Ladies and gentlemen, welcome to Mersen 2026 half-year results. The webcast will be structured in two parts. First, a presentation by the Mersen management team, represented by Salvador Lamas, Group CEO, and Thomas Baumgartner, Group CFO. Afterwards, there will be a Q&A session during which you may ask questions in two ways: by submitting a written question in the box below the player or by clicking the green hand button on the player to ask a question orally. I will now hand over to Salvador Lamas. Sir, please go ahead. Thank you, Natalie. Good morning, everyone, and thank you for joining us. Before turning to our first half results, let me say how pleased I am to speak to you for the first time as CEO of Mersen. Although I officially took over the role in May, I've been part of the group since 2021 and have been closely involved in defining and implementing our current strategy. Over the past few months, I've also had the opportunity to spend a great deal of time with our teams, our customers across different markets, and of course, you, our investors. Those discussions have reinforced my conviction that Mersen has unique strengths, highly differentiated technologies, long-standing customer relationships, a truly global industrial footprint, and strong positions in markets that are benefiting from powerful long-term trends. At the same time, they have confirmed something equally important, the fact that our strategy is the right one. Therefore, my priority today is to continue and accelerate its execution with discipline, agility, remaining close to our customers, and ensuring that we succeed in translating these strengths into profitable growth, cash generation, and value creation. I do see opportunities to further improve our execution, additional simplification, and better capital allocation. These opportunities are already today translated into internal group initiatives aiming to further improve our quality, our processes, productivity, lead times, which are becoming more and more important these days, and efficiency in our manufacturing sites. The first half results we're presenting today are, I believe, a very good illustration of that. The market environment is very dynamic in some markets while remaining contrasted across geographies. We deliver very solid organic growth, maintaining healthy profitability. Therefore, today, we are raising our guidance for the full year. Now turning to our results. Mersen delivered a dynamic first half performance. Sales reached EUR 611 million for the first half, leading to a solid organic growth of plus 3.9%. EBITDA amounted to EUR 97.4 million, which corresponds to 15.9% of sales. Operating income before non-recurring items amounted to EUR 56.5 million, representing 9.2% of sales. This represents a solid first half, and with that, we are raising our guidance. Thomas will come back into more detail later on. The 3.9% organic increase in sales compared to the first half of 2025 was driven first by strong growth in North America. We continue to see in the region a very dynamic electrical distribution business as data centers customers are expanding at a very rapid pace. This is not the only growing market, as aeronautics and wind power are also on a strong momentum. Demand for silicon semiconductors also remain very strong in North America, which by the way, is even more visible in Asia. Going to Asia and Pacific, also reporting significant growth organically, reaching +7.6%, even though China remains in negative territory due to weak solar and chemical markets. As I mentioned in my introduction, the group is extremely well-positioned in a wide range of countries and in this region, even with a decrease in China, we deliver growth in India and in South Korea, driven by rail, silicon, data centers, and energy storage markets. Europe is lagging a little bit behind, reporting a slight decrease. This is mainly due to weak chemical market sales, which is in line with the difficult situation of this market. Without this market, the region would have reported positive organic growth. This decline in chemicals hides finally the good performance in aeronautics and rail in this region. During the first half of the year, the group performed well, and I would like to briefly share and comment on some of these few successes we have. We were able to meet this strong demand for fuses to protect data centers installations in different regions. As mentioned before, data centers is a key growth segment for us, and I will come back with more details in a moment. We've also reported significant growth in silicon semiconductors. Mersen is very well-positioned in the manufacturing process, especially in the ion implantation phase. Regarding EV, the group has been selected to supply fuses for Ford and Leapmotor. We released a communication on that topic a few days ago. Finally, this is more for the long term, we are pursuing our partnership with Terra Innovatum for the SMRs that could generate future growth potential. These achievements illustrate very clearly our position in key markets with long-term growth trends, particularly electrification, data centers, energy transition, and sustainable mobility. Let me explain to you now why we see data centers as such an attractive opportunity for Mersen. Behind the AI story, there is first and foremost an electricity story. Every new data center requires power generation, grid infrastructure, power conversion, and electrical protection. We are present across virtually the entire electrical value chain, supporting these critical infrastructures. It starts upstream with power generation, where we provide solutions for renewable energy projects. Electricity then needs to be converted, transported, and stored before it reaches the data centers. At every step of this electrical chain, Mersen provides technologies that help to manage, convert, and to protect the flow of electricity. Our technologies are also present inside the data centers itself, supporting both the electrical infrastructure and the computing equipment. Across this value chain, our Electrical Power business provides critical electrical protection and power management solutions. At the same time, growing demand for data centers also drives a high demand for semiconductors. This benefits our Advanced Materials segment, where our graphite solutions are used in critical semiconductor manufacturing processes. This broad positioning is one of our unique strengths. We are not exposed to a single product or a single application. As investment in data centers continue to accelerate, we benefit from growth across multiple parts of the ecosystem. Looking further ahead, SMRs will complete this ecosystem and will become an additional growth opportunity for the group, I will come back to that in a moment. For the full year 2026, we expect to exceed EUR 40 million revenue for data centers, roughly twice the level of 2025. In the first half of 2026, we already confirmed this trend by reaching above EUR 20 million. Data centers are also one of the key drivers behind the strong momentum we are seeing in silicon semiconductors, alongside artificial intelligence, electrification, and increasing computing requirements across many industries. This is a market where Mersen enjoys a strong competitive position built over many, many years. Our products are used in several critical stages of semiconductor manufacturing, particularly ion implantation, where our graphite solutions are recognized by leading customers. Our competitive advantages are clear. A global industrial footprint close to our customers, long-standing relationships with the leading semiconductor manufacturers, and recognized expertise in high-performance graphite grades. This strength allows us to benefit from the current acceleration of the silicon semiconductor market. In the first half of 2026, revenue from silicon semiconductors exceeded EUR 30 million, representing strong double-digit growth compared to last year. For the full year, we currently expect revenue of more than EUR 60 million. Let me now turn to EV, electrical vehicles. Our strategy in this market is very selective. Rather than trying to participate across the entire EV value chain, we focus on critical electrical protection and interconnection functions, where qualification barriers are high and where our technologies create the most value. We already communicated a few years ago on our nomination with ACC to supply busbars for the interconnection and monitoring of battery cells. Recently, we have announced that Mersen has been selected to supply fuses for electrical and hybrid vehicles manufactured by Ford and Leapmotor. In addition to the nomination received from CATL at the end of 2025. These recent wins demonstrate both the competitiveness of our technologies and the relevance of our global industrial footprint. Finally, let me briefly touch on small modular reactors or SMRs. We see this as a promising long-term opportunity rather than a short-term growth driver. The expected growth is primarily driven by the political commitment in the U.S. and the growing demand for power from hyperscalers. We are well-positioned in this market, we are the only integrated isostatic graphite producer in the U.S. We have, therefore, in our portfolio, graphite grades available for SMR key applications such as moderator or reflector blocks. We are also pursuing our collaboration with Terra Innovatum, where Mersen supplies nuclear-grade graphite for the first-of-a-kind prototype currently under development. Their ambition is to move toward industrial deployment before the end of the decade. While commercial volumes remain some years away, this illustrates how Mersen keeps positioning itself on the next generation of energy infrastructure. I will now hand over to Thomas for more details on H1 results. Thank you, Salvador. The first half was indeed very strong with a very robust performance of the Electrical Power segment. This was driven by, I would say, different drivers, strong growth in power electronics, where we supply different passive components for OEM. EV was also solid, thanks to the ramp-up of busbars deliveries for Automotive Cells Company. Finally, and maybe more importantly, electrical distribution continues to grow significantly, largely due to the increase in demand for data centers. The Advanced Materials segment also benefited from growth in several markets, silicon semiconductors, as mentioned by Salvador, aeronautics, rail. On the other hand, the activity in chemicals suffered from the difficult situation of this market, Salvador mentioned it. As far as solar is concerned, we've not seen yet any sign of recovery. Finally, SiC semiconductor sales remain as expected at a low level. Volumes have increased, but were offset by the non-recurrence of one positive effect linked to the silicon carbide long-term contract renegotiation. Those renegotiations occurred in H1 2025. All in all, we released group sales at EUR 611 million, including a negative exchange rate conversion impact, I would say, of EUR 22 million, mainly in Q1. What you can see as well is that we have improvement in organic growth in Q2 compared to Q1. If we come to profitability, the group maintain a good level of operating income and EBITDA. At the constant exchange rate, operating income improved by 2% and EBITDA by almost 4%. As expected, the D&A increased as a result of our large CapEx program, and we expect a further increase in H2 as we have planned to commission large equipment. Operating margin reached 9.2% and EBITDA margin 15.9%. I will now comment in more detail our operating margin, the move of operating margin between 2025 and 2026, and we have two positive effects and two negative. Starting with the positive, you can see that our volume was positive and contributed by 90 basis points to the change of margin. Second very positive thing is that the price increases and productivity measures have offset inflation on raw materials, silver and copper mainly, but as well inflation on energies and wages. On the other end, depreciation and amortization have increased as expected. I mentioned it. More important, we had to face the positive impact of the renegotiation of long-term contract with our silicon carbide customer in H1 2025. The latter represented about 100 basis points of margin. If we look now in more details by segment. The profitability of Advanced Materials segment have been impacted by the non-recurring soft renegotiation of the SiC contract I just mentioned. Beside that, price increases and productivity have offset inflation. The Electrical Power segment is going very strongly, gaining 280 basis points on the EBITDA, almost the same in operating margin, thanks to the volume effect. What's more, we have been very successful in increasing prices, and we expect an even more important impact on H2. If we look at the net income, you can see that it's going by 5% and even 10% at comparable rates with very low non-recurring expenses of EUR 1 million. The net financial expenses are in the same range as last year, with a slighter higher cost of debt at 4.9%. Income tax reached EUR 10.6 million. That is an effective tax rate of 25%, which is similar to last year. Coming now to cash flow, I will start with the focus on change in working capital. The change in working capital over the semester was about EUR 45 million during the first half. It includes different things. First, an impact of EUR 36 million linked to the increased activity, especially in June. We posted high sales in June, it had raised significantly and temporarily our receivables that will be paid in H2. Second effect, our inventories were revalued due to the important increase in silver and copper price. Third effect, we also reimbursed part of the SiC customer advances as expected. Last, as it is every year, we paid net variable compensation in the first half. All these effects on working capital were partially offset by additional factoring and by some other effects for net positive impact of EUR 11 million. Keep in mind that it's important increase in working capital, but as always, with Mersen, we decrease working capital in H2. If you look now at the operating cash flow after CapEx, you can see that it's quite similar this year compared to last year with two very opposite effects. The first one is the working capital increase I've just mentioned, and the second one is a lower CapEx than last year. We spent not a lot of CapEx this half year, and you remember that at the end of the year, we will have lower CapEx than in 2025. I would like to take the opportunity to comment on the performance in our inventories. Last year, we benefited from a huge decrease in inventory, and this explained, at that time, a low consumption of working capital. This year, we keep a very good performance in inventory. To give some numbers, our inventory level at comparable sales is lower by 9% compared to the same period last year. If we look now at the net debt, it reached EUR 400 million. The company financial structure remains very solid with a leverage ratio of 2.3. Our liquidity profile is very strong. As you can see, the average maturity of our financing is 5.4 years. We redeem a private placement Schuldschein in the first half of the year, mainly using our cash in hand. In other words, we have strong liquidity to cover medium-term repayments. As mentioned by Salvador, all these very positive factors enabled the group to raise its guidance to the full year. We now expect organic growth between 4%-6%. This is the upper range of our initial guidance for the full year. EBITDA margin before non-recurring items between 16%-16.5%, also the upper end of our initial range for the full year. Operating margin before non-recurring items between 9%-9.5%. This is above our initial guidance, which was between 8%-9%. Eventually, our industrial CapEx between EUR 80 million-EUR 90 million, below our initial guidance, which was between EUR 90 million-EUR 100 million. I now leave Salvador conclude. Thank you, Thomas. Looking ahead, I remain confident in our perspective and convinced that Mersen enters the next phase of its development from a position of strength. That strength is built on competitive advantages that are very difficult to replicate. Differentiated technologies, demanding qualification processes, long-standing customer relationships, and a unique global industrial footprint. We are very well-positioned on markets supported by powerful long-term trends, such as low-carbon power generation, electrification, the transition towards direct current, the rapid development of data centers and artificial intelligence, clean mobility, and the broader industrial transition. Of course, these markets will not evolve in a straight line. Each one follows its own cycle, as we experienced in the previous years. The long-term direction remains unchanged, and we believe Mersen is well-positioned to benefit from these structural trends. Over the past few years, we have invested significantly to prepare for these opportunities, particularly in the AM segment, in the material segment. Today, our industrial platform is largely in place, and our focus increasingly shifts from building capacity to generating returns on those investments and results. We also benefit from a truly global industrial footprint, allowing us to remain close to our customers while limiting our exposure to geopolitical and trade disruptions. Finally, our financial position gives us the flexibility to pursue disciplined value-creating acquisition as opportunities arise. Altogether, I believe Mersen has the right markets, the right capabilities, and the right teams to continue delivering profitable growth and creating value over the long term. As a result, I can confirm our 2029 medium-term roadmap sales around EUR 1.7 billion, EBITDA margin of 19% ± 50 basis points, operating margin of 12% ± 50 basis points, and ROCE at 13% ± 50 basis points. I remind you that these objectives have been defined in February 2023 with different exchange rates. With that, thank you, and let's move to your questions. Ladies and gentlemen, if you wish to ask a question, you may do so in one of the two ways. By clicking the green hand button on the player to ask your question orally. Once we activate your line, you will see a message to unmute your microphone. Please make sure to do so before you speak. By submitting a written question in the box below the player. The next question is from Giovanni Selvetti from Berenberg. Please unmute your mic and go ahead. Hello, can you hear me? Yeah. Hello. Hi, congratulations for the results thanks for taking my questions. I have a few questions. One is about a few numbers just to kind of understand if I got them right. You said that revenues from data centers were around EUR 40 million in H1. For the semiconductor business was around EUR 60 million. Is that correct? No. This is the full year. Yes, EUR 60 million for the full year 30 million in H1. Is that correct? Yes. Okay. I think for data center, it is EUR 40 million for the full year. Okay. Maybe you also mentioned that the increase in the organic growth for the Electrical Power division is also linked to the ramp-up of deliveries for ACC. If you can please quantify that in Q2 and in H1. My last question is really on the profitability of the electrical power distribution because you clearly mentioned that with volumes, margins are improving, and I was wondering how close you are to full capacity in that division. How much room you have more to improve margins going forward? Maybe I will start with the last question. In terms of capacity in electrical distribution, it is not very capital intensive. You can follow quite easily the increase in capacity without weighing on your margins. What we can say that as always, our electrical distribution for us is more profitable than in the U.S. especially than in other regions, or when we do business in the U.S., we have a positive mix. It is profitable for Electrical Power business. Can you just give us a rough quantification of the difference in the profitability, like two points more, three points more? No. I'm sorry, we don't give that. Okay. Then on ACC? Yeah. We don't disclose exactly the number of ACC deliveries. What I can tell you is H1 deliveries, the ramp-up continues in ACC, and we have delivered more or less close to three times the volume compared to last year in terms of parts, in terms of volume. Still is behind the schedule of ACC. As probably you know, ramp-up has been a little bit more difficult than scheduled. We are following this road, and it keeps growing in H2. Okay. Thank you. The next question come from Thomas Renaud from Kepler Cheuvreux. Please unmute your mic and go ahead. Hello, can you hear me? Yes. I have several question, please. The first one on pricing, what was the price effect in Q2? Are you, let's say, satisfied with the price increase implemented so far? I have a second question on guidance. As you expect a stronger growth in H2 compared to H1, is the low end of the guidance simply cautious, or are there specific factors that could bring a growth closer to that level? I have two more questions on data center and working cap. On data center, U.S. peers are reporting orders and sales growths well above 100%, alongside, let's say, a two to three times increase in content for new architectures. Are you seeing similar trends? On working cap, you mentioned the advance payment in H1. Could you please quantify the amounts remain to be repaid over the coming years, how it could impact the working capital profile over the next two years. Thank you. The price increases in the second quarter was around 3%. It's increased compared to the Q1. There will be further increase in H2. With regard to the stronger growth in H2, you said that the guidance, you suppose that the low end of the guidance is maybe conservative. I would say that the geopolitical macroeconomic environment is not obvious, changing. We will see at the end of the year. For us, it's a good level of the guidance, what we gave today. Regarding data centers, I can take that one. Yes, I confirm, and the numbers are saying this. We see this trend of times two, potentially more on this trend on volume. On working capital, you said that yes, we still have some advance payment to be repaid, between EUR 20 million and EUR 30 million to be repaid, but in several years. Okay. Thank you. Very clear. Many thanks. The next question comes from Julien Onillon from Marex. Please unmute your mic and go ahead. Yes. Do you hear me? Yes. Thanks. A few questions. Four questions, in fact, to start with. The first, could you tell us what your sales are in EVs in the first half to EVs? I got in mind for the full years around last year, about EUR 30 million. What you could expect for this year in terms of EV sales, considering all the growth you have? Similar question about silicon carbide. You didn't speak so much. I had in mind about EUR 55 million last year. Is it something where you see, however, a bit of growth? You mentioned it's still weak, could you see some small improvement anyway this year? Two specific markets, I just want you to talk. First, you had a contract with the DLA for the defense in the U.S. Potentially it's going to effectively some missiles in the U.S. for using some graphite, knowing that the U.S. is consuming right now a lot of missiles in Iran. You have some numbers to give us on what sort of sales you are doing right now, what could happen for this year? Fourth question, coming to the Soitec contract. I remember you have done an increment on that, you mentioned that you were working on a solution to a new market. Could you tell us where you're going right now on this specific market, specific project here? Have you effectively in mind something which you could fill the investment you have done? Okay. Thank you for your question. I will answer to the specific numbers you asked. EV is around EUR 15 million in H1, we give no guidance on the end of the year. SiC business, silicon carbide business, semiconductor was around EUR 25 million for the H1. Okay. Fabrice? Yes. Regarding DLA. DLA, it's a defense contract with the Defense Logistics Agency North America. We are supplying this contract. We communicated the envelope of this contract, which is close to $10 million. We are delivering to that contract. Okay. We don't know at this stage additional contracts to come. There are discussions, but at this stage, it's hard to say. Regarding Soitec, yes, we are today focusing on working the diversification program on our processes that we have developed to supply this energy. This is not short-term action. This is medium, long-term impact. The next questions come from Jean-François Granjon from Oddo BHF. Please unmute your mic and go ahead. Do you hear me? Yeah. Yes. Okay. Morning. Four questions from my side. The first one, I don't quite understand the amount of the sales for the SiC business during the first half. Could you just give a reminder the sales for this business for the first half? The second question, regarding the Depreciation. We see, I would say, relative stabilizations in H1 compared to last year. Do you expect the similar level for the full year? The question is, in fact, Maureen, your guidance, you improve the guidance for the EBITDA, but you expect you increase more the expectation for the EBIT margin versus the EBITDA margin. Can we explain that by probably less depreciation compared to what you expect previously? The third question. You have reached a historical level, EBIT margin 14.9% for the Electrical Power. Is it sustainable for the coming years at, I would say, on range of 15% or more than that? The last question, I will come back on the working capital. If I understand, you expect a higher or better level for the working capital during the second half. Could you give us some more color regarding what you expect for the free cash flow for the full year after the EUR 6 million mentioned last year? Thank you. Maybe I will start with some figures. Sales in SiC, it's around EUR 25 million in the first half. Regarding depreciation, in fact, it's because exchange rate. At the same exchange rate, in fact, depreciation increased by EUR 2 million compared to the first half last year. It's less than what was expected because we commissioned for technical reasons of the CapEx a little bit later this year compared to what we thought at the beginning of the year. That's why at the end of it, there will be more depreciation in the second half, but still lower than was expected when we made the guidance at the beginning of the year. I will take the third one regarding the sustainability, we can say, of the Electrical Power performance in terms of EBIT margin. The answer is yes. At this stage, we don't expect any reduction on this performance. The opposite, when we compare this performance to peers, we can say like this, we still can see slight margin of improvement in the next months, I should say. I see this sustainable, to answer the question. Regarding working capital, I will not give number, Jean-François. Why? Because it will depend on our growth in Q1 2027 for working capital. That's why I will not comment today on the cash that will be. I can tell you that even with whatever the scenario, the second half would be far better before CapEx, so far better. Thomas, you can confirm that normally you should have a higher free cash flow compared to last year, compared to the EUR 6 million last year? This is a fair assumption. Okay. Thank you. There are no further oral questions at this time, so I will now return the conference to the speakers for the writing questions. We have several questions from Paul Manigault of Amiral Gestion. I will list them, then you can answer. Regarding data center, Littelfuse mentions that the new architecture, the 800 volt DC, will be very positive for their product, by two or by four compared to the current architecture. Is this the same order of magnitude for you? Second question, new data center might use more SiC semiconductor. When do you see a reverse for the SiC market? You mentioned EUR 30 million of sale for SiC. I can give again. Thomas just mentioned it. It's EUR 25 million for SiC sales in the first term. Last question on that is also comparing to Littelfuse. Littelfuse expects a strong acceleration for Q3. Do you see a similar acceleration for your Electrical Power division in Q3 that also accelerated in Q2? Maybe we start with that. Yes. Thank you for the question. I think it's been exactly a Littelfuse press release. That's good. We are in the same type of market, not the same type of product portfolio, though. I can say yes regarding our product portfolio today and the new product portfolio that will come once this architecture of 800 volt DC will be, let's say, finalized, at least the first versions. Yes, we see a positive impact on some of our product ranges, times two, times four. It's not that surprising. At the same time, moving to 800 volt DC, yes, will trigger some additional opportunities for us in the group, meaning the Advanced Materials segment where SiC normally will take over part of this architecture as well. In line with what you mentioned, the question about H2, definitely H2 we would expect to be higher than H1. Thank you. Now one question on the LTA with SiC customer. Will we have a negative impact in the second half, or is it done, I would say, in the first half? The very last important impact was done in the first half, in fact. Clearly, we have some residual impact in H2, but it's residual. Thank you. Now one question maybe on the breakdown of data center sales. The question is, we mentioned EUR 20 million for the first half, EUR 40 million for the full year. Is it split over Asia, U.S.? Any comment on that? Is one region growing faster than the other? Definitely North America is faster than anybody else. We do see recently, and I think this is the sense of your question, as capacities are being saturated in North America for data centers providers, I should say infrastructure suppliers, components as we are, we see an increase in Asia to deliver customers that will position their systems, their solutions in North America. This is why the number between 50% is difficult to calculate depending how you look to the situation. Yes, North America is much faster than anybody else. One clarification also. It was mentioned EUR 60 million for the full year was for silicon semiconductor, as the first half is EUR 30 million for silicon semiconductor. We mentioned also the second part, which is SiC being EUR 25 million for the first half. There are no other question on the chat. Any questions? The next questions come from Julien Onillon from Marex. Please unmute your mic and go ahead. Yes. Sorry. I just come back with three more quick questions. The first is SMR. You mentioned that you will start in some prototype tests during 2026, 2028, new customer will start. Any small sales or it will be really marginal? Have you maybe some idea what could be in 2030 some revenue on this part? Second question, you mentioned about the decline in the sales in chemicals. Could you remind us basically the revenue you have done maybe in H1? What was the decline compared to last year in% to have in mind how big was this decline in chemicals? Third question, very technical question maybe, but I've seen on the cash flow statement, there is a EUR 4.6 million negative scope effect. What it's about? Because I don't have in mind any acquisition or disposal at this time. What is this scope effect? Thank you. Okay. We'll start with the SMR question. The line was not so good, hopefully I got the question right. Yes, these SMRs, yes, I explained, is definitely mid, long-term. This being said, we already received some orders for the prototypes, for example, with TerraPower. There are other customers as well that we are working today as a prototype stage. These will generate a very low number of sales, mostly in 2027, not definitely in 2026. This is still small at the build. We expect really the ramp-up of this technology once these reactors start to be qualified by the nuclear authorities in North America, and this is expected between 2028, 2029, 2030, depending the different customers. Okay. For chemicals, in fact, to give you a sense of the decline, it was between -15% and -20%. This is linked, as we said, to the industry. As well to the fact that the H1 was very, very strong last year. The chemical sales is around EUR 45 million, I would say, the first half. You know what, they are high sometimes big orders. You can have some very good year, some strong year, and some declines because of this project effect, I would say. The scope effect, in fact, I think you mentioned the fact that there was an activity that was previously in Electrical Power, which now is in Advanced Materials. In fact, looking for rail industry, contract rail industry, in fact, Electrical Power was doing something, Advanced Materials was doing another thing, we wanted to combine both in the same segment in order to increase synergies. Okay. Thank you. As a reminder, if you wish to ask a question, you may do so in one of the two ways, by submitting a written question in the box below the player, or by clicking the green hand button on the player to ask a question orally. The next questions comes from Jean-François Granjon from Oddo BHF. Please unmute your mic and go ahead. Yes. Two more questions from my side. The first one concerns the Advanced Materials business. Without solar on chemical, could you give us the trend of sales for the first half in growth or not, without solar on the chemicals? The second question, due to the fact that, as mentioned by Salvador, the EBIT margin is sustainable for the Electrical Power, so more or less 15%. If we expect positive leverage for the Advanced Materials in the coming years, and previously the margin for this division was quite high. You expect 12% EBIT margin in 2029. It seems quite cautious if we take into account 15% for the EP and probably a similar level for the Advanced Materials. Do you confirm that 12% or +50 basis points is probably cautious or too cautious for 2029? Thank you. I will answer to that question, Jean-François. In fact, you see that we are not cautious on EBITDA margin. 19% compared to 16% today, it's reasonable, but it's an increase. Don't forget that the depreciation will increase a lot. That's why. Okay? That's why that makes a difference. The 12% is not understated, I would say. Okay. Then, for sure, don't forget that I forgot that to mention, but don't forget that there is Advanced Materials, EP, and Electrical Power, and central cost as well. You have to deduct that. Coming back to your first question. Yes, if you add back solar and chemicals, clearly Advanced Materials is in nice positive territory in terms of growth. The next questions comes from Thomas Renaud from Kepler Cheuvreux. Please unmute your mic and go ahead. Yeah. Thank you. I don't know if I well understood, just a clarification on what Salvador said. You are expecting a growth acceleration in Electrical Power in H2, right? We are seeing increase especially in high season, in H2, in fact. You mean prices? Because the question was about Littelfuse Q3 growth acceleration, and you mentioned that you could expect something broadly similar. Littelfuse will also increase from prices, so both. Yeah. Yeah, Littelfuse Q3 growth should be higher than what they published in H1. Five points above, if I remember well. I cannot comment the Littelfuse assumptions. I don't know them. Clearly, we see an acceleration in H2 compared to H1. It is combination of both price and volumes related to the activity on Electrical Power. It's true, it's both of them. Okay. More pricing than volume probably. Okay, you expect an acceleration in H2? Yes. Okay. When we look at the basis effect in Advanced Materials, which was down 9%, I think last year, we could expect something very strong in H2 at the group level, I think. Okay. As we said, we see that the chemical will be lower than what we expected in Advanced Materials. We see no acceleration and no pickup in solar, not at all. We see not a big deal, not a change on the SiC semiconductors. At the end of it, you will see. I will come back to what Littelfuse. In fact, in Electrical Power, we have two business units. It's electrical distribution and power conversion. We were speaking when we were commenting on Littelfuse, it's electrical distribution, in fact. Electrical protection is not the power conversion effect. Please don't keep in mind that necessarily there will be a huge pickup in Electrical Power globally. What we say, we gave the guidance. We don't give guidance per segment. At the end of it, if you do the H2, it will be slightly to m uch more growth than H1 globally. Okay. Many thanks. The next questions come from Giovanni Selvetti from Berenberg. Please unmute your mic and go ahead. Hello. I have a last one maybe on M&A. We haven't touched on that. I was wondering if there is any update there, if you're scouting for any deals at the moment. If so, in which area would you concentrate your targets? Thanks. I will take that one. Of course, the answer is yes. We mentioned it a few months ago as well. We restarted our activities on M&A. What I can tell is confirm what we said before, and I mentioned it's bolt-on acquisitions. We are looking specifically some territories, Europe, North America, Asia, not in China. Okay, is this mainly for the Electrical Power division or for the Advanced Materials, if you can say so? It's both. Okay. Thank you. I have one more question on the chat. Could you quantify the opportunity of sales for Mersen per SMR, for instance, to you and ESL communicate respectively of EUR 10 million and EUR 25 million per SMR with X-energy? Yes. At this time, I will not give a figure. SMR is a new technology. Depending the customer you have in front, you have different constraints in terms of fuel, in terms of qualification time requirement, in terms of graphite inside each one of the solutions, depending what the technology they are looking for. The only thing that I can mention is these numbers are not at all surprising to me, compared to what we could do in the potential future. Question there is not, again, short-term, is long-term. We are today working with the, let's just say, the good projects or the fastest projects with the highest chances of being qualified as soon as possible. Specifically talking about fuel. We know Terra Innovatum, this is the case, this is a customer. We do know and work with X-energy as well. At this stage, we have decided not to communicate to any number regarding this SMR. It's too early. No more questions on the chat. Thank you. Many questions today. We look forward to updating you on our progress on October 28th for Q3 sales figures. Enjoy your holidays, and see you soon. Thank you. Bye. Bye-bye.