Good morning everybody. Very, very happy to welcome you here in Levallois-Perret. Here together with Félicie Burelle. Bonjour, Félicie. Good morning as well. Stéphanie Laval. We are very happy to commend to you the result of the first semester 2025. We will for sure talk about the financials, about the business highlights, but I will first of all start with a kind of summary about our first semester 2025. You know, the market environment was again pretty, pretty challenging, was pretty volatile, mainly impacted by the tariff, by the trade wars, by the uncertainty. In this context, we have been able to post again a very solid performance in the first semester. We have been able to grow slightly. We will come back to that later on. Even more, the operating margin of the group did improve by 11% up to 4.9% compared to last year. The first semester of 2024, the free cash flow did improve as well by 5% compared to last year. That drives us to have been able to reduce massively the debt compared to December 2024 and to improve the leverage to 1.5. That shows again the capacity of the group to adapt to a very volatile environment, to continue to invest to adapt to the environment and to the market. When we move again and talk about the market, as mentioned in Q1, at the end of Q1, that was the announcement of the Trump administration about the tariff or the potential tariff with some impact on the supply chains, with some impact on the production. We had to face some stop in production, temporary stopping production from our customers, and to adapt permanently our capacity or resources to the reality of the market. OPm obility is potentially less impacted than the others because we have a business model which is pretty solid, meaning that we do produce where we sell. We don't have a lot of business, as you know, which is cross-border business. Therefore, the direct impact of the tariff is limited. For sure, we have some impact because we do import some components to produce in the U.S. for example, out of Mexico, out of Asia. That is the impact we are having. The team did a fantastic job, first of all, to find ways with our customers to compensate, to mitigate this impact, but also even more to work on cost management measures in order to mitigate, to compensate, to overcompensate, like to say, the negative impact of the tariff uncertainty that drives us to the result. You can see on the slide, which we will comment later on with Stéphanie with much more details. If we come back to those results, operating margin $260 million in the first semester, 11% better than last year. It is 4.9%. If we would isolate the business modules, which is different in terms of business model as you know, it's a low margin, low capex business. The group EBIT would be at 5.9%, which is pretty strong and a huge improvement compared to last year. Our net result is at $90 million, which is very solid, a bit lower than last year by $10 million. The $10 million is due to the fact that we had a higher non-recurring sales cost in the first semester, mainly driven by restructuring cost, but it should normalize in the second semester where we will have, I would say, normal non-recurring cost in the second semester. Free cash flow also, nice improvement compared to last year. $165 million, 2.7% of the revenue, 5% improvement compared to last year. Mainly due to the fact that higher margin and capex management are driving us to a better free cash flow, and the debt, which is a target of the group, and to deleverage the company to stay independent, as we have been always in the past. The debt reduced by $118 million compared to 2024, which is driving us to the leverage I was mentioning before. Therefore, based on this very, very solid result, we are very happy and very confident to confirm that 2025 will be a good year for OPm obility and that we will be in line with our guidance. Coming back to the cost management measures, just to give you some examples about what we have been doing with the team again to adapt to this market uncertainty. Know that we are very aggressive, very dynamic in our way to manage SG&A, and in the first semester we have been able to reduce the SG&A by 7.7% compared to last year, meaning that the SG&A of the group are now at 4.1% compared to 4.4% last year in the first semester, a huge effort from the team which was necessary again to deliver the results I mentioned before. Very strong management of the capex as well, down by 13% compared to last year. We did inform you that we are targeting to reduce our CapEx between 5% to 10% for the complete year. We are in line with that. We are managing the CapEx without impacting the future of the company. That is also the DNA of the company that we want to grow. We want to invest in technologies, we want to invest in new facilities. We will open new facilities in the second half of the year and Félicie will talk about that. India, in Morocco and so on, for example. Therefore, we will continue to invest, but we are managing the investment very carefully to adapt to the market environment in terms of sales. Just want to explain you the situation by region. First of all, if we take Europe, our biggest region, as you know, we have been able to grow in Europe. Europe is again unfortunately facing a decline in size by 3 points in production, by 3.6%. The group did post a very strong outperformance, close to 8 points. Mainly driven by the module business, but also by the other business groups which are performing very well in Europe. Our target in Europe is to consolidate the market. Market is declining. There will be less players in the coming years than today. We are number one in everything we do in Europe and we want to consolidate the market in Europe. In North America, a diverse view by country in terms of U.S., which is a country we are targeting to grow to outperform the market in the coming years. We have been able to post a 3- points outperformance in the first semester. In Mexico and in Canada, we did underperform the market for very simple reasons. Some of our customers stopped their production for a couple of weeks. Stellantis, for example, it is well known in Windsor, in Canada, but also in Mexico. For sure, we have been impacted in terms of sales, but it should normalize in the second semester. In Asia, strong outperformance, 6 point outperformance. Strong growth of the company in Asia. If we deep dive Asia, if we first of all start with Asia excluding China, the group is strongly growing 25% compared to last year. Very strong outperformance, mainly driven by our module business in Korea for Hyundai, but also driven by the growth we have in India. We will talk about India later on in the presentation. In China, we are growing not as fast as the market, but we are growing by 3.5% with a diverse situation depending on the business group. If we start first of all with Sea Power, which is our fuel tank business, the good news is that we are stabilizing the operation. In the past, we were busy decreasing in China and the order intake of Sea Power is very solid in China. That means we are adapting to the market, we are addressing winners in terms of customers, and we are developing our business for hybrid in China. Therefore, very confident that Sea Power is going to grow in the future in China. Module is suffering a lot in China because Module is mainly serving Mercedes- Benz, and Mercedes- Benz is not very successful right now in China, is reviewing its strategy. Therefore, there is an impact for us in sales in China in Module for the time being. Our biggest business in China, which we don't consolidate, is the exteriors business. YFPO, our joint venture, having more than 20% of the market in China, is growing in line with the market. That means it's more than 12% growth for YFPO. In the past, it was not the case in the last two or three years, but YFPO has been able to adapt to the new market situation. A big part of the order intake of YFPO, more than 60%, is with Chinese OEMs. Therefore, also fully on track to grow in the future in China. I now hand over to Stéphanie. Stéphanie will deep dive the financials of the first semester. Thank you, Laurent, and good morning, everyone. Let me start first with the revenue in H1 2025. OPm obility posted a strong economic revenue close to €6.6 billion. It's a +1.6% like-for-like growth compared to H1 last year. The economic revenue in H1 includes a negative FX impact of -€71 million, mainly due to the dollars and the Argentine peso. If we look at the performance per segment, starting with the exteriors and lighting, the growth on the H1 is -2%. A decrease, -2% like-for-like for the exteriors and lighting with two different trends. First, the exteriors, which is slightly growing despite lower activity on tooling and development due to phasing of launches, and on the second part, lighting, which is continuing to be impacted by the lower order intake previous to the acquisition by OPm obility, but it was expected. Moving to the modules part, modules posted a very strong like-for-like growth of +9.4% on the semester, which is a remarkable performance mainly driven by Europe and South Korea. On the powertrain side, different evolutions. Also, the consolidating position of the fuel tank systems, which continue to grow in a market where electrification is not progressing as fast as everybody was expecting, and the solid growth of the hybrid, which will benefit also for the fuel tanks activity. Electrification and hydrogen are adapting to the market and to the volumes of the market, of course. Quite solid revenue for the H1 for OPm obility. Moving to the significant improvement of our operating margin. Laurent just mentioned the +11% compared to last year. The operating margin amounted to €260 million, which is +€26 million compared to last year. It's 4.9% of the revenue compared to 4.3% last year, which highlights the benefits of the strict cost measures that the group has accelerated from Q2 onwards. We see that the group has succeeded in mitigating the impacts of the tariffs in its operating margin. If we look at the performance per segment on the exteriors and lighting side, you have the operating margin, which is at 5.2% in H1 2025. It includes two evolutions. On the exterior side, the operating margin is progressing, it's slightly progressing in H1, while the lighting operating margin is directly linked to the level of the activity I just mentioned before. On the modules side, we come from 2.2% last year and we reached 2.7% on the operating margin in H1, which is a big improvement. I remind you that we came from 2% in H1 2023. You see the big improvements semester after semester. On the powertrain side, it's also a big improvement coming from 4.5% and going to 5.8% in H1, which is really also remarkable. It is linked to an improvement in the margin for the fuel tanks activity as well as an improvement in the margin for the electrification and the hydrogen activity on the semester. If we now look at the bottom of the P&L, I would like to highlight first the EBITDA, which stands at €516 million for the semester, representing 9.7% of the revenue. It's a plus one point compared to last year, which is also a big improvement. The operating margin is increasing of + €26 million in H1 this year compared to last year, which offsets most of the impact of the increase in the non-recurring costs, the other operating income expenses. It's an additional plus €33 million in H1 this year compared to last year, mainly linked to two things. The first thing is the increase in the reorganization cost, mainly linked to the transformation of the Group in order to accelerate its competitiveness, but also impact on the currency effects. The financial costs remain contained, which is good news also for the H1. Income tax is slightly decreasing with a stable tax rate at 34%, the same level as last year. All in all, the Group posted a solid net result. Group share at €90 million. Moving to the free cash flow, the Group posted robust free cash flow generation in H1 at €165 million. It is up +5% and it represents more than 3% of the total revenue of the Group, up 0.2 points compared to last year. As Laurent has already mentioned, the CapEx were controlled while the Group continued to invest for innovation and strategic, of course, investment. We controlled the CapEx. Given the context, the evolution of the working cap is a positive contribution of €7 million for the H1. All in all, thanks to this free cash flow generation, the Group has succeeded in deleveraging, which now I will comment on the next slide. All the charts that you can see on this slide highlight the solid and sound financial structure for the Group. If I start on the left, you will see that the group has deleveraging, so close to a minus €120 million reduction of the net debt compared to the end of last year, with a leverage at 1.5 times EBITDA compared to 1.9 times at the end of 2022 when we made the last acquisitions. The group also has a strong liquidity position with €2.3 billion, with €0.6 billion of available cash and €1.8 billion undrawn and confirmed credit lines with no covenants and an average maturity of 3.3 years. The gearing is also improving. As you can see on the chart on the right, it is now at the end of June at 71%. It was 76% and even close to 90% at the end of 2022. You can see on the chart a strong improvement, confirming the disciplined financial policy of the group as well as a strong balance sheet. I will now turn to Félicie, that will give you some color on the business. Thank you. Thank you, Stéphanie. Indeed, some further comments about this dense activity during the first semester, which overall we had 77 SOP in this first semester, and in terms of commercial activity and order intake generation, we are on track with our annual target. If we look at exteriors and lighting, which is, as you know, 2/3 of our business today, and as you may remember from our announcement back in February, we have put together those two activities for two main reasons. The first one is that obviously we can have synergies in between the two cost-wise, but also synergies from a product standpoint as we are moving forward with our One For You offer, which aims at providing the full exterior modules to customers, and we have good traction on that currently. Y ou have here a flavor and a good representation of the main launches and key awards that we have had during this first semester, that shows again that we are capable of supplying our customer everywhere. You can see the geographical footprint of those launches and awards is quite well balanced and we have had a pretty good performance in Europe, as you mentioned earlier, so resilient performance in the context of European decline and in Asia we are really making this pivoting of the customer portfolio happening and really targeting those new Chinese players that are rising and taking the bulk of the market today, which is, as you know, a very important market. Also, notable fact, we have secured for exteriors a 10-year contract in Europe, which, back to the point of consolidating our base in Europe, is a key achievement of the team. It's a large platform that will enable us to serve various countries. Lighting, as we mentioned, also lower ramp- up of activities because of the backlog of the low- order intake during the acquisition process. For the third year in a row, we are targeting a solid order intake in the average of $2.2 billion to $2.4 billion. Third year in a row. That will definitely secure the growth for the years to come, with the ramp- up of the launches to happen starting next year. If we look at modules, also we mentioned it. V ery strong performance from the team that has been sustained thanks to more volume in Europe and some key launches like the Škoda you can see here in Central Europe, but also very strong activity in Southeast Asia and in the U.S. thanks to our Austin plant. We started this business for this U.S. EV player back in February, and the ram- up will continue to improve in the second semester. Also, module is a key business for us to address all the types of mobility with modules that go beyond passenger cars. Powertrain. We continue to pursue our consolidation of the market. Obviously, as mentioned, this slower takeoff of electrification is giving opportunity for Sea Power to further consolidate and grow on the solid customer relationships that we have. We are also starting to deploy this consolidation of the market beyond our original markets. That's why we can also see that we have strong growth to come in Southeast Asia, notably in Thailand. Again, balanced ramp- up and launches, and key awards everywhere around the world. We are also very active, commercially speaking, on developing the E power and the H2 power. Obviously, no key launches so far. Again, consolidating the order intake positions mainly in the U.S. and in China that we will be able to comment further in the second half of the year. Back to our ESG roadmap, which is still on. As you know, 2025 is a very important year because we are committed to be neutral on scope 1 and 2 by the end of this year, and we are on track to do so. Obviously, one of the key levers is to reduce, to be more efficient in our energy consumption, which we are plus 24% versus 2019, which was the year we developed this plan. Also, by using more renewable energy, this year we have 38 sites equipped with solar panel and wind turbine, which is three more sites if you compare to the end of the year. In six months, we have put three more equipment to our plants. Very important milestone also for us on the safety side, which for us is key. It's key because we owe that to our people, but also because we strongly believe it's a key level of performance in our plants. We have achieved our best score in this first semester with a score of 0.42 for FR2, which is below our target for the year. We are very proud of this topic. Back more to the geographical strategy. As we have explained already, we are very focused on consolidating Europe but growing elsewhere. Elsewhere, being Asia, obviously a very important market. China being the first market, and in this market, where we have 37 plants today, we are the leaders in exterior business thanks to our joint venture. As I explained to you earlier, we are very much focused on making this pivoting of this customer portfolio that is so important. We share, we target new customers. Also, one of the key levers for OPm obility to grow is to leverage this commercial relationship that we have there in China to develop and accompany those new customers that are deploying new capacities outside of China. Thanks to that, we have secured a first order with a Chinese business to come in Europe, and we will have further commercial topic development in the months to come. Strong market shares that you commented earlier, and a very strong order intake focusing on those new key players to grow elsewhere outside of China, rest of Asia. Good momentum happening in Korea. We've mentioned we have a JV for modules here that is developing very well, and we have secured new business in Indonesia for BYD and Suzuki on the fuel cell system side. Also targeting those new mobility markets. China and Asia in general is a good market with a very strong development. We've already announced to you the train application that we have secured in hydrogen a few months back. We have new opportunities coming up. Obviously, India is also part of this region, and we have strong ambition for India. If we look at our footprint of India today, we have already four plants and two more to come and to be open in the months to come. Actually, one of the exterior plants that we are building will be one of the biggest plants for the country. The pace of development of India has always been steady, but we have taken an approach of being a fast follower of this growth in this market. We have a strong relationship with Maruti Suzuki for the fuel tank activities and strong relationship with Mahindra as to the exterior business. We are leveraging those commercial relationships to grow much more in India. Obviously, India also will be an important country when discussing assessing potential other application of mobility in the years to come and thinking about hydrogen in particular. I hand it over to you, Laurent. Merci. Thank you, Félicie. As you see, many activities in the first semester, many commercial activities in line with our strategy again of our pillar strategy, which is about growing in a transforming market based on technology, on more balanced geographies. What Félicie explained for Asia, it's also valid America, but also winning or gaining new customers, the winners of the transformation, and going to mobility beyond the passenger car market. Outlook and conclusion. Regarding the outlook, first of all, you can see the numbers of S&P, and these are the latest S&P numbers for the second semester. S&P is forecasting a second semester lower than last year in terms of production volumes, lower in each region, as you can see, meaning in North America, in Asia, in China, but also in Europe. That is our assumption as well as of today. That is also what we do see in the orders of our customers for the coming months. Based on the very solid performance we did post in the first semester on which we just commented, and also on the volumes we do see for the coming months from our customers and our capacity to adapt, to work on our cost structure permanently and to improve our competitiveness and efficiency, we are very confident in our capacity to achieve our targets for this year. Therefore, we confirm the Outlook 2025, which is, as you may know, operating margin higher than 2024. Net result also higher than 2024. The same for the free cash flow, which is going to be higher than the one from 2024, which means that we will continue to deleverage the company and to reduce the debt. Conclusion, as you can see, we are very, very proud of the job being done by the team. I think it was a very, very solid, a fantastic first semester. I want to use the opportunity to thank the OPm obility team, the global team, to have been able to adapt to react very fast to this very interesting market. I would say a very volatile market. You see also that we finished the first semester with a very sound financial structure. You know that we take care a lot of our balance sheet, of our debt, which is very, very healthy. As Stéphanie mentioned before, we continue to invest in our future in terms of technology. Some examples were explained by Félicie, but also in terms of geographies, because we are opening new capacities right now in Morocco and India, for example, and we will continue in the coming years. We are also permanently working on our competitiveness. Competitiveness is key. We want to be the most competitive one. A great asset we have is our strong positioning in China as well. If you are the leader in China in exterior parts, you know also how to be the leader worldwide in terms of competitiveness. That is what we are doing. Very satisfied also about the order intake in the first semester and the order intake for the coming months, which is very good in terms of quantity but also in terms of quality. When I talk about quality, that is the margin but also the diversification in terms of geographies, in terms of customers as well, fully in line with the long- term strategy. Therefore, we are very positive or very confident in our capacity to deliver 2025 and the targets we have committed. Many thanks for your attention. Now we come to the Q and A session, starting with the room, I assume, and then the people being online. Good morning. I have a lot of questions, so if that's okay, I'll ask them one by one. Oh, I take a piece of paper. It's up to you. I think one by one is easier. I'd like to start with congratulations for the results. I'd like to start with the organic growth Q2 versus Q1 and how you see the evolution of production over the coming quarters. There's been a lot of unusual revisions by S&P, big cuts in April, no relatively big increase, but mostly retroactive. Do you think that the scenario, obviously nobody has a crystal ball, but do you really think the scenario is for decent decline in H2 production versus H1? Specifically, can you explain why your organic growth decelerated in Q2 versus Q1? I think the S&P evolution is just showing how volatile the market is. They are changing very fast from one month to the other, as you mentioned, Thomas, which is just showing again that everybody is navigating in a very complex environment, which is not only driven by the performance of the customers, but also by the trade war and the potential impact on the supply chain and so on. That's the reason why S&P did the review many times. I'm sure it's not finished, up and down by region and so on. For us, Q2 was weaker mainly because of what we mentioned before. That means we had to face some shutdown of production in North America after the tariff announcement. You know that, for example, Stellantis decided to shut down some factories for a couple of weeks. As we are the supplier of Stellantis, it was negative for us. It was not the case for other OEMs, and I would say it was just for a couple of weeks. Now it's back to normal situation. Therefore, we don't expect that in Q3 and Q4. As of today, we believe that Q3 should be more or less in line with Q3 last year. In terms of volumes, Q4 could be a bit weaker than last year. That is at least what S&P is saying. That is also what we can see from our customers right now. Again, in this context, we are confident that we have the capacity to adapt and to deliver our commitment. Thank you. You said you're very happy with orders quality diversification engine. Can you give us an idea of the amount of orders and rough ideas of how it splits or you don't want to communicate on that? No, we don't want to communicate on that. When we say we are very satisfied, it's because we are convinced that at the end of the year, the order intake will be much higher than the sales level, even if we discount some volumes compared to what the OEMs are saying. We have learned that we have not to be always very confident, depending on which platform, but it will be much higher than our sales level. The quantity is important, the quality as well, because our target is again to diversify in terms of geographies and to develop customers where we are not so strong at today. That is also the case. Understood. Can you give us an indication on what we should expect for the other income and expenses for the year? In H1, you had a decent increase in restructuring that reflected your accelerated cost efforts. Should we expect something that will be similar to H1 in H2, or it has peaked already? It has peaked. I think Stéphanie explained. We are working permanently on the competitiveness. We had to adapt our footprint. We announced some plant closure in S1. We didn't want to postpone that because everything we do earlier is having a payback as fast as possible. Therefore, there was a kind of peak in S1. S2 should be normal, back to normal. What you know from the previous years in terms of the non-recurring cost? Yeah, I would say restructuring cost. Okay, thank you. I'd like to come back to your portrait performance, which I think was very impressive, or is the most impressive part of your results for me. Can you explain how your adjusted EBIT goes up $15 million on decline in revenues in the quarter with the semester? I think Stéphanie mentioned that there was an improvement in both the regular business and the new businesses. Is it effectively, are we at kind of historic margins in the ICE business, and are we getting close to break even in the rest? Can you just be a bit more specific to explain what we should expect for the second half? I will do it without disclosing numbers because I want you to do your job at the end now. It's a mix of everything. First of all, in Sea Power, the activity is pretty stable. The team did a fantastic job in the last years to adapt our footprint. You may remember that last year we closed some factories. We closed a factory in Germany for Sea Power. We closed two factories in China. That means we have been reducing the breakeven point. If you reduce your breakeven point and you maintain your activity, you increase your margin. Therefore, there is a margin improvement of Sea Power, and we will continue. We are very confident in the fact that in the next five years, at least with the order intake we have with the consolidation of the market, you know that we have about 22% of the global market type of market share that we are confident to get to the 30% at the end of the decade. We are convinced we will have a stable activity with lower cost structure, a better breakeven point, therefore very strong margin in the coming years. That is what is paying off also in the first semester compared to the first semester of last year. Hydrogen and electrification. For electrification, we doubled the size in the first semester as well. It will be about $80 million of sales this year, which is a decent, I would say, size, but double compared to last year. Also, a strong job being done by the team in terms of improvement, in terms of working on cost structure. We announced the closure of our main factory in Germany for this activity, which is going to be transferred to a French factory existing already. Therefore, also efficiency plus cost structure being optimized. Electrification is improving also in terms of margin in the first semester. Hydrogen is pretty stable, is improving in terms of cash because we are not investing as much as in the past. We have the capacity in place right now. We have been investing in the last years. Now we reduce massively the investment to adapt to the pace of the market. In terms of margin is similar, in terms of cash consumption is becoming better. Hydrochain. Thank you. Can you qualitatively talk about the situation in lighting? I mean, it has been obviously more complicated integration because of end markets and the businesses you were exposed to as a result of this acquisition. Where do we stand in H1 2025? Is that the low point in terms of revenues and contribution, or are we really seeing the contribution improving? No, I think it was what Stéphanie mentioned before, what we said also many times. We had, I would say, a very weak order book from the past, and the weak order book is now in the revenues of the lighting business. The lowest point was S2 last year, S1 this year, as expected. I like to say great job being done by the team to adapt the structure costs. We have merged lighting and exteriors, as Félicie mentioned before, also to be more efficient in terms of cost management. The second semester of lighting should be much better than the first semester in terms of margin because we had a lot of one-off in the first semester to do this job. I like to say the second semester should be better in terms of margin. Last year, we should start to grow in the lighting business because you know that between the order intake and the revenue, there is about three years in lighting, and we started to book decent orders in 2023. We already mentioned that 2023-2024 accumulated $3 billion of orders in lighting, and 2025 is in this space, more or less. Therefore, the second semester will be better, and 2026 will be better than the second semester, and 2027 much better than 2026. Lighting is already having a fantastic contribution to the team in terms of technology, in terms of customer intimacy, also for the exteriors business group, because as you know, there are many lighting players in the field, but there are not so many lighting players being also able to deliver and to develop the tailgate or the bumper, which is the support of the lighting. That is giving us a lot of opportunities with our customers. Great. Last question for me, please. Sorry, Stéphanie, I think I got to six. It's a record. Can you give us a sensitivity to forex? We're seeing the dollar weakening and likely weakening further, given the policy of President Trump. I think the understanding we have, maybe completely incorrectly, is that Europe is not your most profitable region. It's more the region where the currency is deteriorating in terms of margins. I mean, is it right or wrong? Maybe completely wrong. That's why I'm asking the question on currency sensitivity. Should we see a relatively similar impact on revenues and margins or does it have an impact on your margins? That's my last question. Thank you. No, I mean we are pretty balanced in terms of geography. In terms of margin, there is not a big difference between America, between Europe, and between Asia, which is important as well to mitigate the impact of FX. Therefore, there is no major impact to be expected except in revenue. If you translate to euro, but that we cannot change. In terms of margin, it's pretty well balanced between America, between Europe, and between Asia. Thank you, Thomas. Other question online. No question. If you wish to ask a question. Please dial the pound key five on your phone. Telephone keypad to enter the queue. The next question comes from Michael Foundoukidis from ODDO BHF. Please go ahead. Yes, hi, it's Michael Foundoukidis from ODDO. Few questions also on my side. First, I have one by one as well. First, a very quick one as a follow-up on either channel. Maybe I missed it, but did you talk about any impact from the recent announcements of Stellantis, both in terms of earnings prospect for investment? Good morning, Michael. No, we didn't talk about that. Yes, we have been informed that Stellantis has decided to stop the hydrogen activity, which we won't comment strategically, but personally we believe it's a pity that they take this decision. Having said that, there will be, I would say, an impact on us, but we are having commercial discussion with Stellantis to mitigate the impact. At the same time, you have also seen that other players like BMW, they need to reinforce also their willingness to develop hydrogen and they are customers of us. Therefore, we will adapt and we will find a way with Stellantis to compensate the impact of their decision. Okay, thank you. Maybe a second question on, I mean, the reach 4.1% of H1, which is strong performance. Do you see that as a floor or you still see some further improve? Michael, you should know that in front of me, there is my CFO saying take care in what you are going to say. No, it's never a flaw because it depends also on the revenue development. Frankly speaking, we have always said that we target to be below 4% middle term. It's an important step, what you did in the first semester. Therefore, we'll continue to work on it, not only by cutting the cost, but by adapting our way of working, our processes, the tools we are using. We want to do something which is sustainable and not only to cut the cost. Normally, I would say it's an important step. It's a huge effort from the team, and we want to maintain the effort to continue to improve in the coming years. Okay, thank you. Maybe a last question on my side on the cash generation in H2. Which were low in H1. During the presentation, you flagged that you were still guiding for to minus 10 years. Did I, and any like, flush out from the restructuring that would increase in H2, or any significant impact that we should? No, I think you got it. That means we reduce the capex massively in S1, higher than the 10%, 5% to 10% we discussed about. We are still targeting 5% to 10% in S2 in the complete year. Sorry. The reason is we should have a bit higher CapEx, industrial CapEx in these two, because of the new factories we were mentioning before. All in all, for the complete year, it will be 5% to 10% reduction compared to last year, fully in line with what we need, what we want to do in order to have a stronger free cash flow generation in 2025 compared to 2024. We don't have a major restructuring cost impacting the cash in S2. I mean nothing unusual. Okay, thank you very much. Thank you, Michael. and congrats again. Other question. The next question comes from José Asumendi from JP Morgan. Go ahead. Thank you very much. Good morning. Few questions, please. Can you speak about the proportion of revenues in China that are exposed to Chinese OEMs? Can you comment a bit on the product mix you have in China? How do you see this? Can you comment? Stabilization of an OEM decision signal could drive also. Second question to you is on the collaboration in any terms of centers, et cetera. How do you improve that back into the and then final one in terms of like aspirational margins? First of all, good morning. I will disappoint you because I won't answer to the last question, but I will give you some indication. Coming back to China today, if we have a look on our sales in China, the share we have with the Chinese OEMs is above 40%, which is much below their share in the market because they are at 70%, as you know. In terms of order intake, it is higher than 60%. That is what Félicie mentioned before. Sorry, what we commented. That means we are adapting to the change of the market, and I give you again the numbers, about 40%, a bit above 40% for the size with the Chinese OEMs in China, but more than 60% for the order intake. Therefore, we are in line to adapt to the market reality and to gain orders with these OEMs. Very strong momentum with BYD, frankly speaking, but also Huawei, but also Xiaomi and all the others. A big, big opportunity for plastic tailgate because they are all going to plastic tailgate and you have seen that we have 60% of the Chinese market in plastic tailgate, therefore great opportunities on that. That's the reason why we are pretty confident in our capacity to continue to grow in China strongly for the exterior business and even for the Sea Power business. For Sea Power, we are now attacking very, I would say, very massively the Chinese OEMs with hybrid solution. What we didn't do in the recent years regarding the German OEMs in China, frankly speaking, we don't expect them to go back to the market shares they had in the past. I think it's done. We believe they should be able for some of them to maintain the market shares they have. They are going to launch a lot of new vehicles with dedicated platforms, as you know. We don't believe that they are going to come back to the market shares they had in the past. I don't believe that they are going to grow in the coming years, but they should be able to maintain a decent level of production. That is at least the scenario we are having. Regarding the Chinese OEMs, it was also mentioned by Félicie and by Stéphanie the fact that we are very strong in China. I remind you it's not visible in our numbers because we don't consolidate our biggest activity in China, which is the exterior business. We have 22% of the market, and there are not many tier one having 22% of their market in China and 60% on target. That means we have a great customer. All of our activities are improving, basically, which is making us very confident that in the next three years the margin of the company will continue to develop positively. Next one. Thank you so much. Thank you. Thank you, José. The next question comes from Christoph Laskawi from Deutsche Bank. Please go ahead. Good morning. Thank you for taking my question. There's only two left, really. The first one would be on Europe. After the warnings we've seen, some of them pointing towards the deterioration of the market in Europe, at the end of the tour, did you see any volatility in production, any short- term changes, customers, and then where do you see the longer- term run rate? Is there a need for structural measures in Mexico or start? Thank you. Thank you for your question regarding Europe. No, we don't see any big change in Europe in June. I mean June was good for us. Therefore, I don't know what you refer to, or I believe I know, but it was not the case for us. The schedules from the customers are pretty stable. Frankly speaking, we don't have a lot of stop- and- goes like we had in the past. Therefore, pretty stable and no big change in June in Europe. The same in July. No massive impact on the production today in our customer mix in Europe. Regarding Mexico, as you understood, we are very strong in Mexico. As you may know, we have many factories for all the business groups, and we are just facing two effects in the second quarter. The first one is what I mentioned before, some stop or shutdown of production, for example, from Stellantis after the tariff announcement, but also with Volkswagen, some model changes. When they change a model, they stop the production for a couple of weeks, and as it is a customer of us, we have been negatively impacted in the second quarter. There is no negative impact to be expected in the coming months in Mexico. It's going to stabilize as of today. We don't see any need for restructuring in Mexico. We see opportunities as well in Mexico, to continue to maintain the level of activity we have or even to grow in the coming years. Very clear, thank you. The next question comes from Steve Pereira Fernandes from Bernstein. Please go ahead. Good morning, and thank you for taking my questions. Thank you. I'm not sure I got it for the capital location. I mean, first of all, the footprint. I think it's, we have a very, as you know, we have a very, very big footprint, 150 factories. Basically, we have small factories as well. That means the average size of a factory at OPm obility is about 200 people around, which makes us very agile to adapt our footprint. That is what we are doing permanently. I was mentioning that last year we closed our factories in Germany and in China. This year, we closed the factory in Brussels because Audi decided to stop the production in Brussels. As you know, we closed another factory for Sea Power in Chongqing, and we announced a closure of a factory in Germany for the E Power activity. Therefore, we are permanently adapting with no major impact on the cost because, again, these are topics we are anticipating and we have mostly small factories and the cost to close are pretty reasonable and for sure we will continue in the coming years. From my side, potentially to close in some regions where the market is developing badly, but also to open some capacities. Félicie mentioned before what we are doing in Pune this year in India, and more to come. Also, the fact that we are doubling the size of our facility. In that case, I would say it's a permanent job the team is doing to adapt the footprint, but no big changes, I would say, compared to the past, to be expected in the coming years in terms of CapEx allocation. As you saw as well, you know that we have the target to be around 5% of our revenues for the CapEx. We are much better in the first semester because we had a very important effort on capex given the market condition and uncertainty. The rough number is about 5%. That is always what we say to the market and in the allocation. We are allocating the capex based on our strategy we mentioned before. That means to be more diversified in terms of geographies and also in terms of customers. We will continue to do that. No need for M&A for the company. We have a very solid portfolio in terms of product. We are number one in the exterior, and we have a lot of opportunities we are developing and exploring right now. Again, given the strong position we have being in bumpers, tailgate, lighting, and modules, which is the unique offer. In the Sea Power and powertrain business,, we are also very, I would say, strongly equipped and we don't need any further, I would say, M&A or acquisition. Therefore, there is nothing we have on the agenda. The agenda is using the portfolio. We have the potential. We have continuing to deliver cash and to deliver the company. Thank you. I think there is a last question. We have one question from Ross MacDonald from Citi. How should we think about H2 2025 operating margins relative to H1 2025? Should we expect any further sequential margin expansion in H2 on better volumes and pricing? I would say it will depend on the market. S&P is planning or is forecasting a market weaker in S2 than in S1. As you can see, that is today the baseline we have. I think it will be the case with our mix in terms of geographies, meaning that we have 75% of our sales in North America or in Europe. That means that we have always a weaker S2 than S1 just because of the summer break. Therefore, we anticipate S2 in size, like last year, like the years before, being a bit weaker than this one. In terms of margin, we are confident again to have a higher margin in 2025 compared to 2024. We won't disclose any numbers for S2. We will see. All in all, 2025 will be better than 2024. I think there is no question anymore. Thank you for your question. Thank you for your time as well. Again, thank you very much to the OPm obility team for the very, very strong performance of S1. We come back again after Q3. Many thanks.