Good day. Thank you for standing by. Welcome to Planisware first half 2026 results. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question on the phone line, please press star one one on your telephone. You will hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Loïc Sautour. Sir, please go ahead. Good morning. Thank you for attending our call on Planisware H1 2026 results. This is Loïc Sautour speaking. I will share this presentation with Stéphanie Pardo, our CFO. As usual, I will start with our key messages and our commercial and operational highlights. Stéphanie will take you through the financial in more detail. I will come back at the end on the update for our 2026 objectives. Starting now with the key highlights of this publication. H1 2026 confirms the strength of Planisware's growth trajectory. Revenue reached EUR 106.1 million, up 10.8% in current currency and 14.8% in constant currency, led by the continued success of our SaaS operation and by the implementation of recently signed new contracts. Importantly, growth accelerated again in the second quarter, with Q2 up 16% in constant currency after 13.6% in Q1, a fourth consecutive quarter of acceleration since the low point of Q2 2025. This reflects solid commercial traction with both new logos and existing clients and continued strong demand for advanced solutions that bring greater visibility, agility, and control to complex project environments. Our AI-powered capabilities keep reinforcing our differentiation. Our bookings and commercial pipeline remain robust. On profitability, adjusted EBITDA reached EUR 38.2 million, up 11.4%, representing 36% of revenue at a circa 20 basis point improvement year-over-year. This was achieved despite less favorable mix effects than usual linked to the high implementation workload and while we maintain high hiring levels to support future growth. Cash generation was again strong, with adjusted free cash flow up 25.3% year-over-year to EUR 41.2 million. A Cash Conversion Rate of 107.8%, above our circa 80% objective and reflecting a particularly good collection of invoices in the first half of the year, coming all with the typical seasonality in our SaaS businesses. This further reinforces the strength of our balance sheet. For the period, operating profit reached EUR 30.7 million, up 30.4%. Profit for the period grew 32% to EUR 28.6 million. Building on this strong first half and our continued commercial momentum, we are raising our 2026 objectives while remaining attentive to a still volatile and uncertain geopolitical macroeconomic environment. I will come back on the detail at the end of the presentation. Now on this slide, I'd like to provide some color on our H1 2026 commercial momentum. First, this momentum is broad-based. It's not concentrated. We recorded more than 40 notable wins in H1 2026, spanning across our key geographies in Europe, North America, and APAC. Well-diversified as well in terms of industries, from life sciences and pharma to energy and utilities, as well as aerospace and defense, manufacturing, financial servicing, among many others. This diversification is a real strength. Our growth does not depend on any single geography, sector, or deal. Secondly, both engines are supporting the strong bookings, new logos, and the install base. We are winning new customers while continuing to expand within the existing account. The third point, we are winning against the competition. Across these deals, we're consistently displacing legacy and point solution competitors. Customers are choosing Planisware for end-to-end capabilities, depth, and a trusted, proven, and sound long-term partnership. On the fourth point, land, expand, and scale with blue-chip names. We cross-sell into our installed base, which is the expansion runway inside historical accounts. Several wins carry very large enterprise footprints. The commercial momentum built over recent quarters has clearly continued into 2026. Demand remains strong across our markets from new prospects and existing clients alike as organizations seek greater visibility, agility, and control over their project portfolios, which is exactly what gives us confidence in the strength of the pipeline for the second half of the year. Stéphanie will further comment in detail later, but on this slide, I'd like to illustrate how our revenue mix continues to evolve. Recurring revenue made of our SaaS operation and the maintenance of perpetual licenses represented 91% of total revenue, compared to 92% in H1 2025. The slight 1% decrease is simply the mechanical effect of the very strong growth in implementation this semester. In absolute terms, recurring revenue grew by +12.6% in constant currency. Our SaaS model itself represented 82% of total revenue and remains the engine of our growth. Non-recurring revenue accounted for the remaining circa 9%, on which perpetual licenses were only around 1%, reflecting our continued shift away from the perpetual model. Turning to our geographic performance. All key regions contributed to growth in H1 2026. Europe, representing 50% of core revenue, was the main growth contributor, up 17%, with all key European countries contributing, and a decent balance between existing customers and new logos. North America grew a healthy 13.4%, led mostly by new logos. It represented 42% of total revenue and contributed 39% of total growth. APAC and rest of the world grew 10.2%, driven by strong commercial momentum, in particular in Australia, Japan, and UAE, although impacted by a significant reduction in revenue from one larger Asian governmental digital agency. The region represented 8% of total revenue. By pillar. Growth remained concentrated in our two largest industry co-pillars. Product Development & Innovation remained our principal pillar at 54% of total revenue and 69% of total growth, with a strong 19.4% increase resulting from both new customer win and expansion with existing customer. Project Controls & Engineering represented 25% of total revenue and 39% of total growth, with a +25.2% increase that was very broad-based across countries. IT Governance & Digital Transformation represented 15% of revenue and grew by 1.6%, driven primarily by a new logo in the banking industry in North America and offsetting a lower contribution from the installed base. Finally, Project Business Automation, our latest pillar, represented only 5% of total revenue, impacted by revenue erosion from the existing customer base and limited new customer acquisition. Now, let me turn to Stéphanie so that she can further detail this financial performance. Thank you, Loïc. I will start with the revenue, which reaches EUR 106.1 million in H1 2026, up 10.8% in current currencies and up 14.8% in constant currencies. The EUR 3.8 million exchange rate effect was mostly related to the depreciation of the U.S. dollar and, to a lesser extent, the Japanese yen versus the euro, and was largely concentrated in Q1 for EUR 3 million. As usual, the following analysis refers to the growth in constant currencies, applying H1 2025 average exchange rates. Let us spend a moment on the sequential evolution of our quarterly growth. Since the low point reached in Q2 2025, our revenue growth has accelerated for four consecutive quarters. In H1 2026, Q1 was up by 13.6% in constant currencies, and Q2 accelerated further to 16%. This confirms the recovery in commercial momentum that began in the second half of 2025, when the sales cycle stabilized, and we recorded a precedent level of new logo signatures, including previously delayed opportunities. The signatures are now translating into revenue through new desk subscriptions, implementation, and onboarding support, and we expect this acceleration to continue. Our recurring revenue grew by 20.6%, led by our SaaS model, up 14.6%, and in particular by SaaS & Hosting with a solid growth of 20.7%. This growth is driven equally by new logos and existing customers. Support activities, Evolutive and Subscription support, grew by 6.3% combined over the semester, accelerating from 2% in Q1 to 9.2% in Q2, as we supported the deployment of new logos implemented earlier in the year. Maintenance was down by 3%, in line with our shift from perpetual model to SaaS. Non-recurring revenue grew strongly, up 41.9%, although trends varied across revenue streams. Perpetual licenses were down by 31.5%, reflecting the continued shift to our SaaS. Implementation revenue increased by 69.1%, driven by an exceptional number of initial implementations following record logo wins late 2025 and early 2026. Just to say the bit, we delivered over the semester approximately twice as many initial implementations of new logos generated more than EUR 50,000 in H1 2026 compared to H1 2025. This intense onboarding activity temporarily reduced our ability to upsell historical customers and has an impact on the revenue mix, but it lays the foundation for the future recurring revenue. As many of these initial implementations are now being completed, we expect the growth of implementation to normalize in H2, while the teams will then be able to refocus on Evolutive support. It would drive a rebalancing between new and existing customers in H2 and lead to a significantly higher Net Retention Rate compared to the first half of the year. Turning to gross profit, cost of sales reached EUR 28.5 million, up 20.9%, represented 26.9% of revenue, broadly stable year-on-year. Exceptional high implementation workload or lowest margin revenue stream weighed on the revenue mix. However, this impact was offset by continued operational efficiencies and scale benefits. As a result, gross profit reached EUR 77.6 million, up 10.8%, representing a gross margin of 73.1%, essentially stable compared to 73.2% in H1 2025. The next slide provides a breakdown of our operating expenses, which totals EUR 46.9 million in H1 2026, up 9.1% year-on-year, with an overall cost structure remaining broadly consistent with prior periods. R&D expenses reached EUR 12.8 million, representing 12% of revenue compared with 11.7% in H1 2025, an increase of 30 basis points. Our R&D organization continued to benefit from the internal deployment of AI tools, which enhance productivity and support our product leadership across our unified platform. Capitalized development costs amounted to EUR 2 million, up 40.2% from EUR 1.4 million a year earlier. Sales and marketing expenses reached EUR 19.5 million, representing 18.4% of revenue versus 18.2% in H1 2025, an increase of 20 basis points. Expenses increased by EUR 2.1 million or 11.8%, primarily reflecting marketing investments supporting the launch of our newly released offerings. Finally, G&A amounted to EUR 14.6 million and represented 13.8% of the revenue compared with 14% in H1 2025. This included EUR 0.2 million of foreign exchange loss compared to EUR 0.9 in H1 2025. Excluding this foreign exchange impact, G&A expenses decreased by 40 basis points as a percentage of revenue, reflecting the continued benefit scale as the company grows. As a result, adjusted EBITDA reached EUR 38.2 million, up 11.4% compared to H1 2025, representing an increase of EUR 3.9 million. Adjusted EBITDA margin improved approximately by 20 basis points, representing 36% of revenue compared to 35.8% in H1 2025. This improvement reflects the translation of revenue growth into profits, supported by a continued disciplined approach to cost, despite less favorable mix effects resulting from the exceptionally high level of implementation activity during the term. Moving to cash generation, which was again strong. Adjusted free cash flow reached EUR 41.2 million, up 25.3% year-on-year, represented a Cash Conversion Rate of 107.8% of adjusted EBITDA. This is well above our circa 80% objective, broadly in line with the usual seasonality of the first half, when we collect a large part of our SaaS subscription bill at the beginning of the year. We continue to consider a circa 80% as the normative annual Cash Conversion Rate for the coming years. Looking at the detail of the conversion from adjusted EBITDA to adjusted free cash flow, change in working capital was strongly positive at EUR 16 million, reflecting the growth of subscription contracts billed in advance of the service rendered, together with a particular good collection of invoices in the first half. Capital expenditures amounted to EUR 6.2 million, represented 5.8% of the revenue, significantly above our usual level around circa 2%. This increase was mainly driven by the opening of new data centers, early purchase to anticipate rising RAM prices and mitigate potential delivery delays, higher capitalized development costs related to our new product, and EUR 1.5 million of renovation costs at our quarter. These additional spending were concentrated in the first half. We expect capital expenditure to normalize at circa 3% of the revenue in H2 2026. Tax paid amounted to EUR 6.8 million, slightly lower than the EUR 7.5 million in H1 2025, which has been impacted by payment related to 2024. Together, these elements deliver an adjusted free cash flow of EUR 41.2 million and a cash conversion rate of 107.8%. The strong cash generation, together with the EUR 24.5 million dividend paid and the EUR 10 million share buyback executed during the first half of the year, growth of net cash position to EUR 204.5 million at the end of June, up 12.3% compared to EUR 195.6 million at the end of December 2025 and EUR 102 million end of June 2025. As a reminder, apart from lease liabilities related to our offices and data center facilities, which amounted to EUR 18.2 million versus EUR 17.6 million at end of December 2025 and EUR 17.9 million end of June 2025, Planisware has no financial debt. I will now hand back to Loïc to conclude with our 2026 objectives. Well, thank you, Stéphanie. Before we open the floor to question, let me come back on our objective. Well, it goes without saying that the global environment remains particularly volatile and difficult to anticipate. This being said, given our strong start of the year, given our continued commercial momentum and our solid commercial pipeline, we are raising our 2026 objective with revenue growth of at least 13% in constant currency away from the previous low double-digit target. Adjusted EBITDA margin of at least the fiscal year 2025 level, which was 37.4% raised from the previous circa 37% of revenue, and a cash conversion rate of circa 80% unchanged, which we continue to consider normative for the coming years. Thank you for your attention. Stéphanie and I are now happy to take your questions. Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Once again, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Thank you. We are now going to proceed with our first question. The questions come from the line of Jarrod Chisholm from UBS. Please ask your question. Good morning, Loïc and Stéphanie. Just one on the revenue growth guidance. What assumptions are factored into your raised guidance range? Could you talk to some of the expectations by pillar, geography, and industry vertical? The second one, on capital management and some of your plans for capital allocation. What are your plans there? You have a record strong cash balance on hand of over EUR 200 million. Some of your expectations there would be helpful. Maybe some added color as a third question, on the IT and DT pillar. If you could provide some more detail on the lower revenue growth contribution from existing accounts there and the dynamics that you are experiencing there, that would be helpful. Thanks. For our growth guidance, as you know, a lot of our activities, especially for new logos, happens across the summer. We are guiding at least 13%, knowing that we are very active in this summer. It is really at the tail end of the summer that we have a good read about the situation. The commercial momentum is across the board. It is across the different pillars and maybe more importantly, it is across all of the geographies. As we commented, we have a very strong pipeline, and that is the reason why we have raised the guidance to at least 13% now, which we feel confident with. On the capital allocation, no update. We keep our dividend policy. The board is assessing timing, a need to return cash to shareholder at some time, no change. The third question was about the IT and Digital Transformation pillar. As we commented, this pillar does not necessarily show with the numbers as performed well, especially in the bank and insurance sector. It was offset, as we commented, by a governmental agency, a very large reduction. It remains a pillar in which the competitive environment is very much in our favor and where we have a very good expectation for the future. Thanks. Thank you. We are now going to proceed with our next question. The next questions come from the line of Inès Mao from BNP Paribas. Please ask your question. Hello. This is Inès from BNP. Congrats for this great quarter. I have two questions. If we set aside implementation momentum, how would you quantify new logo signing in Q2 versus last year? Could you just indicate the blend of new logos versus contract renewal? My second question is on the CapEx. You highlight kind of a one-off increase in CapEx in Q2 for data centers. If demand continues to be strong in H2 onwards, do you foresee additional infrastructure requirements, or would the current rollout be sufficient for the rest of 2026 and 2027 onwards? Thank you. Thank you, Inès, for your question. Implementation in Q2 this year has been really strong. It has been really strong due to an unprecedented level of signature of new logos, new customers at the tail end of 2025 and the beginning of 2026, which actually continued in Q2 2026. If we compare that to the level of Q2 2025, this was our historical low point, where the level of signature back then was not very strong. The performance this year has been excellent. About CapEx, we have the CapEx related to H1 and H2. As Loïc explained, we expect capital expenditures to normalize at 3% of revenue in H2. We expect on a full year 2026 CapEx ratio approximately between 4%-5%, which will be a little bit above that for the full year. Okay, thanks. I assume it's just enough for the surge in demand currently, plus potential more demand in 2026 and 2027. There would be no need to open new data centers or to lease new ones. No, we have made some anticipated purchase at the beginning of 2026, in order to anticipate price increase, and be prepared for that. Okay. Thank you. We are now going to proceed with our next question. The question come from the line of Carla Courthial from Bank of America. Please ask your question. Good morning, Loïc. Good morning, Stéphanie. Carla Courthial from Bank of America. Could you please discuss your AI products portfolio in terms of release timelines and commercial model? Would you say it will contribute to the top line in H2, or will it be too early for that to happen? Thanks. Yes, absolutely. Well, our AI portfolio, actually, we've been providing AI features for many years. We've provided, actually, we have customers largely using our AI capabilities, more specifically our AI agent. As a matter of fact, we have had at our Exchange where our customers come and meet several of our key customers presenting their successes with our AI capabilities. We are continuously expanding on those AI capabilities by now bringing to market a new product called Prisma, which is a reasoning agent. We're definitely the defining leader in AI capabilities in project and portfolio management. In terms of contribution, many if not all of our clients are using our AI capabilities to some extent. Not just the AI capabilities, because it's totally embedded into our AI unified platform. It contributes extensively to our commercial success at the moment because it's truly a differentiator compared to the legacy solution that you can find out there in project and portfolio management of the current competitor that we have. Without necessarily giving some numbers, it is helping and participating extensively to our commercial success and to our revenue at the moment. Thank you. We are now going to proceed with our next question. The question comes from the line of Gustav Froberg from Berenberg. Please ask your question. Good morning, everyone. Thank you for taking my questions as well. I have a couple. Firstly, just on the phasing of revenues, could you help us understand a bit how to think about the phasing of revenues across the different line items that you have? Obviously, implementation very strong now, but how should we sort of view that with respect to filtering into SaaS & Hosting, analytic support, et cetera, over the next couple of quarters? As a side question there, you've grown 14.8% in the first half this year. You're guiding for more than 13%. Is there anything to read into the difference between 13% and 14.8% for now? That's question one. Question two, on the two pillars that did not contribute as much in H1, is there anything you can do there to boost that growth again, or is that simply a timing question? Lastly, I wanted to ask about some of the products that you launched at Exchange recently and the sort of unbundling of your portfolio, if you like. How has that been received by the market and your customers? Thank you. Okay. Thank you, Gustav, for the question. The first question about the different line item. Well, as you've noticed, the implementation is very strong in this first half of the year. Largely fueled by the signature of new customers, new logos that we had the need to implement during this time of the year. It's great news. It's great news because with the way we upsell and cross-sell at our customers, with the way we set up the partnership with them, and we expand with them, those implementation will translate into expansion at those customers with our ability to support them leveraging the capabilities that we have. If we look at the different line item, you will notice as well that the SaaS and Hosting line item actually has been really strong because as we commented, our revenue growth came from new customer, which we see because of the implementation, but also from existing customer where we continued to expand largely. The second question was about the revenue growth. Yes, we grew 14.8% in the first half, and we are guiding 13% as we commented. The global environment remains volatile. We're guiding to at least 13%. We feel it's a right level to guide at the moment. A lot is happening now. A lot will happen across the summers where we will have a better read on the advancement of our strong pipeline, and we will further comment when the time is right about that. The question about the pillars, as I commented before, the numbers are not necessarily reflecting the reality. First of all, those pillars fairly small. Some changes in the numbers, in the core numbers may show some changes in percentage that are not necessarily reflecting exactly what's happening. As I commented, the IT and Digital Transformation pillar remain a very strong pillar for us. It's not necessarily seen in the numbers because the outstanding traction that we have currently, in the bank and insurance sector, has been offset by a governmental agency, a very large reduction. The PBA is a pillar that has a lot of potential and future as well. It did suffer some of the cushion and especially in the service industry, which is an industry that has been impacted, and that's what we've seen in the growth of our pillars. Finally, around the product portfolio. What we've launched, our reasoning agent that we have launched in June, has been extremely well-received by the market and by our customers. It's extremely well-received because it's really completely part of our unified platform, our AI-powered unified platform. It has a lot of potential. There is a lot of need that our customers are seeing. This was extremely well-received. It being said, it's not yet necessarily translating directly into numbers. It contribute to facilitate our commercial success. This is our overall unified platform that is making the revenue growth that we are seeing. Perfect. Thank you. Thank you. As a reminder to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. We are now going to proceed with our next question. The questions come from the line of Nicolas Thorez from ODDO BHF. Please ask your question. Yes. Good morning, Loïc, Stéphanie. Congrats for this quarter and welcome back, Stéphanie. Just one question on my side. It is actually a follow-up on Prisma. Loïc, can you maybe comment a bit more on the monetization that you expect on Prisma? Is it possible to provide us with some granularity on how Prisma will be monetized within your, let's say, existing pricing and packaging strategy? Follow up on what you just said, but can you comment a bit more on what has been the customer action since the June announcement? Have you seen some customer interest convert into actual commitments or commercial opportunities yet? Thank you. Prisma is a new product, and as a new product, it comes with a fee. The fee of Prisma is on a per user and per consumption fee with different level of fees, going up to an unlimited level of Prisma. Prisma has a lot of capabilities. Prisma can really do a lot to bring value to our customers. Prisma is being priced just to take a very small piece of the value that it will bring to our customers. On the commercial success that we commented, we introduced Prisma in June with the beta launch in September. We are actively discussing with our existing customers about the potential and how to leverage this potential. It contributes to our commercial success in the sense that it really showcase how we are leading in this industry with AI capabilities. It really showcase how we have the best capabilities to be the long-term, proven, financially sound partner of our customers. It showcased all of that, and there is a lot of discussion that are ongoing at the moment to leverage it. Okay. Thank you, Loïc. There are no further questions at this time. I'll now hand back to you for closing remarks. Thank you. Well, thank you. Thank you for attending. As usual, please contact Benoit d'Amécourt if you have further question or would like to further discuss what we have commented today. Thank you. Have a great day. This concludes today's conference call. Thank you all for participating. You may now disconnect your lines. Thank you.