientele pyramid. We have launched a new Monogram Emblème collection that is also doing well. We have a good momentum on ready-to-wear women, jewelry, and perfume. You know that we have been opening some very unique experiential stores and flagship that are doing very well. Lastly, maybe something you know less is the kind of ephemeral initiatives that we had, like the hotel in London, which also happened to be a commercial success. That is for Louis Vuitton. On the question regarding are we missing middle class, I would make two comments. The first one is that, I think it is good news for our industry, is that wherever there is wealth creation, which we have seen in the U.S., which we have seen in Korea, there is a strong appetite for luxury and a strong appetite for our goods all across clienteles. The second, because you are right, we said, we have been discussing this, we said that it is very important to continue to nourish the pyramid, both the very exclusive client and the aspirational, because we need to continue to recruit. If you take Louis Vuitton, it is not a new strategy per se. I can take some examples in H1. If you take H1, you have the P9, which is very expensive, very exclusive, where the waiting list is continuing to grow. That would be for addressing the very exclusive, high-net-worth individual. We have launched some new forms of bag, like the Squire and the Multipass, which are successful and would be addressing a more aspirational part of the clientele. We have all the double entry strategy we already discussed quite a lot. We have made great progress. I think it's good that we are back in growth, and we have plenty initiatives that are resonating well with clients. The next question is from Viktoria Petrova, Barclays. Thank you very much. My first question is on the comps. I think it was asked, but can you repeat if Louis Vuitton flagship should inflate comps for China in the third quarter, or it's immaterial? Also from our conversation during pre-close, it looks like MENA has been improving through June. Could you provide any color on the exit rate or how we should think about MENA in the third quarter? What's your base case scenario? Finally, is there any specific phasing on costs overall, but also related to watches and jewelry division on the refurbishment of Tiffany stores? Thank you very much. Thank you. On the comps in Q3, what I commented is overall, we have an optical, more difficult, basis of comp than what we had in Q2. Because it's mirroring easier comp in 2024, actually, it's probably quite comparable. On Middle East, indeed, we had one point of impact in the first quarter, which was only on one month, where we commented that the month of March was down 50% +. We have still one point of impact in the second quarter, but over a longer duration. We have seen regular and gradual improvement. We are exiting the quarter still negative, but much more muted than when we entered the quarter. It's still very much unknown as to how it is going to develop. We continue to monitor the situation carefully. Then on the cost overall, you've seen our income statement. You've seen that we've been very disciplined in making sure that the costs are managed actively, both in marketing and selling, but also in G&A. On Tiffany, we were able to improve the margin despite several headwinds because you had the price of gold. You had also the increase in selling expenses from the expansion and the renovation of the stores. You had some headwind from the legacy. Still, because we've been able to accelerate in term of growth because the AUR has increased a lot, we were able to improve the margin. We'll take another two questions. The next question is from Jean Danjou, ODDO BHF. Good evening, Madame Cabanis. Good evening, Rodolphe. I have two question. The first one is on China and cognac. It seems that the demand is improving in China, but you mentioned it was at the low end with the VSOP. Could you maybe address if you think this is a structural improvement and at last a recovery or if it is more short term? Then the second thing, there is obviously a big gap in growth between fashion and leather and then the jewelry part, nearly 10 points. I wonder whether some geographies explain most of this gap, for example, U.S. and Korea, or is it evenly distributed between geographies? Thank you. Thank you. On China cognac, Rodolphe commented on the improving trends. We have also seen improving trends in XO. Overall, to your question on is it short term or is it going to last, what I can answer is it's not selling. It's not like we're stocking. We are selling and sell out that are quite line, and the stocks are much healthier than they used to be. The difference between Fashion & Leather Goods and Watches & Jewelry growth rate, they're probably not one big explanation and one size fits all. In terms of geographies, if we look at Watches & Jewelry, where it accelerated the most is U.S., Japan and Korea, indeed. The next question is from Chiara Battistini, JP Morgan. Good evening. Thank you very much for taking my questions. I just have a couple of follow-ups, actually. The first one on Fashion & Leather Goods, I was wondering if you could share with us the price mix and volume dynamics for Q2. Second question very quickly, did you have any tariff refund for the U.S. duties at all? Should we expect anything to come on that front? Thank you. Thank you, Chiara. Price vol mix for F&LG, if you look at Q2, it's 1% growth. If we exclude Middle East impact, it's 2% growth. We have moderate price, so you can assume that vol mix overall was flat. No big moves there. In terms of U.S. duties, we got some refund, but it's only a few basis points to the margin at this stage. Unfortunately, much less than the currency, very significant impact, negative. I think we stop there, Rodolphe. Thank you very much for all your questions, for your attention. Again, it was a very solid set of results, so we are happy for that. For those I will not see, I wish you a very good summer.