Welcome to the OPmobility Q3 2025 revenue presentation. During the Q&A session, you will be able to ask questions by dialing the pound key followed by five 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. Good morning, everybody. Nice to connect with you for our Q3 revenue presentation. I hope you have the presentation in front of you, and I will comment it together with Stéphanie Laval, our VP Investor Relations. If we start with the first slide, in the first slide, just to take a step back again regarding the market. The market was, again, in Q3, like since the beginning of the year, pretty complex, but we have been able to navigate in this complex market, like in the first semester, thanks to our key assets, thanks as well to our diversification strategy. If we start with the tariff, you know that the tariffs are changing, are evolving, they are different by region, but also by OEM. For OP, the impact of the tariff is very limited, first of all, because we do produce where we sell. We don't have cross-border businesses between the region. Second, we have put in place in the first semester pretty strict cost management and investment management. That is something we did carry on as well in Q3. Therefore, tariff impact very limited for us. Q3, in terms of production, was mainly driven by Asia, China, and also South Korea, North America, sorry. You know that one aspect, one pillar of our strategy to continue to grow in this complex market is to diversify our geographies and to diversify our geographies with a main focus on America and Asia. These are the regions where we did outperform the market in Q3 pretty massively. These are also the regions where we have a very important part of our intake last year, but also, again, this year. The third topic is about the shutdowns in Europe, just because it was summer, but also because there were some issues one customer of us was facing, for example, cyber attack, as you may know that. But I'd like to say that it is part of our daily life since a couple of years, and we have been able, again, to adapt because we have a very flexible cost structure and very good intimacy with our customer to find the right approach to compensate those volumes. And last but not least, EV is still, for sure, growing worldwide. EV still depends on subsidies, like for example, in the U.S., but also in some countries in Europe. Therefore, there are some ups and downs. We want to remind you that 75% of our revenue is agnostic to powertrain. Therefore, no impact for OPmobility. But also to remind you that we have a very important part of our revenue with C-Power, and C-Power is performing very well in terms of volumes, in terms of revenue, as you could see in the Q3 report. On the next slide, it's a kind of summary, the highlights of OPmobility in Q3. First of all, we are growing in organic revenue, like for like, compared to Q3 2024, with a 2.6% higher economic sales compared to last year, which is a very strong performance. We are growing, especially in North America and in Asia, where we outperform massively the market. I want to highlight here that North America is one of the growth engines of the company. I am in North America today, by the way. But in China, we are perfectly in line with the market in terms of our performance, meaning that we are growing by more than 9% compared to last year. That is the case for our traditional business, like exterior, but also for C-Power, our fuel tank, because we are developing more and more the activity for the hybrid vehicles in China. And the rest of Asia, strong growth as well in India, where we did open a new factory, and we'll come back to that, but also in South Korea with our joint venture, SHB. Also in Q3, we did accelerate our development in India. India is a key country for us. We will have a slide on that later on. And we were there a couple of weeks ago to open our fifth factory in India, knowing that the sixth one is under construction and will be inaugurated next year. Therefore, based on the very strong performance of the company in the first semester, based also on the dynamic turnover in Q3 this year, we are very confident to confirm our outlook 2025, which is about improving our key KPIs for the financial performance of the company, meaning the operating margin, the free cash flow, the net result, but also to continue to deleverage the company. I hand over now to Stéphanie, and Stéphanie will come back with more details to the revenue by region, to the main topics, but also to our performance in Q3. Thank you, Laurent, and good morning, everyone. If you look at the geographical split for Q3 2025 revenue, our activity outside Europe, so mainly in North America and Asia, represents 54% of our total revenue in Q3 this year, compared to 52% same period last year. This support our strategy of a more balanced geographical activity. Let's now deep dive into the performance per region. Starting with North America, where the group generated more than 30% of revenue in Q3, the performance was really outstanding with an organic growth of plus 9%, while the market is only up by plus 5.8%. In this region, the performance was especially impressive in the U.S., where OPmobility revenue grew by plus 12.1% like for like. C-Power posted a very strong momentum, and exteriors benefited also from strong growth. Therefore, the United States remains the top country contributing to OPmobility's revenue, and it's key for the development of the group. In Mexico and Canada, the group also posted stronger growth than the automotive production. I remind you that in H1, the performance in those two countries was impacted by production stoppages from one of our main customers for several weeks. It was not the case anymore in Q3. Moving to Europe, OPmobility revenue was down -5.3% like for like. Traditionally, Q3 is the lowest quarter of the year because of the seasonality of the activities in this region due to summer break. This year, the performance in Q3 experienced extended shutdowns of OEM plants, notably for modules. On the contrary, exteriors posted strong momentum in Europe, which I will detail later. If we now focus on Asia, which accounts for close to 20% of the group's revenue, with China contributing to 9%. Revenue in the Asian region rose by plus 15.9% like for like, significantly outperforming automotive production by plus 9.8 points, with different trends across countries. This outperformance is driven by the continuous strong growth in Asia, excluding China, up plus 22.2% like for like, strongly outperforming automotive production by plus 20 points. It is in line with the positive trend we already observed in Q1 and in Q2 this year. Moreover, the revenue grew also significantly in China, in line with the global market dynamics. In China, YFPO benefited from its leading position in exterior parts and an increasing number of contracts signed with local players. C-Power maintained a stable level of revenue in this country, thanks to the ramp-up of PHEV vehicles and new contracts signed that are already starting production to address this technology. Now, if we look at Q3 economic revenue, OPmobility posted solid revenue growth of plus 2.6% like for like in Q3. The strong performance of the group includes an FX impact of minus EUR 95 million, mainly due to the depreciation of the U.S. dollar. FX impact should continue in Q4. Looking at each segment, first, the exterior and lighting segment posted an economic revenue of plus 4.2% like for like, or plus EUR 50 million in Q3. Exterior continues its solid dynamic. Lighting remains impacted by the lower order book previous to its acquisition, but to a lesser extent compared to Q1 and Q2 this year. Modules' economic revenue is down, only minus 1.7% like for like in Q3, linked to longer seasonal shutdowns of OEM plants than last year in Europe, mainly related to German OEMs. Moving to powertrain, economic revenue is up by plus EUR 32 million, meaning plus 5.4% like for like. The Fuel Systems activity continues to strengthen its leading position with a solid increase in sales. Battery Pack activity is also progressing with a gradual ramp-up in line with the group's energy transition strategy. Before going into details of each activity, let me highlight that on a consolidated basis, excluding FX impact and JLR exceptional impact, our consolidated revenue in Q3 this year is progressing compared to Q3 last year. Let's now move on to Q3 business highlights by segment. Looking at Exteriors and starting with Asia, in this region, China is the biggest contributor on Exteriors revenue. Through YFPO, the joint venture with Yanfeng, our Q3 exterior revenue in China benefited from the ramp-up in activity with major Chinese players. To illustrate, we have started to produce bumpers for the model H5 for Huawei and benefited from the ramp-up in volumes on tailgates for Luxeed, the automotive brand created jointly by Huawei and Chery. In India, where exterior also accelerates, we maintain a strong momentum in this country. As an example, we registered a key award for Mahindra, for which we will produce bumpers for three different vehicles. And Laurent will come back on our strong ambition in this country later in the presentation. Moving to North America, the activity is robust. In Q3, we benefited notably from several renewals of contracts already in production for General Motors, like Cadillac in the U.S. and Mexico, and also Chevrolet in Mexico. In Europe, the activity for Exteriors in September was impacted by production stoppage for one of our customers. The good news is that the production has already restarted, and OPmobility is fully supporting the progressive ramp-up of volumes. Exteriors posted strong momentum, notably in Slovakia, with the ramp-up of the platform Smart Car for Stellantis. And we also have started to produce exterior parts for Renault, for the Alpine A390 in France, and for the New Clio in Turkey. Last but not least, we will provide bumpers to Chery from both Spain and Brazil for different models, reinforcing our relationship with this Chinese OEM, as Laurent will explain more in detail in a few minutes. Moving to Lighting, for this activity, the stabilization of the revenue is in progress, as mentioned before. The group continues to register new orders for Lighting. And as you can see on the right-hand side of the slide, we will produce front and rear lamps and also signal lamps for Renault Boreal in Turkey. The launches planned in the coming months are securing the future growth of this activity. Moving to modules. Starting with Asia, modules continue to record sustained growth in South Korea, notably with our joint venture SHB. We have started to produce in Q3 front-end modules, front-end carriers, and also active grille shutters for the van PV5 of Kia in South Korea with SHB. The business group also secured a contract to produce cooling modules for different vehicles for BMW in Malaysia. Going to North America, at the Austin plant in the U.S., OPmobility continues to benefit from volumes ramp-up to assemble front-end modules, cockpit, and cooling modules for a new model launched beginning of 2025 for a major U.S. EV player. Over the first nine months of 2025, Modules still posted growth of plus 5.7% like for like compared to the same period in 2024. Moving now to the powertrain segment, which provides technical solutions for all types of powertrains, from fuel systems to battery packs and hydrogen mobility. First, fuel systems activity continues to consolidate its leading position thanks to a sustained demand for this technology. In particular, C-Power has a very solid fuel systems activity in the U.S. in Q3, notably for Stellantis. The volumes of fuel systems are also increasing in Asia, and notably in Thailand in Q3. We are also reinforcing our order intake with Chinese OEMs, notably on PHEV, like the award we obtained with BYD for the model Yuan Up model. Moreover, in China, we have started the production of fuel systems for Geely for various vehicles like the Z10 and the Smart 5. Globally, the strong order book we have for the fuel systems activity is making us confident to continue to consolidate the market. The battery pack activity is also expanding. At the beginning of September, we have entered into a long-term partnership with Hess, a Swiss leading manufacturer of buses, to supply several hundred battery packs over the next few years. The first buses equipped with battery packs from OPmobility are already on the road in France, Switzerland, and Italy, and you can see a picture on the slide. Concerning hydrogen mobility, H2-Power continues to have developments in progress, mainly for heavy and collective mobility. We are also working with OEMs that are investing in hydrogen mobility for passenger cars like BMW, Toyota, and Hyundai. H2-Power benefits from key assets fully operational. All the main standard vessels are certified, and industrial capacities are in production in France, South Korea, and China. All our capacities are on our setup without any further industrial investment needed in the coming years. I now turn to Laurent, who will focus on recent strategic moves. Thank you very much, Stéphanie. And now let's talk about some topics we wanted to highlight today to show the dynamic of the group. Again, in a complex market environment, we are moving forward. First of all, we wanted to talk about India. You noticed that we did celebrate a couple of weeks ago the inauguration of a new factory that is the Factory Number 5 in India. The group started its journey in India in 2007, meaning 18 years ago. We have now five factories in India. We are number one in terms of C-Power activity, fuel tank, mainly thanks to a joint venture with Maruti Suzuki. And as you may know, Maruti Suzuki owns 40%-45% of the market, but we are also developing a lot of Exteriors business group. And this new factory close to Pune is for Exteriors, a big part, but also for C-Power and to serve mainly Mahindra for Exteriors parts and Hyundai for C-Power. We have a very strong ambition in India. We do equip already one car out of three in the global market. You know that India is already the market number three in the world in terms of volumes, with more than 5 million cars being produced this year, but also that the market will continue to grow in the coming years for the local demand, but also for export. These are the reasons why we are strongly committed to India, and we are committed to grow at least to double our turnover until the end of the decade and potentially to triple the turnover until the end of the decade in India. That means we are going to open at least one plant a year in India in the coming years. That is the case this year with this new factory I was mentioning, but that will be the case also next year with a new factory which we are building right now and which will start to operate at the beginning of 2026. Therefore, again, fully in line with our strategy to diversify our geographies. We have been talking a lot about the U.S. and North America in the recent times, for sure about China, but India is for OPmobility a very strong market. You know that in India, four car makers are having 75% of this market, and these are our customers as well. Therefore, we are very confident in our capacity to continue to develop ourselves massively in India in the coming years. India is not only about production. That is also about engineering. We have now four R&D centers in India. We are also doubling the capacity for R&D centers in India until the end of the decade to benefit from the competitiveness of India in terms of skills, but also in terms of cost, and to be able to reduce in the coming years massively our project cost and our project investment. Therefore, fantastic news for us, this new factory in India, and we are moving forward, and there will be another one next year that will be the case in the coming years, each year with a new factory. Now, if we move to Chery, what Stéphanie highlighted, we wanted to take a step back on the Chery situation because it does demonstrate our capacity not only to develop our business in China with the Chinese OEMs, but also to support the Chinese OEMs globally in their global strategy. Chery is a customer of us already in China for exterior parts for our joint venture YFPO, and we booked two important orders in the last months, one in Brazil where we have a factory in Taubaté, not far away from the one of Chery, about 50 km, but also a bigger one in Spain, in Barcelona, and you know that we have a very strong position in exterior in Spain. Some of you were with us in Spain a couple of weeks ago, and we will be the supplier of Chery out of our existing factory in Barcelona for all the exterior parts for their new vehicles they will produce in Spain starting in the coming months. We were exporting in the past. Chery is the biggest Chinese OEMs in terms of export, and they will now produce locally in Spain, starting with around 60,000 cars a year, but later on improving up to 100,000 cars a year and potentially more in the years to come. Therefore, very good news for us. We have been also able to sign a contract with Chery about a long-term partnership. That That is based, again, on the track record I was mentioning, meaning a long relationship in China, those two factories. And now it's about a partnership for the future, meaning to be engaged in all redevelopment of Chery in the very early phase, to work with them on all our offerings. It can be the one for you for exterior solution integrated. It can be also the fuel tanks for diverse technologies like PHEV or range extender, meaning that we are reinforcing our collaboration with Chery, and we are very confident in our capacity to grow the business with them and to support them in their international strategy. Second topic we wanted to highlight, I mean, we want to highlight many topics, but first of all, it's financial achievements at the end of July, beginning of August. The company, the group, confirms once again a very solid and sound financial structure, which is again highlighted by our last financing operation. We issued a EUR 300 million bond beginning of August 2025, due 2031, with a coupon of 4.3%, which is very competitive, as you know, compared to the market and to our peers. The bonds obtain credit rating of BB plus by S&P Global Ratings, which is consistent with the public rating of OPmobility. Again, that shows the strong investors' confidence and that enables OPmobility to reinforce in its balance sheet for the future. What is important for you to notice is we are fully refinanced for 2025. We don't have major refinancing before 2028. That means we have time in front of us. And more important, we don't have any covenant. You know that it is something which is specific for OPmobility. No covenant on all our financing, which means for us, we have a very good long-term visibility and flexibility because of the reserve we have for the coming years. The next one we wanted to highlight is that we do continue to develop ourselves to improve in terms of ESG. You may know that 2025 will be the year of carbon neutrality for OPmobility for the Scope 1 and 2. That means in all our factories, which is a kind of unique. And we continue to invest for that because, first of all, we are convinced it makes sense, but also we are convinced it will be a very important competitive advantage in the coming years. By the way, the new factory in India is having solar panels on the roof, but also using a solar farm close to the factory, which means that 90% of the energy will come from those solar energy in India as well, and that is very competitive in terms of cost and also very beneficial for the planet. What did happen as well in Q3 is that we have been able to improve our rating by ISS, as you can see here, to be upgraded from C plus in the past to B minus. That means here again for ISS, but also for the CDP and all other KPIs like EcoVadis, we are in the top of the industry, and we will continue to improve our performance at all levels, which is concerning sustainability and our very ambitious ESG policy. Now, looking forward, meaning the outlook and then the conclusion before handing over to you for the Q&A session. For the outlook 2025, I mean, we rely on our very good results from the first semester. You remember, we rely on a very dynamic Q3 sales we have been commenting, but also on all the successes we had in Q3 in terms of commercial activities, order intake, and so on. Therefore, we are very confident to achieve our targets for this year, commitments for this year, and the commitments for this year is about improving the operating margin compared to 2024, improving as well the debt result compared to 2024, but also for sure the free cash flow, which is a strong asset of OPmobility, as you know, and to reduce massively the debt compared to 2024. Therefore, very confident in our capacity to deliver those commitments at the end of 2025. Conclusion. You notice that we are accelerating our transformation in terms of geographies with the Q3 sales showing that Asia and North America are gaining in terms of importance, but also in terms of technology with the battery system, for example, Stéphanie did mention before, and the customer diversification, fully in line with our strategy. We have a very solid order intake year to date, and we will have an order intake at the end of the year, which will be massively higher than our sales, showing again our capacity to grow in the coming years. Very happy to diversify as well again in geographies with this new factory in India I was mentioning before, with a very strong position in this growing market, giving us a lot of opportunities for the coming years. Again, showing our capacity as well to develop Chinese customers also outside of China with this fantastic partnership with Chery and the track record as well. Our financial profile is even stronger than at the end of S1 with this new bond of EUR 300 million. And therefore, we are very, very confident in our capacity to achieve our 2025 objectives. And I want to use the opportunity to thank the great OPmobility team having delivered, again, a very strong performance in Q3. Now, that's the time for the Q&A, and I hand over to you for the discussion. If you wish to ask a question, please dial the pound key followed by five on your telephone keypad to enter the queue. The next question comes from Thomas Besson from Kepler Cheuvreux. Please go ahead. Thank you very much. Good morning, it's Thomas from Kepler Cheuvreux. I have a few questions. If that's okay, I'll ask them one by one. I'd like to start with India, please. You're talking about doubling or tripling your revenues by 2030, but we have no indication about the base. Could you give us just an idea of what your revenues are in 2024, 2025, either as a proportion of your consolidated revenues or as an absolute figure, please? Yes, we can, because saying that we double without mentioning what is the base, it's not easy for you. Now, it's about EUR 200 million this year in India. And our target is to double if secured and potentially to triple this number until the end of the decade. In terms of global Tier 1, we are number eight in India, number one for C-Power, for fuel tanks, and number two and number three for exteriors. And the ambition at the end of the decade is to be number one in C-Power, but also in exteriors. We also booked recently a small module business in India. Therefore, very confident at least to double, potentially to triple our sales until the end of the decade. Thank you very much. Second question, could you talk about the current visibility you have in terms of your, let's say, six, eight weeks usual visibility versus three or six months ago, given what happens with JLR, the tariff in the US and this Nexperia disputes? Do you have the same visibility or is it a bit more shaky right now? No, I don't want to say it's more shaky. I mean, you should remember that in April, May, we were all talking about tariff. Therefore, the visibility was not very high because of the tariff impact now, there are some topics like the JLR and Nexperia and so on, you all know, but the visibility is, I would say, at the same level as what we had a couple of months ago. No major change. Great. Thanks. I've read that General Motors is reviewing some of its plants for electrification and hydrogen. Do they still have the plan to build this vehicle that would imply substantial revenues for your hydrogen business, or has it been impacted by their reviews? No, they have changed their strategy. You may remember that we booked the business with them, I think, three or four years ago. They were supposed to start to produce in 2028. Then, with the new administration, they have been postponing that to 2031. That was their decision at the end of last year, beginning of this year. Now they announced that for the time being, they are canceling the project. There was no revenue for us scheduled before 2031. Therefore, there is no impact. There was no investment related to that. Therefore, they take the decision to cancel for the time being hydrogen, but no impact for the company so far. Thank you very much. Last question, please. Your module revenues were down for the first time in a while. Could you just discuss what we should expect for the coming quarters? Is it just a signal that you've reached sufficient proportion of revenues with modules, and therefore you plan to level that out, or it's really just your customers' activity that drove that? I'd like to say it's a mix. First of all, in Q3, it's mainly in Europe. It's mainly because of one or two German customers having shut down their factory because they are not selling their cars as expected, mainly EVs. Therefore, that is the reason why in Q3, module was suffering a bit in terms of sales compared to Q3 last year. Now, to your other part of the question, we like very much the module business because it does open the doors to new customers. And every time there is a new factory being built in the world, we have great opportunity to value our modules activity. But from the other side, we are more selective in terms of geography, in terms of margin, and we don't want to be overexposed to modules. Therefore, the Q3 performance is really due to this topic in Europe with the German carmakers struggling with the volumes. That should come back to a normal situation in the coming months. Middle long term, we like the share we have in module, but we don't want to be overexposed, and we want to be very selective in our module strategy. It has to be fully in line with our strategy to be more diversified in terms of geographies, in terms of customers as well, with the margin we can expect from the module business. Thank you very much, Laurent. Thank you as well. The next question comes from Michael Foundoukidis from ODDO BHF. Please go ahead. Yes, hi. A few questions also on my side. I will ask them one by one. Just to follow up on modules. First, how should we rethink about Q4 in terms of revenues? And second, what should we think about profitability for H2 versus H1 given the lower revenues? That's the first question. The H2 profitability, Michael, is for modules, for the group? For modules. For modules. No, Q4 in terms of modules should be, I would say, similar to Q4 last year. No major change. In terms of profitability, the profitability of module in S2 in second semester this year will be better than the one in the second semester last year. And I use the opportunity to say that we expect the profitability of the group, OPmobility, to be higher in S2 this year compared to S2 last year in all the financial KPIs, operating margin, net, and free cash flow. And that will be the case for module as well. Okay, thanks. Maybe just a follow-up to Thomas' question on the supply chain disruptions. Could you be just a bit more specific on Nexperia? Are you a client for your lighting business first, and do you believe that it could disrupt production? And if so, I mean, do you have any idea of current inventories? And same for aluminum with Novelis in North America. Ford is probably a big client for you in the US, so anything to flag here in terms of call-offs? Thank you. Second question. Yeah, thank you for your question. I mean, Nexperia is a supplier of us, only for a few products, for some lighting activities, as you mentioned, Michael, before. But we are not concerned about our supply chain because inventories are secured for the coming weeks. Therefore, we don't have a direct impact to be expected from Nexperia, and the team is working on a second source. Therefore, for us, no worry concerning our supply chain with Nexperia. And for sure, we do observe what's happening on the market, either with the other tier ones or with the customers. Frankly speaking, I don't expect any major impact because everybody is working on potentially second source, and there are opportunities on the market. First of all, because I believe the situation will come to, I would say, will normalize in the coming weeks. Therefore, for us, no impact to be expected, and I personally believe no major impact to be expected on the global market for Nexperia. Regarding the aluminum topic, that is for Ford in the U.S., these are volumes where we do deliver tanks. That means we are a bit impacted about the issue Ford is facing. Now, you have also to notice that Ford is trying to compensate by producing other vehicles, and thus we have a very strong position with Ford in North America for the fuel tank, having almost 100% of the market with them, close to 80%. We are able to compensate, and we lost a bit volumes in the last weeks, in the coming weeks as well, but it's very little, no major impact on the company. Thanks. Very clear, much appreciated. Maybe a third question on cost. Could you detail a bit your actions that you took in H1 and especially in Q2? And what's between, I would say, flexing cost and what is more structural on engineering and would also play in 2026, for instance? Well, in terms of cost, exactly what you mentioned, there are topics which are about flexibility. You know that we have always a very high level of temps in our factories to be able to flex, and we are using, for sure, these flexibilities. We have more than 5,000 temps, sorry, in our factories. We have also contractors in engineering. That means we always want to have a cost structure which is pretty flexible, and that is something we have been using in S1. In Q3, we will continue to use to adapt to the market, then second, in terms of, I would say, long-term improvement of our cost structure, we have been working a lot on our SG&A organization in the last years, and you have seen that in the first semester, our SG&A level was massively reduced compared to 2024. That is due to reorganization. That means we are mutualizing certain functions between the business group, what we didn't do in the past. That is a program we started more than one year ago. That is something which is ongoing. We decided to merge Exteriors business group with Lighting business group, also bringing some synergies in terms of SG&A. Therefore, here, we expect to have, I would say, a sustainable improvement of our SG&A in value, in percentage, in 2025 compared to 2024, but also in 2026 compared to 2025, because, again, it is due to reorganization of the company in terms of SG&A. In terms of R&D and project cost, that is also a topic we have been mentioning at the end of S1. You know that if you assess the investment of the company, around two-thirds are due to project cost. And as the number of projects is increasing globally, because more and more diversification from our customers and more and more customers as well, we have the clear target to reduce massively our project cost in the coming years. We would like to reduce by 50% until the end of the decade. And we are working on two topics. One topic is to develop new tools, to be more digitalized, to use more AI, to be faster in the development. And the second is to accelerate or move to low-cost countries. We have already 50% of our staff being in low-cost countries for engineering, but that will accelerate in the coming months, in the coming years. And one example is India, where we are doubling the capacity of our engineering centers until the end of the decade. Therefore, here as well, project cost in the coming years at similar volume level will decrease massively thanks to this approach. Therefore, to summarize, it's a mix of using the flexibility we have in the company, but also working on the long-term measures to improve our competitiveness by working on SG&A, project cost, and so on. The aim is always the same, is to continue to be able to invest for the growth of the company, but by deleveraging the company, by delivering year over year better financial performance. Thanks. Maybe just a quick last one on Asia and China outperformance. Any color you could give us on the coming quarters? I mean, in the rest of Asia, should continue to outperform significantly. Do you think that you're able to remain in line or better in China? I think, I mean, what we see right now for the Q1 is that it should be more or less in line with the Q3. That means we will continue to outperform the Asian market. In China, Stéphanie noticed that in the last years, we were suffering a bit because we were not with the right customers, I'd like to say, just because of the transformation of the market. For exteriors, the YFPO team did a great job. And now our customers are also the winners, which is giving us a lot of confidence to be able to be in line or potentially to outperform the market in the coming years. And what is also new for us is that we have been working intensively in the last years to capture the growth opportunity we have for the PHEV or Range Extender activity for our C-Power business. That is what did happen in Q3. And as we booked orders recently with Xiaomi, for example, for an hybrid vehicle, we are confident that the C-Power business group will be in line with the market in the coming years as well. Therefore, it is sustainable. It should be the same as well for India and for Korea, what you saw in Q3. It should continue in the same dynamic in Q4. India was mentioning that we've just opened a factory and we're ramping up the volumes. Therefore, it should have a benefit as well in the sales in the coming months and years. Thank you very much. Thank you, Michael. The next question comes from Jose Asumendi from JPMorgan. Please go ahead. Thank you very much. Three quick questions. When do you, and hello, Laurent and Stéphanie. Just on exteriors and lighting, when do you expect the orders that you saw awarded? When do you expect those to kick in on revenues and start helping additionally that top line? Second question, big ambitions in India and clearly, I don't know, very strong track record there that you're building. What does this mean for CapEx for the group? Let's say medium term, maybe you can give us some, maybe, I don't know, CapEx per plant as a rule of thumb, and we can start thinking about those investments going forward. And then three, supply chain. I hear a very calm message and stable, a message of stability from you, Laurent. Having said this, as we think about the auto industry in Europe, how many weeks did you think of supply? In general, does the supply industry have to be able to cope with this kind of one-time events? Do we have four to six weeks of supply in the pipe to withstand these events? Thank you. Thank you very much, Jose, for your question. Exteriors and Lighting, you know that for the lighting business, the time between the order being booked and the startup production is, on average, three years. We made the acquisition three years ago. It was in October. We started to book intensively six months after, after having gained the trust again from the customers. Therefore, most of the startup production will happen in the second semester of 2026. But we are launching right now. I am in the U.S. this week, as you may know. We are launching, for example, in Mexico, the headlamp, the lighting system for the new Jeep Grand Cherokee. That means the launches are starting, and we will have many, many, many launches in the coming quarters. But it will be, I would say, you will see an impact on the sales of the second semester of 2026, and then it will be even more in 2027. That is fully in line with the expectation. And again, with the three years you have between the order being booked and the sales being seen, I would like to say, in the revenues. Regarding India and CapEx, India is a very also competitive country in terms of CapEx. For the new factory we just opened, we have been investing around EUR 30 million, three-zero, which is very little for a new factory in exteriors with a paint line, with injection capacity, and so on, but also with the C-Power blow molding. And we have been able to get close to 30% of grants. Therefore, in terms of investment net, it is very decent. These are the numbers you should consider for the coming factories. That means between 20 and 30 million, and then you have a great factory in India, both for exterior and for C-Power. Therefore, no major impact on our CapEx, frankly speaking. In terms of supply chain, the question is either the visibility stability we have, and then regarding the visibility stability we have, we don't see major risk with our suppliers. That means when you have 20,000 suppliers, there are always some of them struggling a bit. But basically, we don't have any risk identified so far for our suppliers in the coming weeks in Europe, in the coming six weeks, for example. For our customers, I was mentioning before to Thomas, there are no major changes. We had already changes in the last years, and we are used to that. But today, I don't see major changes coming in the coming weeks. There is, for sure, this question about Nexperia, but again, as I mentioned before, I don't expect huge impact on Nexperia. Some of our customers may have a small impact for one or two days, but I don't expect huge impact on Nexperia. That is based on what we have in our system, but also on the discussion we have with our customers. That means I want to say we are overconfident, but today, no major risk being identified. Thank you. Thank you very much. Thank you. As a reminder, if you wish to ask a question, please dial Poundkey 5 on your telephone keypad. The next question comes from Christoph Laskawi from Deutsche Bank. Please go ahead. Good morning. Thank you for taking my question. And sorry to come back to Nexperia one more time. You highlighted that you're working through second source, those semis, and in theory, I think they should be available from Infineon and others, for example, with reasonable capacity being available right now. How long does it take for you to establish that second sourcing? If I'm understanding correctly, you need to recertify those components with the OEMs. For your lighting products that are impacted, could you elaborate on a rough timeline for that and how quickly you can then start sourcing from the other guys? That's the first question, and then the second would be on Europe, where you underperformed because of customer hiccups, obviously, and now you highlighted the start of production again. Should we expect the JLR issue to be largely resolved in Q4, so the underperformance narrowing quite a bit? I think it explains around 30% in Q3. Or should we not see the full impact going away? Thank you. Yes, thank you for your question. Nexperia, again, when I said we are working on the second source, it's also to secure the supply chain. And today, we have enough inventories from Nexperia products for the coming weeks. But for sure, we are working on the second source in Krušovce. The components are important because they are in our lighting systems, but they are not important because they have a very high technology. These are more or less global standards and easy components to resource. And therefore, also, the validation with our customers can be accelerated because they are not critical for the functionality of the lighting. Therefore, at the end, it's also a question. It's not a question of many months. It's a question of a couple of weeks, between one month and two months, to develop the second source and to validate the second source. But again, today, as of today, no need for us because we have enough inventories with Nexperia. Nevertheless, we are developing second sources. In terms of Europe, you notice that Jaguar Land Rover, with their cyber attack, did impact us in September. We lost between EUR 30 million and EUR 40 million of sales in September because Jaguar Land Rover is a very important customer of us, both in England, where we have almost 100% market share with them, but also in Slovakia, where we have a factory dedicated, not dedicated to them, but working with them in Slovakia for the exterior parts. Therefore, the impact was, in terms of sales, was between EUR 30 million and EUR 40 million in September. They restarted the production a couple of days ago, but they are ramping up their production. Therefore, we do expect to have an impact again in October, to have a smaller one in November. I don't believe they will be working at full speed before the end of November because they have to reorganize the complete supply chain. And they have the intention; they have the target to recover and to compensate the volumes in Q1 2026 because the cars have been sold, and now they have to speed up the production. But you should please keep in mind that the biggest impact was in September. October should be a bit EUR 30-40 million. October should be a bit better. November close to where they were before, but no complete recovery before the end of November from my point of view. Understood. Thank you. Okay. And for sure, you can imagine that we are in very close commercial discussion with them. And they are very fair in the way they do approach that, to find a way to commercially compensate, I would say, the cost for us of this issue they are facing. Okay. There are no more questions. I will now hand the conference back to the speakers for any closing comments. No, first of all, many thanks for your question. Many thanks for attending this call. And again, I don't want to repeat what we said, but we had, again, a very rich Q3, both in terms of sales, where we showed that we had a dynamic revenue. We are very happy to see that North America, that Asia are gaining importance in our turnover because it is fully in line with our strategy. We are very dynamic as well in terms of order intake, and we will announce potentially in the coming months good news also in new orders showing our capacity to grow, for example, in the US. And therefore, we are confident to achieve our 2025 targets, which are about improving compared to 2024 in all the financial KPIs, both linked on solid revenues, but also on our capacity to manage the cost, to flex, but also to work on our cost structure. Therefore, a good Q3 for us, a lot of confidence in a challenging market, but we are used to face, to adapt to a challenging market. And again, I want to use the opportunity to thank the great OPmobility team. Many thanks for your time, and see you in a couple of weeks. Thank you. Thank you, ladies and gentlemen. This concludes the call. You may now disconnect.