Welcome to the OPmobility Q1 2025 revenue presentation. During the Q&A session, you will be able to ask questions by dialing the pound key followed by 5 on your telephone keypad. Now, I will hand the conference over to our speakers, Laurent Favre, Chief Executive Officer, and Stéphanie Laval, VP Investor Relations. Please go ahead. Yes, good morning, everybody. Welcome, and thank you for attending our Q1 2025 revenue call. I'm here with Stéphanie Laval. We will first go through a short presentation you received this morning, highlighting the main facts and figures from Q1 and how we do see the rest of the year, before handing over to you for the Q&A session. If we go to the first slide, the executive summary, first of all, we are very satisfied to post again a strong revenue growth in the first quarter 2025 compared to 2024, meaning plus 3.3%. That is a stronger performance of the market by 1.8 percentage points, even if the mix in terms of geography is not favorable to OPmobility right now. Again, it does demonstrate the stronger intake of the company and also the success of the strategy we have since a couple of years to diversify in terms of geographies, in terms of technologies, and in terms of customers. One of the main highlights of Q1 was for sure the discussions around the tariff, and based on that, we have decided to intensify some cost reduction measures. I will go through that later on, but also to slow down the investment. Even if the Q1 sales were pretty strong, as mentioned before, even if we do see that in the coming months, the level of sales should be also pretty solid, nevertheless, we have decided to anticipate or to intensify some cost reduction measures and to slow down the investment to preserve the capacity of the company to deliver strong results in 2025. Moving to the geographies and starting with Europe, Europe was again declining in the first quarter of 2025, minus 7.8% in terms of production, and OPmobility was growing by close to 8%. That means a very strong outperformance of 15 points in Europe in the first quarter, mainly driven by modules and by exterior, mainly in Eastern Europe with new programs, new launches. In North America, we are underperforming the market by 2 points, but there is a diverse view by country. We are outperforming the market in the U.S. by 4 points and underperforming the market in Mexico. Mexico, due to the fact that there were some model changes with our customer Volkswagen in the first quarter, therefore a kind of drop in production for us, but that will reverse in the coming quarter. Therefore, a strong performance in North America as well. In Asia, a strong outperformance of 4 points. Regarding Asia, except China, a very strong outperformance of 21 points. In the market, which was growing, we have been able to grow by 23.6%. That is mainly driven by modules in South Korea and by exterior and C-Power in India. We have highlighted since a couple of years that we want to develop ourselves pretty strongly in the coming years in India. We are putting in place new capacity this year. We will open a new factory in India this year, but we are confirming a strong momentum in this fast-growing market. In China, we are underperforming the market with a diverse situation by business group. YFPO our joint v enture, which is the leader in exterior parts in China with 22% of the market, is growing, is starting to benefit from the strong order book from the last years, especially with the winners like Chery and BYD. C-P ower is stable in the market where the electrification is accelerating, which is also a strong performance, showing that we are catching up now with C-P ower and able also to get new orders, especially for hybrid. Modules is underperforming the market. Modules is mainly working for German OEMs, suffering right now and launching new models in the coming quarters. I hand over now to Stéphanie, and Stéphanie will talk about the revenue by segment. Thank you, Laurent, and good morning, everyone. In Q1 2025, OPmobility posted strong revenue growth of +3.1% in terms of consolidated revenue. It includes a positive impact of FX of EUR 22.5 million, mostly coming from the U.S. dollar. Excluding this FX impact, consolidated revenue is up +2.2%. This FX impact coming from the U. U. S. dollar should continue in the coming months, given the current situation. As you can see on the chart, the strong performance in Q1 2025 was driven by a remarkable growth in the module segment of +13% year-on-year. In the next slide, I will now comment on the performance per business group. Let me start with the exterior and lighting segment. In February this year, the group has announced the combination of exterior systems and lighting activities into one single business group. The objective is to enhance collaboration and offer a stronger portfolio of illuminated and augmented exterior systems to meet growing OEM expectations. This will generate synergies both on production and costs. Looking at exterior, this activity was marked by a strong performance in Europe and in Asia in Q1. It continues to accelerate with the new winners of the Chinese market thanks to increasing awards. To illustrate this, as you can see on the slide, we've started to produce bumpers for the BYD Seal model in China. Moving to lighting, as anticipated, lighting is still impacted in Q1 by the weak order book prior to its acquisition by OPmobility. The good news is that the group has started producing exterior and lighting pieces in Q1. As you can see on the slide, for the Renault 4 to produce bumpers and the Mono calandre with lighting elements coming from our lighting activity, or for the Mazda 6e to produce tailgate with lighting elements. It is a very promising step for the one-for-you offer we have launched since the beginning of this year. Moving to modules, since the beginning of the year, our team has demonstrated exceptional performance. Modules revenue increased by +14% like-for-like in Q1 this year compared to last year. In Europe, the performance is mainly driven by a significant rise in volumes of modules assembled in Slovakia and Czech Republic for Volkswagen and Skoda. In the Austin plant, OPmobility has recently started to assemble modules of a new model for a major U.S. EV player. Furthermore, our order intake remains robust. In Q1 2025, the business group was awarded to produce modules and exterior parts for Robotaxi, an autonomous vehicle for the same major U.S. OEM. Thanks to this award, the group accelerated its strategy by addressing all mobilities beyond automotive. In Asia, the business group also benefited from the high level of modules assembled in South Korea for Hyundai with the joint venture SHB. Modules has a strong presence in this country, the top contributor in terms of revenue in Asia excluding China in Q1 2025. Let's now comment on the powertrain segment, which offers technical solutions for all types of powertrains, from ICE to hydrogen mobility. First, fuel and depollution systems activity continues to consolidate its leading position. In Q1 2025, this activity secured significant orders for a major American player, Ford, in the United States, and for a major Chinese EV player. Operating in India since 2007, the group continues to strengthen its local presence in this country, expanding our footprint with the building of two new plants. In parallel, the group benefits from the start of production in various countries, such as India with the Kia Seltos, as you can see on the slide, and an award that we gained in China for a Geely SUV to produce fuel systems. Regarding the hydrogen activity, H2- Power has initiated the assembly of high-pressure hydrogen vessels at Europe's largest hydrogen vessel plant in La Rochelle in France. These vessels are produced for commercial vehicles for Stellantis. More globally, because of some delays coming from customers, the group is adapting by deploying gradually production capacities to meet the volumes ramp up. I now turn to Laurent, who will give more color on the current environment and the measures we put in place. Thank you, Stéphanie. As mentioned before at the beginning, for sure, in Q1, we have been talking a lot about the tariff situation and the potential scenarios. We just wanted to highlight the situation of OPmobility in this context, which is pretty unique in terms of footprint. You can see on the slide that we are for sure a global company, that we have many factories in Europe, many factories in Asia, but also in North America. What is unique with OPmobility is that close to 90% of our sales made in the U.S. are produced in the U.S.. That means we really produce locally. We produce where we sell, basically, or we sell where we produce, which is reducing our exposure to potential tariff application, and which is unique compared to most of the players in the automotive industry. Therefore, important for you to keep in mind what we produce in the U.S., we sell in the U.S., what we produce in Mexico, we sell in Mexico, and so on. We have only a little cross-border business in terms of sales. Nevertheless, when we produce in the U.S. for around $2 billion of sales, we need to import some components for our production in the U.S. These components can be impacted by the tariff situation. To be noticed that two-thirds of those components are so-called directed-buy components, meaning that our customers have sourced the components, have asked us to source that outside of the U.S. I take the example of a screen for a cockpit module, which is sourced in Asia. For those components, there are discussions ongoing with our customers, and we are very confident that they are going to compensate the potential tariff impact of those directed-buy components. For the rest, which is about one-third, we are having very, I would say, constructive discussions with our customers about commercial compensation for short-term or about potential localization in North America or in the U.S.A. for the middle term. All in all, what you should please keep in mind is that we have, I would say, a pretty unique situation because, again, we produce really locally in each country where we sell. Therefore, the exposure is not so high compared to the others, the direct exposure. For the components we are using in the U.S.A. coming outside of the U.S.A., a very important part is directed-buy; therefore, we will be covered anyway by commercial negotiation. For the rest, we have very promising discussions with our customers to find a commercial agreement. Coming now to the measures we have decided to take in order to preserve the company. For sure, we are in a very uncertain environment, and the tariff situation is not only the direct potential impact I was mentioning before, which is very little for OPmobility, but that is also the potential impact on the global market in terms of volumes, depending on how the economy is going to behave or the inflation is going also to develop, and then the consumption. Therefore, even if our sales in Q1 were very solid, even if the coming months should be also stable, we have decided to anticipate a potential growth in sales by intensifying some cost reduction activities we have been also already working on in the previous quarters and semesters. That we are doing in all entities in all the regions, meaning working on all external costs, contractors, consulting, travel ban, and so on and so on, again, in order to preserve the free cash flow generation capacity of OPmobility. The same we are doing in our production facilities, in all the production facilities where we have a decent level of flexibility because of many contractors or plants as well, and also continuously working on performance and flexing the production costs depending on the volumes. That is what we are doing in terms of cost reduction, again, to preserve the company. We have been also working intensively on slowing down the investment. You know that we have the golden rule that our investment should not exceed 5% of our sales. We want to be sure to be at this level, even if the market could slow down a little bit in S2. Therefore, we are reviewing again the priorities of our investment and reducing our investment in Q1, in Q2, but also in the second semester, again, in order to preserve our liquidity and also to make sure that we are going to continue to deleverage the company. By the way, we are doing the same as well in terms of inventory management, in terms of overdue management, in terms of payment management. Again, it's about preserving the liquidity. You can see that that is a pretty extensive program, again, not only in North America, but in all the regions, all entities of OPmobility, just to anticipate a potential slowdown of the sales in the second semester of this year and to preserve our capacity to deliver our commitment in 2025. Coming to the outlook, in the outlook, we have noticed that the new S&P, you know, and you can see as well on the slide, is showing a decrease in terms of production by 1.4 million compared to 2024 or 2025 due to the trade discussion, trade tariff discussion I was mentioning before. Based on the solid start of the year with the revenue growth we were mentioning before, based as well on the encouraging numbers of our customers regarding the volumes for the coming weeks, April, May, and June to close the first semester, but also on the fact that we have been launching additional cost-down activities and slowing down of investment, we are confident to be able to deliver our commitment for 2025. Therefore, we maintain our guidance for 2025, which is improving the operating margin compared to 2024, improving the net result in 2025 compared to 2024, and improving as well the free cash flow in 2025 compared to 2024. As a conclusion, before handing to you for the Q&A session, I repeat what we said. First of all, very satisfied about the solid start of the year. We are growing by 3%. We are outperforming the market. We are very agile, again, to adapt our cost structure, to also adapt our way to work with our customers to the current situation. I would say to support our customers for the short-term issues they are facing, but also to work with them on middle and long-term strategy to adapt to this new environment. We have put in place very rapidly new additional new cost control measures. I mean, we intensify cost control measures I was mentioning before on investment as well. Therefore, we maintain our guidance for 2025. We always keep the same perspective, meaning combining the short-term agility we are showing again right now, but also the long-term vision to continue to develop OPmobility in this very challenging environment. Now it's up to you. We move to the Q&A session, please. If you wish to ask a question, please dial the pound key followed by five on your telephone keypad to enter the queue. Our first question comes from Michael Foundoukidis from ODDO. Your line is open. Please go ahead. Yes, hi, it's Michael from ODDO. Three questions on my side. First one, and just to be clear, the cost initiatives that you mentioned are to be able to achieve the guidance that you indicated in February, despite the lower production already factored in by S&P today, or it's in case the environment further deteriorates in the coming quarters. That's the first question. Second question is on volumes. You mentioned some encouraging comments from your customers. Could you be a bit more specific on that? And then last one on outperformance. How should we think of outperformance in coming quarters? With With on one side, probably geo-mix headwinds easing a bit, especially in H2, but on the other end, maybe module growth slowing down a bit. So yeah, thanks. Thank you for your question, Michael. I mean, for your first question, the cost initiative we launched is to adapt to what we see today for the second quarter, which should be solid, but also it is to adapt to the scenario of S&P, which is deteriorating the volumes, especially in North America. That is the best assumption we have today. That is the scenario we are working on and the reason why we decided to launch additional cost initiatives. Depending on how the volumes will behave, we will adapt as well those cost initiatives. Regarding the volumes, which are encouraging, it is, first of all, what we delivered in the first quarter, but also the cut-off for April, May, and June. Basically, we do not see any deterioration right now based on the tariff. We had some customers who decided to stop production for a couple of weeks, but they decided to relaunch the production so far. Therefore, we do not see, as of today, any, I would say, relevant decrease in production volumes in the coming weeks and months. We do not see our customers changing their behavior in the coming months also. They all want to keep their market share, I would like to say. They are waiting for the next decision on tariff, but no major change in terms of cut-off for the coming months. Regarding the outperformance, I would say it will depend. It will depend on geography and customers. We are always outperforming the market since a couple of quarters and semesters. Therefore, there is no reason that we do not continue to outperform the market. Thank you. Our next question comes from Thomas Besson at Kepler Cheuvreux. Your line is open. Please go ahead. Thank you. Good morning. I hope you can hear me. I have a couple of questions, please. First, could you remind us the visibility you have in terms of customers' cut-off? Can we say you have a decent visibility on Q2, but not much on H2? Second question, could you give us a few comments about the profitability by region? Is it fair to say that your North American business is your most profitable business, but at the same time, that the dynamic you show in Europe should bode well for recovery margins in Europe? Thank you. Thank you, Thomas, for the question. I mean, visibility cut-off is eight weeks, basically. That means it doesn't mean we don't have visibility for S2. For S2, these are indications, but cut-off for eight weeks. That means for the coming eight weeks, which would bring us, sorry, to the end of the semester, we have a pretty solid visibility. We get the new cut-off each week on Wednesday, for your information, but that is normally binding for the coming eight weeks. Therefore, we are pretty confident for the rest of the quarter and then for the semester. For the second semester, it's always based on production volumes assumption from our customers. As of today, we don't see changes for the second semester from our customers. Regarding the profitability by region, I would say it's pretty balanced by the different regions. It is also something we have been working on in the recent years. Therefore, we have a similar profitability in America, in Europe, and in Asia. It can depend by business group, but no major deviation by region in terms of profitability. Thank you. Thank you. Our next question comes from Christoph Laskawi at Deutsche Bank. Your line is open. Please, sir, go ahead. Good morning. Thank you for taking my questions as well. The first one will be on Europe. You had quite a strong outperformance there. I would assume potentially part of that being pre-production of some of the OEMs with regards to exports into the U.S. Did you see that? Could you potentially quantify the impact, if possible at all? For Q2, you said visibility is relatively okay. Is Q2 continuing on the same run rate in Europe that you've seen in Q1, or is it modestly lower, again, relating to potential pre-production? A follow-up question to your comments on Mexico. You said because of Volkswagen changeovers, essentially that was the underperformance. Was there any effect as well where you saw production being cut or slowed down because of the tariffs, or also in Mexico, essentially no change, as you highlighted for North America overall? Thank you. Thank you for your question, Christoph. No, I mean, regarding Europe, we don't believe there is any, I would say, extra production in order to prevent or to preserve for some tariff. That means we have seen, I would say, a stable production from our customers, but we launched new programs in Europe, especially for Skoda, for Volkswagen this year. Also, the ramp-up of some models of Stellantis, which have been delayed in 2024. Therefore, we are benefiting from that. Basically, these are not models which are getting exported. Therefore, we don't see any push from our customers to produce more and to deliver more to the U.S. out of Europe, at least not what is impacting us positively in terms of our performance. Mexico, it's just Volkswagen launching new models in Mexico. Therefore, they reduced the production of the old model. They launched new models, and they lost a couple of weeks of production. It's also not due to tariff. It's just the normal launch of new models, and that was impacting us negatively in the first quarter. To elaborate on Mexico, you know that two customers, Audi and Stellantis, decided to slow down their production in Q1 for a couple of weeks in Mexico based on tariff, but in the meantime, they restarted at a normal pace. Therefore, no major impact from tariff on that. Regarding the Q2 outperformance in Europe, as Q1 was not due to extra production to avoid tariff, I don't see any slowing down of Q2 in Europe compared to Q1. Thank you. Just one follow-up on the investment measures that you will implement or have started to implement already. Should those impact the H1 cash flow on the investment side already, or is it more for H2 and optionality that you're considering? A bit H1, more H2. Sorry, could you repeat? I didn't catch that. Sorry. No, I said a bit H1 and more in H2. Thank you very much. Very clear. The next question comes from Stephane Benhamou from BNPP Exane. Please go ahead. Hello, good morning. Thanks for taking my question. I have three questions, please. The first one is on the cost savings. Just a follow-up. Based on your new assumptions in terms of GVP assumptions, if all else being equal, what does it imply in terms of amount of cost reduction in 2025? Should we expect those cost measures to continue in 2026 and 2027? My second question is on the guidance. Your guidance is now based on a 1.5% GVP decline. Based on the group geo and client mix, what does it imply in terms of revenue loss for 2025? In terms of tariff, just to be more explicit, I'm not sure to well understand how it works, the negotiation with your clients. For two-thirds of the directed components, does it mean that there's an automatic negotiation with your clients? For the remaining part, there's a negotiation that you have to start with your clients? Where are you in terms of negotiation? What kind of path through do you expect with your clients? Thank you. Thank you for your question, Stephane. I will start with cost reduction 2025. Basically, we have always communicated that we are working very hard on our structure cost reduction, SG&A. You noticed that last year we reduced the SG&A compared to 2023, and that we had the intention to reduce furthermore in 2025 and also in 2026. What we are doing right now is to accelerate, basically, and to intensify, meaning to go faster in what we wanted to do. We are developing kind of a shared service center, what we do not have right now at OPmobility, and that we are pushing to move faster. On top of that, we are cutting the costs which are not essential, which are mainly external costs. I was mentioning before contractors. I was mentioning before consulting and travels and so on. Therefore, you can assume that a big part will be sustainable for 2026, 2027, and that we are only accelerating in 2025, and we will adapt again to the market situation. That is anyway a trend we are working on since a couple of years to reduce permanently our structure costs. We are just accelerating, intensifying, and cutting additional costs, especially external ones I was mentioning before. Again, our target is to make that as sustainable as possible for the coming years to improve our competitiveness. Regarding the guidance, our guidance is based on what we know. What we know is for Q2, where we have pretty solid numbers from our customers as mentioned before, and what we can assume for S2. S2 is a mix of our customer information and S&P scenario. Based on that, for sure, the 1.5 million of cars, less than last year, they are mainly coming from regions where we are very strong, like in North America. Therefore, I'll let you evaluate the potential impact on the turnover, but that is what we are willing to compensate with the cost reduction measures I was mentioning before. Regarding tariff, to explain you a bit, maybe it was not clear. When we produce bumpers or tanks or modules in the U.S., we also assemble components which have been developed and sourced by our customers. I gave the example of a screen for a cockpit module. I could have given the example of a radar we assemble on a bumper where the customer decided to develop, to buy the radar at the supplier A, being located in Germany or in Mexico to a certain price, and we are handing the parts for them and getting handling fees. This is how it works for two-thirds of what we import in the U.S. for the production we have there. For those components, most of the time, based on contract, the prices will be adapted to the currency or tariff situation. There is by contract no risk. If not by contract, anyway, in the way we are working with them, it is getting adapted. Therefore, we are very confident that we will be able to adapt 100% to those prices for the so-called directed-buy components. For the remaining one, that is a common work we have engaged with our customers since a couple of months, I wanted to say, meaning how to get commercial compensation for the short or middle term and how potentially to find other sources for the middle to long term. Here as well, very confident to find a way. Therefore, all in all, very constructive discussion with our customers. We do not focus only on short term. We focus on short, middle, long term because some of our customers, they are rethinking their middle long-term strategy, and we want to be their partner if they move their footprint. Therefore, it is a mix of short-term commercial negotiation, very successful so far, and middle long-term strategy discussion with them to support them in their potential footprint adoption to the new situation. Thank you so much. Thank you. The next question comes from Jose Asumendi from JPMorgan. Please go ahead. Thank you very much. Good morning. A few questions, please. Do you think you can improve the outperformance to global production in North America in the second quarter? A little bit, what are the reasons behind that, maybe the sequential move Q2 versus Q1? Second, when we think about CapEx, can you give us a bit more color on how you think about CapEx, first half, second half, what kind of magnitude reduction you're thinking in the first half on a year-on-year basis? Three, can you comment a bit on the levers to improve the profitability of the lighting division? Thank you. Thank you, José. Regarding North America, we mentioned that we did outperform the market in the U.S. in the first quarter by 4 points, and we underperformed the market in Mexico for what I was mentioning before, model change at Volkswagen and therefore slowing down of the production. We are confident to outperform the market in the U.S. in Q2 and to outperform the market as well in Mexico in Q2. That means to come back to a normal outperformance of the North American market in the second quarter, as we did last year, and even more in the second semester because in the second semester, we should benefit also from new models being launched. Stéphanie did mention the Austin factory we are in. There are new models being launched right now, new models coming also in S2, and that should boost our performance in the second semester as well in North America. Therefore, North America will continue to be a very important region for OPmobility. CapEx reduction, we are targeting a reduction of between 5% and 10% for CapEx this year. I would say the CapEx level should be lower in H1 this year compared to H1 last year, and it should be, I would say, massively lower in H2 2025 compared to H2 2024 because we have been, I would say, working hard on that since a couple of weeks. Therefore, the biggest effect will be in H2, but nevertheless, H1 this year should be lower than H1 last year in terms of CapEx. All in all, we are targeting 5-10% reduction in terms of CapEx compared to last year. Lighting, it's a mix of working permanently on efficiency, and Stéphanie mentioned before that we have decided to combine the lighting business group and the exterior business group. Therefore, there is a benefit in terms of cost structure, in terms of SG&A. We will save a decent amount of money in terms of structure costs for lighting and for exterior. The biggest effect being in 2026. What we said is that we have some cost in 2025 to restructure, but it will be offset by the benefit we will have in the second half of the year for lighting. Therefore, some cost in the first half and some benefit in the second half. All in all, neutral plus for 2025, this combination of lighting and exterior, but an important benefit in 2026. That is one of the factors for the turnaround of lighting. The second one is the top line, for sure. Stéphanie also mentioned the fact that we are still suffering from the weak order book before the acquisition in S1. S2 should be a bit better this year. From 2026 onwards, as already mentioned, we will see many launches coming. That is the benefit of the EUR 3 billion order intake we had in the last two years. As you know, between the order being booked and the production starting, there is about three years' delay. Therefore, the launches will multiply in 2026 in lighting, and the combination of the top line being boosted by that and the cost structure being reduced also by the combination of lighting with exterior should or will increase the profitability of the lighting business. Also for lighting, I want also to confirm that also in Q1, we had a very solid order intake in lighting. Therefore, we continue to develop this business without exaggerating the order intake because we need to digest that, but to make sure that we will achieve the 1.2-1.3 billion of sales in the middle term we are targeting. Last topic in lighting, Stéphanie explained that we will launch for the forever kind of integrated offer lighting and bumper. We got new awards also recently for that, which have not been announced right now, but showing that the fact that we are able to combine lighting with exterior parts is giving us a unique position, and that is also something we will value more and more in the coming years. Very helpful. Thank you. Thank you all. Thank you, Jose. The next question comes from Steve Perera Fernandez from Bernstein. Please go ahead. Good morning, and thank you for taking my question. Just one left on my side. Could you just talk about the European BEV sales mix and the impact on C-Power? What are you seeing from customers, and is that a headwind to your C-Power business? Thank you. Thank you, Steve, for your question. I mean, C-Power, we said since a couple of years that we want to maintain this business. We want to consolidate the market in a market which is declining. We are a traceable market, but knowing that we are number one on this market, we believe we have a good chance to consolidate it and to maintain a stable level of sales, which is happening in Q1 again in this context worldwide. I was mentioning that. We are consolidating the market, and our market share globally will move from 22% to 50% in the coming years. Therefore, great success on that, and we had, again, fantastic success in the U.S. in the first quarter with Ford for very important volumes. Now coming to Europe, our biggest market now for C-Power is not Europe anymore. It's North America. That is also where the headquarter of this activity is in Detroit. In Europe, we are adapting the capacity to the market situation. Last year, we closed two factories in Europe, one in Germany, one in France, just to adapt the capacity to the market development. When we close factories like that, we move the equipment to other regions where the market is growing, like India, for example. Therefore, Europe will continue to decline. We will step by step adapt our capacity, but we are resisting because we are continuing to gain market share in Europe as well. Therefore, to your question, yes, for sure, more BEV is less tanks. Less tanks is less C-Power. More market share in Europe is mitigating this impact, but nevertheless, this business will be stable in the coming years worldwide. We'll grow in North America. We'll grow in Asia except China. We'll potentially be stable in China and we'll reduce in Europe. Thank you very much. Okay. We have a follow-up question from Thomas Besson at Kepler Cheuvreux. Please, sir, go ahead. Thank you. Sorry, I just wanted to make sure I understood correctly the figure you mentioned for the lighting revenues midterm. Did you say 1.2, 1.3, or did I misunderstand? It's what I said. Sorry? I'm surprised that you are surprised, but it's what I said. That is what we are targeting. I mean, we booked EUR 3 billion in two years. That means every raise is EUR 1.5 billion. We will book again EUR 1.2-EUR 1.3 billion this year. Therefore, that is what will translate in this revenue I was mentioning before in the middle term. Okay. Thank you. My connection is poor. That's why I was asking to clarify. Thank you. Thank you, Thomas. There are no more questions. I will now hand the conference back to the speakers for any closing comments. Many thanks for your question and for your attention as well. Again, a strong quarter of OPmobility. We are growing in a flattish market. We are gaining market share in all our businesses. We are having a great intimacy with our customers, which is not only about commercial negotiation on tariff, but which is about supporting them in their strategy. We are developing new customers as well. We are continuing our strategy to be more diversified in terms of geography. For the tariff, we have again, I would say, a business model which is exposing us less than some competitors because we produce where we sell. Therefore, we do not have cross-border activities. Therefore, with the cost measure we have been deciding, we have been putting in place in the recent weeks to intensify our reduction of structure costs and to slow down our investment. We are very confident to achieve the guidance for 2025 in the current market environment. Many thanks for your attention, and talk to you latest at the end of the first semester. Bye-bye.