Good morning to all. Thank you for joining us for the presentation of our first half 2025 results. I'm here with our CEO, Nicolas Hieronimus. Hello. Our CFO, Christophe Babule. Hello. Our Head of Corporate Finance and Financial Communications, Laurent Schmitt. Hello. Good morning. As always, Christophe will comment the first half results. Nicolas will then share his key highlights from the first six months and tell you why we remain confident in the outlook for the rest of this year and beyond. After that, we will open for Q&A. You can find the slides of both presentations on our website already. You will be able to access the replay of this call later today, and the half-year report will be available at the beginning of next week. With that, over to you, Christophe. Thank you, Eva. Ladies and gentlemen, good morning. L'Oréal delivered an excellent first half. My four key highlights are the very robust adjusted like-for-like growth of 6.5%, the strong growth margin of 74.8% up 10 basis points, the record operating margin of 21.3% up 20 basis points, and an operating net cash flow of more than EUR 3 billion up 13.9%. Sales increased by 5.8%. Foreign exchange had a - 2.8% impact as the euro appreciated against most of our key currencies. If the exchange rates on the 30th of June were extrapolated until the 31st of December, the full year impact on sales would be a - 0.6%. This is a clear improvement over the - 2.5% we had anticipated at the start of the year. The change in scope of consolidation contributed 1.8%. It reflects the acquisitions of Dr.G, Color Wow, Medik8, and Kering Beauté. It also includes the impact of hyperinflation accounting in Argentina and Turkey. Note that excluding the impact from exchange rate growth stood at 8.6%. Last, on a like-for-like basis, growth came to 6.8% with a positive contribution from volume and value, especially mix. As you can see on the left, like-for-like growth, adjusted for the impact of our IT transformation, amounted to 6.5%, pursuing the gradual acceleration from 3.2% in the first half and 4.9% in the second half of last year. On the right, you can see that growth was very similar between the first and second quarter of this year, despite the tougher comparison base in the second quarter. As we are on the subject of our IT transformation, let's have a quick look at where we are in the process. This year, we continued our IT transformation in three additional clusters. Australia, New Zealand, and U.K. and Ireland went live at the end of March. The U.S. went live in early June, and by the end of the year, we will have completed around 60% of our total IT transformation. Let's move on to look at our divisions. Each of them grew on an adjusted basis. Professional products posted exceptional growth of 11.6%, boosted by the ongoing boom in premium haircare. Consumer products grew 4.3%. L'Oréal Paris delivered exceptional growth driven by haircare. Luxe advanced 5.1%, boosted by the recovery in China and the continuing dynamism of fragrances. At 10.6%, Dermatological Beauty delivered a third consecutive quarter of double-digit growth with both skincare and haircare contributing. Let's now move to growth by region. Our three developed regions spotted solid adjusted like-for-like growth. At 6.1%, Europe remains very robust. All countries grew, and all divisions contributed. At 6.7%, North America maintained its strong rhythm, thanks in particular to professional products and dermatological beauty. In North Asia, sales grew 4.6% and 6.1% without travel retail. The key contributor was the acceleration in China, driven by the continued recovery in Luxe. Emerging markets was the most dynamic region, growing at close to 10%. SAPMENA SSA advanced at an impressive 13.8%. In a more challenging context, Latin America grew at 5.2%. Finally, let's look at our categories. Each of them progressed. With growth of 15.6%, haircare was the most dynamic. Each division contributed strongly, growing in double digits. Fragrances maintained their double-digit pace at 10.3%, with strong contributions from Prada, Valentino, and Aesop. Skincare accelerated strongly to 5.8% as Dermatological Beauty maintained its double-digit rhythm and Luxe gradually improved. Hair color advanced by 3.5%, driven by consumer products. Professional products gradually accelerated. Finally, makeup grew by 2.5%, which was penalized by service levels in the Americas. Next, I would like to share our e-commerce performance with you. E-commerce grew by 18%, almost twice as fast as the market, and reached EUR 7.4 billion in sales. Compared to the first half of last year, that's an increase of over 200 basis points for the group. In emerging markets, the weight of e-commerce rose by more than 400 basis points. Meanwhile, our brick-and-mortar business grew 2.5% thanks to strong partnerships with key retailers. Let's now move to the P&L. In a context of ongoing economic and geopolitical tensions, we delivered strong results. Gross profit amounted to almost EUR 18 billion, resulting in a very strong margin of 74.8%. Research and innovation expenses came in at nearly EUR 700 million, broadly stable at 2.9% of sales, in line with the long-term average. Advertising and promotional expenses stood at almost EUR 8 billion or 32.6% of sales, a 70 basis point increase, to put fuel behind driving our innovations and supporting our newer brands. SG&A increased expenses of EUR 4.3 billion, decreased by 70 basis points in relative terms, reflecting our continued focus on cost control and operational efficiency. Operating profit increased by 6.8% to EUR 5 billion. The operating profit margin advanced by 20 basis points, reaching a new first- half record of 21.3%. First, let me remind you that L'Oréal is managed on an annual basis. Therefore, the profitability of the group and the divisions in the first half cannot be extrapolated to that in the full year. Each of our divisions reported operating margins above 22%. The margin of professional products stood at 23.3%, up an impressive 90 basis points. The consumer product margin increased by 20 basis points to 22.7%. The margin of L'Oréal Luxe stood at 22.1%, 20 basis points below last year due to the small dilutive impact stemming from the first-time consolidation of Kering Beauté. The Dermatological Beauty margin increased by 20 basis points to 28.4%. Non-allocated expenses, consisting mainly of corporate and fundamental research costs, were stable at 2.3% of sales. The net financial charge came in at EUR 187 million. Total dividends received amounted to EUR 366 million. Income tax, excluding non-recurring items, stood at EUR 1.3 billion, an increase of 7.2%, representing a rate of 24.5%. Net profits, excluding non-recurring items, amounted to EUR 4 billion, and therefore diluted earnings per share came in at EUR 7.40, up 4.8% compared to last year. Non-recurring items amounted to a negative EUR 430 million, in line with the first half of 2025. First, other incoming expenses stood at EUR 301 million and included EUR 50 million related to various restructuring projects, EUR 169 million related to product liability lawsuits, and EUR 42 million mainly of acquisitions-related costs. Second, non-recurring tax items came in at EUR 112 million, including the exceptional EUR 188 million, the surcharge approved by French parliament. Considering all non-recurring items, net profit attributable to owners of the company came out at EUR 3.5 billion, an increase of 5.3% year-on-year. Gross cash flow of EUR 4.8 billion was up 9.7%. Our working capital amounted to EUR 962 million, up from EUR 861 million last year. Capital expenditure stood at EUR 760 million or 3% of sales. Therefore, operating net cash flow of EUR 3.1 billion increased by 13.9%. Following the payment of our 2025 dividends, as well as the acquisitions of Kering Beauté and the additional 10% stake in Galderma, receivable cash flow was a negative EUR 9.8 billion. The balance sheet remained robust with shareholders' equity of EUR 33.9 billion or half of the total balance sheet. Last, at the end of June, net debt amounted to EUR 12.7 billion and to EUR 10.3 billion excluding financial lease debt. The gearing ratio stood at 37.4% and the financial leverage at 1.2 x. The financial situation remains healthy, and all else being equal, we estimate that our leverage will be below one time at the end of the year. Thank you for your attention. Thank you, Christophe. Good morning to you all. I'm now happy to comment on our results for the first half. Our second quarter kept the strong rhythm of the first, we delivered the promised acceleration versus 2025. Let me share with you how stepping up our innovation game has led to delivering this strong first half, why we are confident in the second half, and why we are stronger than ever to keep winning. We delivered a strong first half. Since the start of last year, adjusted like-for-like growth has been accelerating semester after semester from 3.2 to 4.9 to + 6.5% in the first half of this year. Global market growth has been accelerating since the start of last year and stands at around + 4.5% in the first half of 2026. The grimmer the economic and geopolitical headline, the more consumers crave an affordable feel-good treat, or as I like to call it, the dopamine effect of beauty. By region, market growth was well above last year's in North America and North Asia. Europe and SAPMENA kept their rhythm. The only region which growth was below last year was Latin America, we are starting to see first signs of stabilization there. In that context, we increased our outperformance and expanded our market share. Let me give you some of my personal highlights. By region, the clear winner was SAPMENA. It delivered broad-based meeting growth despite the ongoing crisis in the Middle East. Special shout-outs to Vietnam, up over 50%, and to India, which saw a strong acceleration at +70%, well ahead of the market. North Asia accelerated semester after semester, driven by the ongoing recovery of the Luxe division in China, which advanced by +10%. By division, PPD maintained its stellar momentum. It grew almost +12%, outperforming the professional market more than two-fold. LDB is back in the game, having delivered a third consecutive quarter of double-digit growth led by CeraVe. When I look at growth by brands, I am very happy to see that many of our historical brands have kept a spring in their steps. L'Oréal Paris was the number one growth contributor to the group. Kérastase, created by us 60 years ago, was up in the high 20s. La Roche-Posay and YSL, both in the L'Oréal family for decades, advanced in mid-teens. I think that should kill the myth that L'Oréal grows only thanks to its acquisitions. It doesn't mean that more recently added brands have not been on a roll. Take Prada with growth over 30%. By category, haircare continued to grow in double digits on the back of strong launches in all relevant divisions. So did fragrances, driven by a combination of strong pillars like YSL Libre, now the number one female fragrance worldwide, and successful new launches like Prada Paradoxe and Armani Power of You. What's behind these successes? Number one, of course, our innovation. Since our Beauty Stimulus Plan kicked into gear at the start of last year, the change in sales contribution from new products has been accelerating each semester, from 100 basis points to 200 basis points in 2025, to 250 basis points in the first half of 2026. There have been many successes, and you can see a selection of them on this slide. Second, our e-commerce leadership. Online contributed to be the fastest-growing channel for beauty globally. It is a channel where we over-index and where we outperform. In the first half, we grew +18%, almost twice as fast as the market. We continue to win on Amazon and accelerate on TikTok Shop, among many other platforms. At the same time, we grow in brick-and-mortar importance as it's the in-store experience that creates the magic in beauty. Three, our consumer engagement, which is at the heart of what we do, and which we are winning thanks to the unique combination of our scale and agility. In an increasingly fragmented landscape, we master every facet of consumer engagement. From our one-of-a-kind L'Oréalistar community that brings together thousands of influencers worldwide, to AI-based innovations that pioneer the way people experience beauty. We are continuously growing our share of beauty influence, which stands approximately at 29%, and we are building the future of the consumer journey. Fourth is our multi-division category conquest, and let me give you two examples. We continue to double down on haircare as the category becomes more sophisticated. Thanks to our broad-based innovation strategy, our brands are winning in each division, whether Elseve in mass, Kérastase in professional, or Dercos and CeraVe in derma. All are growing well into double digits. Skincare is on its way up, contributing one-third of our growth in the first half and confirming last year's acceleration, LDB delivered double-digit growth led by CeraVe. Luxe was boosted by the ongoing recovery in China, where Helena Rubinstein is going from strength to strength. In Europe, Mixa delivered another semester of growth well into the 20s, and there is a lot more to come as opportunities abound in this category. Fifth, our P&L. Christophe has already commented on our very virtuous first half P&L. As you saw, our finance teams continue to exercise strict control over our SG&A. This allowed us to increase our EBITDA by 70 basis points, mostly behind the innovation surplus of our Beauty Stimulus Plan, as well as the rebound of China. This allowed us to finish the first half strongly and is a good omen for the rest of the year. That's why we are entering the second half with confidence and intend to keep our pace. In the full year, we expect the global beauty market to grow somewhere between 4.5% and 5%, and we expect to keep outperforming this market. So far, July is off to a very good start, and our teams are confident for the rest of the year. Why? Well, first, because our Beauty Stimulus Plan will remain in full swing. We continue to roll out our launches of the last 12 months, and we have another strong lineup across all our divisions ahead. Second, skincare will affirm its comeback, as I just described. In addition, we're rolling out some of our smaller brands. Dr.G, the number one skincare brand in Korea, will travel to China and the U.S. in the second half. Medik8, a star performer since its acquisition, will start its global expansion. The brand is currently present in just two countries. Third, acquisitions will pull their full weight. Creed will be consolidated for the whole of the second half, and the brand is currently growing double digits. We will, once closed, consolidate Innovist, our acquisition in India. Fourth, North Asia will continue to support growth. The recovery in China continues. It is driven by Luxe, which clearly plays to our strength. In addition, we expect a return to normal in travel retail Asia over the course of the second half, especially in the fourth quarter. We are more ready than ever to keep winning in the long run. First, beauty runs on two engines, dopamine or pleasure, and health. Feel good and live well. Dopamine is beauty as indulgence, a scent you love, a texture you enjoy. Health is beauty as wellness, a quest for longevity and skin rejuvenation. L'Oréal is well-positioned to fire on both engines, and there is no other company that can do that. We have decades of olfactory science and texture innovation to fuel the indulgence of beauty at scale. Our best-in-class R&I drives the expansion of beauty into health. With over 15 years dedicated to longevity research, we're uniquely positioned to offer advanced beauty protocols like Absolue Longevity MD or Kérastase Chronologiste. Take GLP-1. Rapid weight loss leads to skin sagging and hair thinning, issues we address with launches like SkinCeuticals A.G.E. Interrupter, Redken Acidic Color Gloss, and Kiehl's CollaShot. Second, we're only scratching the surface of our adjacencies. In body care, where consumers are looking for more performing products, we continue to build on the strength of our Derma brands, and Mixa. We leverage Aesop in the selective market of indulgence. We're launching NYX in mass body oil. In the first half, body care grew in double digits across all divisions. The entry of Vichy into beauty supplements is off to a promising start, and we will begin the Europe-wide rollout of Vichy Collagen from next year on. Third, our portfolio is becoming ever stronger. In late June, we announced the anticipation of the Gucci license by one year. This means that our teams will kick off the transition in September and launch the first products as early as 2028. I'm extremely excited about what lies ahead. Gucci is one of the most iconic brands in luxury, and we have an unrivaled track record of turning beauty licenses into success stories. Prada and Valentino went from less than EUR 100 million to over EUR 700 million in sales in just four to six years. YSL is a EUR 3 billion brand in beauty on par with fashion. The potential is huge given that for Gucci, sales in beauty are only a fraction of those in fashion. Fourth, AI. For us, AI means several things. It means accelerated innovation. R&I is the métier that has been the most augmented by AI. The last four years, the number of molecules we analyzed has increased exponentially. This allows us to launch more new products faster every year and to keep outperforming the global beauty market. AI also means augmented imagination. In our CREAITECH, we create over 500,000 pieces of content each month to drive social-first engagements across our key platforms. We were an early adopter of AI, and as with every tech disruption, we quickly accelerated its adoption across the entire organization. We better understand and influence consumer journeys, we augment all our métiers, and we augment our 90,000 employees. Earlier this month, I took my full COMEX on a learning expedition to Silicon Valley, a trip that confirmed our belief in the huge benefits that AI will have for L'Oréal. I will stop there on that topic since I know that many of you will come to Paris for an AI deep dive later this year, so I do not want to spoil that. Let me conclude. The global beauty market is dynamic, boosted by consumers' insatiable appetite for beauty and supported by favorable demographic trends. We have every intention to keep winning. We are on a roll. Our innovation engine is running at full steam. Our digital mode is further strengthened by our AI transformation. The breadth of our portfolio allows us not just to seize all those opportunities, but to amplify them across categories, channels, geographies, and price points. L'Oréal is truly one of a kind to me. We are a unique blend of luxury, of dermatology, of Consumer Products, of tech, of professional services, and it's all about beauty, but beauty on steroids. I thank you for your attention, and we are ready for your questions. Ladies and gentlemen, if you wish to ask a question, please press star and one on your telephone keypad. Please use your handset before asking your question and set your microphone on mute once you've asked your question. The first question is from Guillaume Delmas with UBS. Please go ahead, sir. Thank you very much. Good morning, Nicolas, Christophe, Laurent, and Eva. Hello. Hello. Two questions for me, please. The first one on Europe, because it seems you keep on very materially outperforming the market there, it's broad-based, all divisions outperforming. Can you maybe shed some light on the L'Oréal winning playbook in the region? Particularly if you can touch on online, how big it is now for Europe and how fast it is growing. Looking ahead, do you see this impressive 6% like-for-like as a sustainable run rate? Should we anticipate at some point some gradual normalization towards levels we've been more used to, so more like a 3%-4%? My second question is on Greater China. Strong performance in the first half. Can you maybe help us unpack this performance and particularly what you saw in Q2 around 618, how it played out for the industry as a whole and for L'Oréal in particular? Again, if we think about the second half, you cycle tougher comps. Do you remain confident about further acceleration? At this stage, just maintaining the current run rate will already be a strong achievement. Maybe just a side question on China, I saw that you mentioned Yue Sai in the press release, Yue Sai doing quite well. Does the success of Yue Sai make you want to own more local brands in China? Thank you very much. Guillaume, if I'm not mistaken, that's four questions, we'll try to- Apologies. Sorry. We'll try to indulge you. On Europe, I think you're right to say it's an impressive performance. This is where, obviously, we have our highest market share, above 20%. Let me try to unfold it. First of all, the great thing about Europe is that the market continues to be impressively dynamic. It's up mid-single digits, which is great considering everything we see around there, and once again, probably demonstrates that beauty is not only essential, but a great way to boost your morale and feel better in this crazy world. There are different dynamics in markets. South of Europe, U.K., Ireland are more dynamic, but France is positive. Mid-size market, which is more Eastern Europe, are very dynamic too. The market's dynamic. We keep on outperforming it across all divisions quite significantly. Here it's a mix of category. Europe is one of the regions of the world where we have the biggest weight in haircare, and as haircare is pretty dynamic, that helps us. It is also, as you mentioned it, a good contribution of e-commerce. This is one of the regions where we have the biggest acceleration in e-commerce with the development particularly of Amazon in this part of the world. Then probably what you don't see is the fact that over the last five years we've been transforming our organizations, our processes at high speed in Europe, both through clusters, grouping countries, and therefore freeing some SG&A and adding more resources to fuel our brands. The transformation we've done with our ERP, where Spain, Portugal, were the first to go, and it has made them stronger and more agile. We're seeing the same thing right now in the U.K. and Ireland. It is good, even our sell-in in Europe is slightly below our sell-out. It's good, I guess also, I should never forget to mention that we have great teams in Europe, they're working really hard. It's also a big fragrance region, fragrance and haircare are really doing good there. That's the positive thing about Europe. I'll switch to Greater China before talking about the growth pace, which is the big question. In China, we have seen indeed the market stabilizing at a growth of around 2% over the last quarters. The good thing is that there's been a shift back to more premium. The mass market has turned negative, slightly negative. Whereas, whether it's the L'Oréal Dermatological Beauty or the L'Oréal Luxe markets are close to a 7% growth, which is much better than what it used to be. Clearly, it plays to our strengths. Our strengths in L'Oréal Luxe as we are the dominant player, at least depending on the periods, around 30% market share. We have been winning share, as you saw on this 7% growth with a +10 in sell-in. It's true also on L'Oréal Dermatological Beauty, where we have two phenomena. We have the acceleration, I would say if in Chinese term, the more affordable brands, which are CeraVe and La Roche-Posay, but really a striking performance of SkinCeuticals, which is a bit like Kérastase, our more premium part of the catalog. We were in a very negative combination. If you look a year back, which was mass growing and all the Chinese brands growing, we were fighting with our other divisions, here it's a reverse. Many Chinese brands are declining steeply. It was very visible in Double 11 on 618, sorry, the premium brands were growing. As you were asking about 618, the market we're trying to compute in net sales because there's a lot of returns happening. Sometimes if you look at the GMVs that are published here and there, you don't have the right picture of the market. Our estimation was that the market was up 10% in 618, which is pretty good total market. We beat that growth slightly, retained our position. We had the number one brand in each respective universe. L'Oréal Paris, number one across all beauty brands. Lancôme, number one in selectives. SkinCeuticals in dermal. Kérastase in Professional Products Division. We'll see on the second half, as always, where we have to be careful. I would say that Chinese consumer confidence, especially Chinese with savings and money is improving. The stock markets have been better. There's a big tech growth and hype in China, I feel that at least consumers are a bit more eager to spend their money on premium products. We bet on a continuation of this over the second part of the year. A quick word on Yue Sai. Indeed, it has very significantly picked up. After, I must say, years of not-so-great performance, we seem to have found the recipe, we're happy to have a Chinese brand. Whether we'll have more in the future, we'll see. It's always a question of opportunity and of having the right targets. There's nothing being planned. As far as the 6% you were referring to as the pace, should it be the pace? The only thing I can tell you is that we have every intention to keep that pace, then we'll try to do our best to make it happen. Strong intention. Yeah. Very clear. Thank you very much. The next question is from Charles-Louis Scotti with Kepler Cheuvreux. Please go ahead. Yes, good morning, everyone. Thank you for taking my questions. I have two. The first question relates to skincare. You mentioned that the category accelerated in the first half. Could you provide a bit more granularity on the performance across the three divisions? With Medik8 accelerated within L'Oréal Luxe, is this acceleration driven primarily by the ramp-up of Medik8? Or are you also seeing broader strengths across the rest of the prestige portfolio? On Medik8, a quick follow-up question, but if I'm not mistaken, the brand is planning a major launch with Sephora in the U.S. Do you believe you have the potential to replicate the success of that brand like CeraVe achieved? Even so, obviously, they are not in the same category. My second question relates to A&P that increased by 70 basis points year-over-year. At the same time, SG&A declined by roughly the same magnitude. Should we view the reduction of SG&A as structural? How should we think about the increase in the A&P spending going forward? Because I had initially expected this ratio to stabilize or eventually decline, particularly with the rollout of Beta 2. Is the increase primarily driven by the changes in the sales mix with, for example, a greater contribution from fragrances, which tend to be probably a bit more A&P intensive? Thank you. Yes. On skincare, indeed, we have seen improvements, and we are back to mid-single-digit growth. As you saw, it's close to +6%, and it's above the market. It's not true across all our divisions. It's very obviously a very strong performance in LDB, and I'm very happy about that because if you'll remember, we had a few quarters of doubt on whether this dynamism that we'd seen the previous year had reached a plateau. As I told you, it just took a bit more innovation on CeraVe to bring the machine back to growth. CeraVe is in the mid-teens% and doing great. First biggest driver of growth to LDB, La Roche-Posay is not far. By the way, it's just a detail, we launched CeraVe Sun Care this year, and it's doing great. If you haven't tried it, I invite you to try the combination of great filters and ceramides. It's fantastic for skin. LDB is really very strong on skincare. Luxe is improving. For Luxe, it's a combination of two factors. One, indeed, is that you have a brand like Medik8, which is growing close to 50%. It's still relatively small, it is contributing. I'll get back to your question around CeraVe. You also have the fact that China, which is the biggest skincare market in the world, going back to growth, and us outperforming the Chinese market is clearly a contributor with brands like Lancôme, also Helena Rubinstein doing very good in China. Luxe is back to positive above its markets, whereas CPD is slightly behind the market. We have, of course, the opposite effect in China because market is not positive in China. I would say the Garnier Vitamin Cg launch is doing well. It was intended initially only for the emerging, and we decided to launch it in Europe with great results. We have a few more initiatives on L'Oréal Paris coming in the second half. As you've heard, next to the Mixa performance or Thayers performance, we have decided to accelerate the rollout of Dr.G. We keep on hearing about how Korean beauty is hot and so on and so forth. We have the number 1 skincare brand in Korea. I really told the team, "Guys, let's go fast on that one." Typically, Dr.G will be launched in the U.S. at the end of the year. I'm sure it's already in China, but it's more a relaunch because it was there a bit marginally before. It's doing good in South Asia. We have a number of initiatives, but it's fair to say that today, or at least in the first half, CPD is not delivering the acceleration yet in a significant way on skincare. As far as Medik8 compared to CeraVe, you said it yourself. They are two very different not brands, of course, but also distribution strategies. CeraVe is a mass medical brand, so the idea that you could roll it out in mass channels pretty quickly. Medik8 is more selective. We have a lot of ambition in the U.S. with the support of Sephora. It's a brand that has fantastic formulas that consumers love. We'll focus on the big U.S. opportunity, probably also Europe. It would probably not go as fast as CeraVe, but still, we have a lot of ambition for that brand because it's a unique combination of premiumness and dermatology, which was a unique gap in our portfolio and a fast-growing subcategory in the world of skincare. I would say good progress on skincare overall, not equal across all divisions. The good news is that if we fix what's not doing great, it should get even better. As far as P&L, I will pass the mic to Christophe, and I'll add color to it if necessary. Yes. Charles, you were mentioning this step-up in our investment finance in a certain way by our SG&A. First, to answer your question regarding the SG&A, yes, of course, we want to keep working on the productivity of our organization. Of course, 70 basis points first half cannot be projected on a full year because it depends on the phasing of certain projects. Definitely, as you know, that's why we are investing in our IT transformation. That's why we're investing in AI. It's definitely to look for those synergies that we know where to find. Probably we could expect on a yearly basis and based on the past experience, around 20 to 30 basis points improvement if we keep with the same rhythm of growth. That's very important because it helps, of course, to finance when there is the opportunity, finance the support of new launches, finance our new brands. That's what we did in the first half. 70 basis points, it's to help on innovation that are extremely strong this first half. Also, we have some impact like the regional mix. You know that when China wakes up and SAPMENA, it has an impact on the overall investment that we have. Some other mix, like the distribution mix. It was really to push our new brand innovation and some specific issues like the Prime Day that this year was in June and not in July. Yeah. Sometimes you have to be opportunistic. I still continue to believe that we are getting more productive on our A&P. In the end, we had this surge of innovations which are all doing great. We had good work and good news on the gross margin at 10 basis points, despite 20 basis points of negative impact of the tariffs. We wanted to deliver 20 basis points of profit increase. We saw the opportunity and went for it. That's also a way to increase our market share and to start the second half of the year launched, as one says, with a good dynamic. Thank you very much. The next question is from Warren Ackerman with Barclays. Please go ahead. Good morning, Nicolas, Christophe, Eva. It's Warren here at Barclays. I've got a few as well. First one is on SAPMENA. Stunning performance in Q1 and again in Q2. Nicolas, you called out Vietnam and India. Can you talk about the sustainability of this growth? Are we at the tipping point in places like Vietnam? I'm just interested to know, not so much in percentage terms, but how big in absolute terms could SAPMENA be, and how are you allocating capital to this region? Related to that, can you maybe talk about India specifically and the acquisition of Innovist? It looks interesting. It looks like a very high multiple. Is it worth it? What's it bringing to the party? Finally on Gucci, this wasn't in the statement, but I saw in an interview that you're talking about crippling revenues on Gucci. What are the priorities, and how would you contrast it versus YSL, where I think you 10x'd that business? Just interested to hear the compare and contrast on that when you get the license. Thank you. Okay. On SAPMENA, it's clearly a priority. As I said, emerging are the new growth relays. This is where most of the new consumers, both to the market and to L'Oréal, are going to be coming from. That's why we're doubling down on this region where we have also invested a lot. It was one of the first regions where we started developing our content factories, boosted with AI and new types of organizations to boost our e-commerce strength, because it's clearly a region where e-commerce is accelerating a lot. We are really having very strong growth in e-commerce there. I'm not going to give you the weight SAPMENA represents in L'Oréal, but it's true that we have, overall in this region, a market share that, if I'm not mistaken, is around 12%-13%, when our global average is 15%. Of course, Europe 20%. We have lots of growth opportunities. In India, it's even a bit lower. Clearly it's a focus. The good news is that e-commerce is really doing great, and we are getting better at playing the TikTok Shop game, which was probably a new playground where we had to understand how to make it work profitably. We see that typically in a country like Indonesia, we are doing much better with both content management and brand support. The other good news is that all divisions are growing. Of course, it's more a mass and dermatological beauty play because the products need to be more affordable. CeraVe is a great weapon of growth there. Of course, we don't see that SAPMENA today, you were asking about capital allocation. It's not a region that is massively dilutive to the group. First of all, in this region, you've got Australia and New Zealand, which are very profitable. Overall, because it's mostly e-commerce driven, we managed to make this very sound in terms of economics. We don't have lack of resources, and top line growth really self-fuels the resources they need. Of course, we monitor this on a monthly basis. Do you want to add something on that, Christophe? Anyway, we have flagged, of course, India and the whole region as a strategic region for growth. That's why we are carefully looking at any opportunity, first, support the organic growth, and that's what we did in India with the launch of both Dermatological Beauty and Luxe Division. We are setting up also our industrial capabilities there. Whenever there is an opportunity, of course, we go for some acquisition. That's what we did with Innovist. Yeah. Just going back to Innovist. First of all, in India, we have good positions in some categories. In India, typically, we're strong in haircare, strong in makeup with Maybelline, which is a very strong brand there. We're beginning to see a surge in fragrance usage there. Skincare is a category where we have to accelerate, and we have, first of all, a big drive right now on CeraVe. We are opening CeraVe. I think right now we're probably around seven or eight cities in India and expanding, and there's very good response. We created some specific textures to match the Indian climate, which is hotter, so you need lighter textures. So our existing international brands are growing because the +20% we have in sellouts on the market, that +10% or +11% year-to-date is made only with our existing portfolio. It's true that Innovist, and we've been looking at Indian opportunities for a while. What we liked about Innovist is that, first of all, it's got two brands that are very interesting and original. One is more skincare, hygiene, and the other one more haircare. It's also an e-commerce platform, which has been very well-developed, well-crafted, with good KPIs which is both a source of growth for that brand, but also a learning curve for us on how to manage even more dynamic e-commerce in India. All in all, I think it's a very promising acquisition. You were talking about multiples. I can tell you that compared to the traditional multiples of the Indian market, which is a very expensive market as it relates to M&A, and compared to some others that we studied and passed upon, it is a very decent one, probably because we came in early enough, and it will be a great addition to our Consumer Products Division. The closing should happen in Q3, then we'll start seeing how we can support them and how they can support us. That's for India and Innovist. To finish on Gucci. Well, the journalist from the FT put words in my mouth that I didn't pronounce. What I said was that I believe that Gucci has to become. She asked me whether Gucci would become a billionaire brand, and I answered, it should be a multi-billionaire brand because it's not only EUR 3 billion. I guess Gucci has to get bigger at some point. It will take time because, first of all, now that we have anticipated the license, our team will be built and set up to start working on the 1st of September, work on new projects that will probably appear in 2028. We'll get the products and the turnover back in July 2027. It will probably take time. I am super ambitious for that brand. It's a beautiful brand. I was happy to see, I was a bit in the know, but that the Gucci numbers are getting a bit better, that the Demna takeover of the license of the couture is appealing to fashion addicts, and it's always good. That's why anticipation was important to synchronize the re-acceleration of beauty with the re-acceleration or rebirth of fashion. It will take some time. As far as your question on how do we manage with the other fashion brands, well, that's what we do. We make sure that each brand has a different persona, a different target, a different way to express beauty, and that we've developed Saint Laurent next to Armani, and we are now developing Prada and Valentino without any negative impact on the other brands. Actually, there's a bit of emulation amongst our team. I guess we'll do the same with Gucci. It's too early to say because we haven't really opened the trunk and/or seen what's in the engine. We love the brand, and we have a very good partnership with Kering, so I guess you should be very positive. We only start working in September, so you'll have to wait a couple of quarters to see the first impact. That's super, Nicolas. Thank you. The next question is from Callum Elliott with Bernstein. Please go ahead. Hi, good morning. Thank you. Firstly, I wanted to just follow up on something you were talking about earlier, Nicolas. You made some really interesting comments about the organizational changes with the clusters, how that's helped you be more agile and, I guess, ultimately grow faster in Europe. I just wanted to push you a bit more on this. I would love to hear more about it. I don't think you talk about it very much. Can you help to sort of bring it to life for those of us outside of the business? How specifically have those changes driven improvement? Maybe you can share a couple of examples. Okay. Then my second question. It feels like a very exciting time for the business, huge number of opportunities. We see that in terms of how active you've been from an M&A perspective, over the course of the past 12, 18 months. I guess at the same time, it's also been 18 months, I think now, since you did anything with the Sanofi stake. A lot of capital tied up there. Leverage has crept up a bit at the same time with all of this deal-making. There are still obviously a number of other potential deals waiting in the sidelines. I wonder, just in that context, can you give us a bit of a quick update on how you're thinking about the Sanofi stake, please? Okay. I'll take the clusters and let Christophe think about what he can tell you on the Sanofi stake. On the clusters, very clearly, we really doubled down on Europe, particularly over the last five years, because that clearly is our biggest region. It's also the region where we have the largest number of countries. Every Scandinavian country had its P&L. Now we have a Nordics hub, which has one command, one P&L, and of course, a bit less high-ranked and high-paid leaders and more people on the ground. We had U.K. and Ireland. We did DACH, which is Germany and Benelux, Austria, Switzerland, which some other companies have done that before, but we hadn't. We have Spain, Portugal. We have also a few in Eastern Europe. If you cumulate the combination of the recruitment of these products. You have some smaller countries that become satellites of the bigger ones that remain with people on the ground and really focusing on the specifics of their consumers. They are benefiting from all the backbone, the power, the media know-how, the quality of the teams of the big brothers. It is very effective. If you add to that, which is where we see some more of it today, the benefit of having beyond one P&L, one common ERP, which is this SAP S/4HANA that we are moving to, which we have done in the U.K. and Ireland, which we have done in Spain and Portugal, and we will be doing in Germany. This is also creating a lot of synergies, money-saving, and more time to focus on the end consumer. When I visit countries. Recently, I went to visit our Spain, Portugal subsidiary. For once, I decided not to do the visit in Madrid, but to go to Lisbon to visit stores. What was great is that our brands were really stronger than ever. We are gaining share, but with fewer people in the country to some extent. We have very strong Portuguese team. They are entirely focusing only on serving the consumer and the customer. That is something that has proven very effective. We have done that also a bit in Latin America with Colombia, the Andean region, and Ecuador. We are doing this with Singapore and Malaysia, and of course, Australia and New Zealand. We could say that we are a bit late on these things, but the fact that we are doing it and just right after doing the IT simplification gives us, both free some resources as SG&A and Spain are amongst the lowest I have seen, and therefore it frees a lot of monies in the P&L to support our brands. I would say it has been one of the recipes Of capacity of Europe, where you had pretty high SG&A and lots of fragmentation to become more lean, agile, and effective over the last couple of four or five years. On your second question, you are right to say that there are still plenty of opportunities when it comes to M&A. Believe me, we look at all of them as we usually do. Why? Because we still have a very strong balance sheet. We have a very strong EBITDA. We have a very strong cash flow. Despite the acquisitions of Kering Beauté and Galderma, as I said before, the leverage of L'Oréal by end of 2026 will be already well below one. Sanofi, for us, as you know pretty well, it's a financial asset, just want to remind you that it bring in EUR 365 million of dividend, net of taxes is really the same amount. Every time when we look at first, do I need to transform this asset into cash? Honestly speaking, no need right now. When I look at what it brings to the P&L, I think it's wise for the time being to keep it like this. Very clear. Thank you both. Thank you. The next question is from Olivier Nicolai with Goldman Sachs. Please go ahead. Bonjour, Nicolas, Christophe, Laurent, and Eva. First, I've got a housekeeping question for Christophe about the Galderma stake, the 20%. How do you account for it? Where does it appear? It doesn't seem to be in the share of associates. I've got two questions really. First, on marketing spend, that increased by about a bit more than half a billion incremental in H1, which is particularly impressive, reaching 32.6%. As you get more efficient, how should we think about this ratio going forward? Could you go back towards the 31%, which was kind of the historical run rate? Question on fragrances. In a recent interview, your head of Luxe was expecting L'Oréal to outperform the fragrance category by a factor of three. What are your expectations for the new fragrances launch in H2, such as Valentino Donna Born in Roma or Armani My Way? How will it compare to Prada Paradoxe, for instance, considering that Armani or Valentino brands are much bigger than Prada? Okay. Okay. Maybe I'll start with the technicalities of Galderma. As you know, when we took another 10% to reach 20%, we had to change the methodology of accounting and apply the equity method. When an investor holds 20% or more of the voting power of a company, we have to apply IAS 28, which basically requires purchase price allocation. We did our math, and at the acquisition, we have identified some assets where the fair value exceeds the carrying amount of the balance sheet, and this excess has to be amortized by L'Oréal. When you look at the way it is done, of course, we keep 20% of the net profit of Galderma, but on top of this expense, there is a PPA allocations or amortization, and this is why it is impacting the net-net amount at L'Oréal. On top of that, in the first half, just for your information, there is a one-off, which is the step-up of the cost, and this is happening only in first half. If you want to project a bit on the long term, what you have to understand is that on the net income of Galderma, there will be roughly $450 million that will be netted from this amount. Of course, we take the 20% of this net amount. Is it clear? Yes. Thank you, Christophe. A&P and fragrance, somehow they could be related questions because in the end, it's a question of what are the opportunities, what you can afford. I've said, and I continue to say that the weight of A&P in the P&L of L'Oréal could very well go back down to around 31%. It's true also that our objective is always the same, is to beat the market, increase our market share, and deliver regular improvements in profits of around 20-30 basis points. As you know, we have a P&L where with the level of gross margin we have, when top line is very positive, it really generates capabilities of investment all the more when SG&A are under control. When you have the combination of the dynamism of the business that allows for its many new brands and new products, and it could be new fragrance launches, then we can decide, and that's how we pilot the company with Christophe and the head of the division to reinvest some of the money generated by the top-line growth and the SG&A control into our investment at some point in A&P, which is what we done at the end of Q2. It doesn't mean that's going to happen every time, but we are always very pragmatic. That's why typically when we see something, a product, a launch, a brand that is starting very well, it's like a rocket. If you think you can take it higher with more fuel, we'll put more fuel in it. Looking at the fragrances, right now we are growing at twice the market speed, which is already pretty good. I was not aware of. Thank you for informing me that. My head of Luxe has said two times, so I know what to tell him next time he presents me some of his budgets. Right now we are twice the market speed, and we have indeed a few launches coming. It's very hard to predict in fragrance which fragrance is going to do better than the other one. What I know is that all these launches have been crafted with the utmost care, the seeking complementarity in terms of olfactory notes between one another. We have one data that's coming with two launches, one masculine, one feminine. We have a number of range extensions in our already very dynamic fragrances, whether on Prada, whether on Valentino. I would end by the claim of the new Armani fragrance is, "It's not about luck, it's about will." I think it applies very much to our fragrance strategy. We'll do our best to put another of these launches, and maybe two, in the top 10, the same way we did it with Prada and with YSL Libre. We'll see. I think they are well born, so we'll see how they grow. Thank you very much. The next question is from Celine Pannuti with JP Morgan. Please go ahead. Thank you, good morning, everyone. I have two questions. Thank you. My first one is on the market growth that has accelerated. I think in June, you were saying that the market was shy of four. Now it's four and a half. Can you say where is it that there has been this acceleration, and where is it that you are expecting it to accelerate further in the second half of the year? I know you already commented on China, where the market is growing at three, and I think you expect it to be stable at that level. North America, I think Ulta was talking about a bit of a slowdown through Q2. Yeah, quite interested if you could particularly as well comment on the North American market since there's been no question on the U.S. so far. My second question for Christophe. A lot of financial questions, so hopefully I'll put everything in one. Thank you for the Galderma explanation. Can you likewise explain the impact of Kering Beauté from a dilution perspective? You said it would be dilutive year one and year two, so if you could explain the impact on margin and on EPS. You said that Creed was growing double digits. Are we talking teens or 20s or more? I don't know if you could spell out the number. Tax and net financial came a bit below expectation. Could you give us a guide for the year, please? Thank you. Hello Celine, I will take the market discussion. First of all, indeed, when we commented the first quarter, we said the market was a bit shy of four. As you know, every time we speak to you, we have only a partial vision of the quarter because we don't have all the data from all the countries. It's constantly reassessed. Actually, the first quarter was slightly above four rather than shy of four. We see the first half around four and a half. It was driven by indeed the good-- All regions were more or less at the same rhythm than the end of last year. North America accelerated. It had accelerated in the first quarter and continued to do so in the second. The market is around, and that kind of answers your question on North America, the U.S. market is mid-single digits, and there are indeed shifts in categories. Makeup is a bit slower. Hair care is more dynamic. Hygiene is also a bit better. There are fluctuations in this market which can explain maybe why Ulta sees things with a slightly different perspective. Overall, the market was, at least until the end of Q2, was pretty dynamic around 5%. As I said, SAPMENA has continued to be strong in double digits as Europe. It's most countries stable. If you take China, it's the same as Q1, Q2, and not far from Q4 last year. The beginning of last year was negative in China, that creates a bit of acceleration. As far as the second half is concerned, I don't see an acceleration of the market. I see something that is more in the line of what we saw in Q2. I don't see any major change. What I see is that people have this appetite for beauty and respond to stimulation, to new ideas, to new products, which we'll try to contribute to. Second half, I see it more as a continuation of Q2 than another acceleration. Just on China, you said three market is just shy of two, so it's not 3%. It's true that for some parts of the market, like luxury, it goes up to seven. You have differences amongst channels. Regarding Creed, I think it's slightly above +10. It's going slightly above +10%. Right now we haven't done anything. By the way, it's a big brand in North America, and I think it could be a profitable brand. We'll be able to invest behind it and hopefully continue to grow it. All in all, the good thing is that we are, going back to the U.S. markets, around 5%, we already set out around 7%. We are gaining share in the four divisions, which was not always the case, with a particularly strong performance of CPD, say driven by haircare, which is really flying with Elvive, they call it. Really strong. I'll hand over to Christophe on the- Yes. A few information first on Kering Beauté. Kering, as you know, has been consolidated in the accounts since second quarter. We are still in the process of financing the step-up of the stocks, all the cost of integration, et cetera. If I project for the full year, first on the recs, it will be slightly dilutive of around 10 basis points at group level. On top of that, we have, of course, the dilution linked to the financial expenses. This dilution will probably last until we are investing on the brand. When it comes to the EPS, it will be slightly negative in 2026 and probably back to a very small growth in 2027. That's the best estimate that I can provide to you. Very obviously, when we take back brands, that's why we use Prada and Valentino, you have to relaunch, you have to reignite. With these brands now worth EUR 700 million, there were a couple of years, where there was a pure operating profit, where they were very dilutive to L'Oréal Luxe. Other brands compensated, until they reach a critical mass when it suddenly means that it's not paying off, we can be extremely- Absolutely. -accretive. Yeah. It's how we work our portfolio. Absolutely. You have to have brands that contribute well to fund the acceleration and takeoff of the new ones. To complement on what Nicolas is saying, priority will be the growth of the brand, because as you can understand, the impact on the rest of the group is very limited. I think you had two small questions. One was related to the financial interest. Obviously it's increasing. We have roughly EUR 80 million more compared to last year. Of course, it's due to the payment of both Kering on one side and Galderma on the side. What I can tell you is that projection for the full year is around EUR 400 million of financial expenses in 2026. When it comes to taxes, here there is a lot of plus and minus, slightly above last year, but mainly due to a mix of geographies that is slightly impacting the tax rate. Of course, in absolute amount, we have the exceptional taxes of the French government. L'Oréal French government. Yes, absolutely. Excellent. Thank you very much. The next question is from James Edward Jones with RBC. Please go ahead. Thank you. Good morning. Two questions, please. First on the outlook. You were previously talking about being optimistic. You're now talking about being confident. Is there any subtle change in meaning that follows from that change in the wording? The second one, you were talking about the model and your desire to grow margins by 20 or 30 basis points a year. Can you say a little bit about the additional volume leverage that you're getting? When you get an extra 1% or so of volume, what sort of margin do you expect to earn on that volume? Wow, that's a tough one. I'll let Christophe think about the answer. Frankly, on the outlook, on the semantics, the only thing I could say is that when you start the year, you have 12 months ahead of you are optimistic. When you have six months in the bag, you start being confident. When you know what's ahead, and you see what your teams are telling you and their own level of confidence, you can move from one to the other. Hopefully, at the end of the year, I'll tell you that I'm happy. Looking at the second question. First, just as a reminder, you know that the weight of the cost of goods in our P&L is quite small because with the gross margin at nearly 75%, I'll let you guess what is the impact of that cost of goods. Therefore, increasing the volume by 1%, of course, it has always a marginal benefit on the added value of the factory, but it's not meaningful. It's always welcome, but it's not critical in the margin of the group. There are many other factors that may impact the margin before the increase of volume. Christophe, are we saying that an extra 1% volume really, we should just assume comes through at the same sort of average margin as the group? Yes. Got it. Thank you. The next question is from Tom Sykes with Deutsche Bank. Please go ahead. Yeah. Morning, everybody. Thank you. Just are you able to say what the volume component of growth was Q1, Q2? Would you be able to say what the sun care contribution to growth was, again, perhaps Q1, Q2? Do you think-- Is that at the moment, or do you think that will stop indie beauty companies taking share, please? I'm not sure I understood your last question, Tom. Can you try to rephrase it? Yeah. Sorry, excuse me. As people adopt LLMs, in theory, there's these curated lists of a narrower number of brands, do you see those large brands at the moment actually taking share? Is there any statistics you can point to improve conversion rates- Yeah. -when brands appear in those curated lists? Do you see it at the moment or expect in the future that curtails the growth of smaller indie beauty brands relative to larger brands, please? Okay. I'll take that one first, as we have, clearly, first of all, the younger generation are shifting massively to using LLMs for their product queries, and beauty is probably one of the biggest categories where they have conversations and they're asking. It's longer interactions, actually takes more time. Search is not over, by the way, we also have Google added an AI layer to their search bar, so the two are emerging. What we see today, and we have clearly several task force, a lot in the U.S., also in Europe, on how to constantly analyze and understand where the LLMs are driving their responses from. What we see is clearly that there is, aside from the size of the brands, which of course, famous brands may pop up more, but it's really more about the quality of the data and particularly the science behind the products, the endorsement of products by professionals. We see typically that if I take skincare, LLMs are really benefiting our LDB brands because they have both size, the awareness, but also they have lots of publication endorsements from doctors through also professional brands. It's people fragmenting on mass from it. Overall, as on everything, we have multiple teams working on that, and we're optimizing every week. The simplest answer to your question is yes, as I think it will benefit us, the brands of the group, because we have this combination of science, data, professional endorsement, and brand scale that will allow us to prevail. That's also why we signed various partnerships with OpenAI, which we announced at Viva Technology. As I said, I took my whole ExCo to the Silicon Valley, and we had very exciting discussions with the Google teams and Nvidia to clearly work on that and on this optimization. Even though it's still a moving target, it will be beneficial to us in the years to come. That's something that I'm pretty convinced about. All the experiments we did on our own sites tends to prove that. On volumes, I don't think we have it per quarter, and I think it's irrelevant because you have these big swings linked to the stocking of our e-beauty platforms. Our volumes are roughly around 20% of our growth, and the rest is a bit of value and some mix too. Volumes are up 20%. I don't remember what was the third thing. Sun care. Huh? Sun care. Sun care, I don't have the data. Sun care, what I can say is that it's a category that is increasing double digits growth, like about 10%, but it's still a few part of the total sale of L'Oréal, so less than 3.5%, but it's doing quite well. The thing you can say about sun care, you really can assess the sun care season at the end of August, September, because the way it works is that you always and will be more careful, I would say this year than we had two years ago, where it kind of bit us. You place your first orders and then basically depending on the weather and of course the success of your brand, you got reorders that come in, let's say August. We are still in the first part of the season. The only thing I can say is that, well, the weather's been pretty sunny, so people have needed protection. The other thing I can say is that CeraVe Sun Care, which is an entirely new brand, is starting very well. It's a little bit on Vichy, which was not great. Was not a big brand. Overall, you have the combination of La Roche-Posay and CeraVe, which is doing very good. Also we are celebrating the 90th years anniversary of Ambre Solaire, invented by our founder in 1936, which is more French and Spanish brand, but we have a lot of innovations there. Too soon to tell. The only thing I'd say that the placement was good without being forced and that the weather's been good so far. For the rest, we'll see. The next time we speak, we'll have more information on sun care. Okay, great. Thank you very much. The next question is from Jeff Stent with BNP Paribas. Please go ahead. Good morning, everyone. Good, Jeff. Just one sort of housekeeping question, and just back to the PPA on Galderma. I think, Christophe, that you mentioned the number of $450 million. What is that number? Or to rephrase, on an annual basis, what will be the PPA that will go through the P&L for Galderma offsetting the sort of underlying share of the profits? If you could give us that number, that'd be great, if indeed it is a different number from the $450 million. Thank you. Yes, of course. In fact, when I was speaking to those $450 million, and I specified it's U.S. dollars, this is the yearly amount that will be deducted from the net result of Galderma. Okay? When you deduct those $450 million U.S. dollars, of course I will keep only the 20%. That's why there's an impact this year because it is on top of that impacted by the one-time cost linked to the step-up. Starting from next year, this amount, by the way, will be quite fixed because it's the amortization for this kind of asset. I think the minimum in terms of years of amortization is seven years. You can expect this amount of $450 million U.S. dollars to be deducted from the net result of Galderma every year before applying the 20% share. Very clear. Thank you, Christophe. Yeah, thank you. The last question is from Jeremy Fialko with HSBC. Please go ahead. Morning, thanks for squeezing me in. I have just got one question. In the presentation, you referred to the 29% share of kind of influence online. Maybe you could talk a little bit more about that metric. Where was it historically? Is it growing? Is it relatively stable? How you can be confident that that's the right number. Also how you feel that that share of influence sort of translates into your market share, given the share at sort of 30% is roughly double your kind of global market share of beauty. Just a bit more context and color on that would be very useful. Thanks. That's going to be a tough one for me to answer because first, I don't master all the way this is computed. We work with a number of companies that are specialized in measuring our share of influence, which is always a combination of the measurement of number of views and engagement, i.e., people who like or who share or who respond. What it is that it is higher than our share of voice in media because our share of voice in media has always been higher than our market share. It's always in the low 20s. In influence, we've really double down because that's where you win the game online against indies on platforms like TikTok, where you have to increase the quantity of content and of course the quality of content that you share, that you push towards the market. That's why we created this L'Oréalistar Force, where you offer influencers who need revenues to have access to the whole portfolio of L'Oréal brands, not just one, and therefore they know that they can at the same time promote CeraVe or L'Oréal Paris or YSL, which is very attractive to them. There are companies that are measuring these influences, these likes, and these views. It is a technology, or I say a technique, that is getting more and more accurate, but as it's something that you have billions of contents out there, I'm careful about the accuracy of the number. What I can tell you is that it has been increasing for L'Oréal, and you have to be in that game in order to win share in this market. That's how we do it. At the same time, and that's very important, is that we never give up. That's also why sometimes we have a little boost in A&P on what I would call more the equity building advertising, where you have, I would say the more traditional or more branded piece of content, which are not necessarily as instantaneous in terms of purchase generation. Influencers tend to be often more reactive, as do promotions, but they are the ones that build the brand equity over time, and that creates the capacity of any brand to prevail over decades, which is what we do. We build brands, and having L'Oréal Paris being the number one contributor to the group's growth in the first half is a sign that it's not just about the new fun stuff that appears on the market. It's also about brands that have equity. I apologize for not being able to give you the accurate way to calculate, and while acknowledging it's not perfect, I can confirm it is improving, and it is important for us to be able to compete in this landscape. Thank you. Very interesting context. Great. I think that concludes the conference call. Thank you very much all of you for attending, and we wish you a very good summer. With good sun care. Have a great one. Thank you so much. Thank you. Ladies and gentlemen, this concludes the webcast. Thank you all for your participation. You may now disconnect.