Good morning, everyone. Welcome to Renault Group's H1 2026 Conference Call. This call is broadcast live and will be made available on our website. We are today with Renault Group's leadership team, François Provost, Group CEO; Duncan Minto, Group CFO; Fabrice Cambolive, Chief Growth Officer and Renault Brand CEO. Katrin Adt, Dacia CEO; and Philippe Krief, Alpine CEO. The presentation will be followed by a Q&A session. François, the floor is yours. Thank you, Florent. Hello, everyone. I am very pleased to be with you today because it is exactly one year after my appointment as CEO of Renault Group. I am also proud today, not only about the results we present to you in detail, but moreover, because I feel that Renault Group is transforming, gaining speed, and our futuREady midterm plan is already delivering concrete results, and it is what I will present to you now. As a reminder, futuREady, as you know, we have four pillars. The first one is growth. futuREady is a growth plan. In H1 2026, our revenue growth is +10%, which paves the way towards growth in the year to come. Tech Ready, in order to deliver competitive technology for all that matters in modern cars. Excellence Ready, to be amongst the best for all that we can control in a more and more complex environment. Last but not least, and this is very important to me, Trust Ready. It is the Renault way. It is our engagement to all our stakeholders, starting with our employees, but also our suppliers, our dealers, our partners. Let's start with Growth Ready. In H1, we deliver a strong new product momentum. Our Twingo start of sales is booming, very encouraging. New Clio is also doing super well with outstanding design and the strength of our full hybrid technologies. I am also very satisfied by the start of our 4x4 hybrid solution on Dacia, Duster and Bigster, which is doing also very well. In H1, we launch A390. futuREady is growth also outside Europe. We launched successfully our Renault Duster in India, our Renault Boreal both in Türkiye and Brazil, and also our Renault Filante in South Korea. As a consequence of this, we deliver +10% revenue growth, and this is, for me, a big highlight of H1 performance. Renault brand +3% sales worldwide, second brand in Europe, +61% sales increase in India compared with 2025. Dacia, sales -8%, but orders up in Europe +4%. Dacia remains very strong in this core business, top three retail in Europe. Dacia now is also moving forward towards electrification, already top four in hybrid in Europe. For Alpine, again, a record of sales, +69%, 8,000 vehicles sold in H1. As you know, for Renault Group, EV is at the core of our strategy, and this is core axis of futuREady, and this is delivering results. Renault brand is second retail EV brand in Europe. Renault 5 is top one in its segment. Moreover, I would like to mention that beyond EV, we are also progressing strongly in full hybrid. In total, electrified vehicles represent 2/3 of Renault brand sales in Europe, but also 31% of Dacia sales in Europe. This is up 7 points versus H1 2025. LCV is back. In February, when we presented to you our results, I told you that I was confident about the effect of the complete reshuffle of LCV business units that we have been proceeding. Now we start to see concrete outputs with sales +12%. We are top two in Europe. I am very proud that our new Master is leading large van segment. What I would like to mention to you is that I feel it is now the tipping point for electrification of LCV in Europe. LCV EV sales for Renault were up 48% H1 2026 compared with 2025. This is important for Renault because we have the best EV LCV lineup. Our Master EV is top. We have also Kangoo EV, and I do confirm that we launch by the end of the year our Trafic E-Tech, which will be the first EV native LCV in Europe. I consider Trafic Van E-Tech can do for electric vans what Renault 5 is already doing for passenger cars. Mobilize Financial Services. We always underestimate the importance of MFS for Renault Group business model. MFS operates in 35 countries. MFS is key to enhance our sales and loyalty. One car out of two retail sales in Europe is financed by MFS. At the end of MFS contract, 77% of the customer rebuy a Renault Group cars. As a consequence of this, MFS is also a very strong contributor to our results. For instance, EUR 753 million, which represents 50% of Renault Group operating margin. futuREady second pillar is Tech Ready, and for this as well, in H1, we delivered significant results. In terms of EV value chain, as planned, we launch our new chemistry, LFP, on Twingo, and we do also on the new Mégane we launch in H2. We need to make a stop. Apparently, there is a technical issue, and we cannot hear you properly in the Teams. Sorry, we'll make a stop just a few moment because we have an issue on the sound in the Teams. Can you please hang on for a second, and can the IT team join us to sort this out? Thank you. [Break] Good morning, everyone. Apologies for this technical issue. We will have a restart. That was the formation lap, we would say. Welcome to this Renault Group H1 2026 conference call. This call is broadcast live and will be available in replay on the group's website. We are today with Renault Group's leadership team, François Provost, Group CEO; Duncan Minto, Group CFO; Fabrice Cambolive, Chief Growth Officer and Renault Brand CEO; Katrin Adt, Dacia CEO; and Philippe Krief, Alpine CEO. The presentation will be followed by a Q&A session. Please send me your question either by email, either through the Teams, and I will read it to the management. Thank you. François, the floor is yours. Thank you, Florent. Hello, everyone, or hello again. I am very pleased to be with you today. It is exactly one year after my appointment as CEO of Renault Group. I am also very proud, not only because we present to you good results today, but moreover, because I feel that Renault Group is transforming, is accelerating. Our futuREady new midterm plan is already giving and delivering results. It is what I will present to you now. As you know, futuREady is four pillars. Growth Ready. This plan is a growth plan, and in H1, we deliver plus 10% revenue growth compared with last year. Tech Ready to be at the best level for all technologies that matters in modern automotive industry. Excellence Ready to be among the best for all what we can control in a more and more complex environment. Last but not least, Trust-ready, this is typical Renault culture, our engagement towards our stakeholders, our employees, of course, but also our dealers, our suppliers, our partners. Let me start with Growth Ready. In H1, we deliver a strong new product momentum. Twingo start of sales is booming. New Clio is also doing super well with outstanding design, but also again, the success of our cutting-edge full hybrid technology, E-Tech. I am also very pleased by the start of the new smart 4x4 hybridation of Dacia on the Duster and Bigster. In H1, we also start the sales of Alpine A390. futuREady is also about growth outside Europe. We launched successfully our new Duster in India, our new Boreal in Turkey and Brazil, and our new Renault Filante in South Korea. As a result of all of this, we deliver + 10% revenue growth compared with H1 2025. This is one of the main highlight of today's results presentation. For Renault Brand, + 3% sales. Renault Brand, second brand in Europe, plus 61% sales in India. Dacia, sales down - 8%, but + 4% orders compared with last year. Dacia remain very strong in its business model, top three retail in Europe. Dacia is also now moving towards electrification, a leader of four-passenger car hybrid in Europe. For Alpine delivers a new record of sales with more than 8,000 vehicles sold in H1. EV is a core of Renault Group strategy and futuREady. Again, we deliver strong results in EV. Renault Brand is now the number two EV retail brand in Europe. Renault 5 leads its segment. As I said before, Twingo is off to an outstanding start. Beyond full EV, I would like also again to mention the success of our full hybrid solution. Together, EV full hybrid E-Tech electrified vehicles represent 2/3 of Renault Brand sales in Europe and also 31% of Dacia sales, up 7 point versus H1 2025. LCV is back. When I presented our result in Feb, I told you that the complete reshuffle of LCV business unit was done and that I was optimistic about the output. We see at the end of H1 2026, the concrete first output with sales + 12%. We are second in Europe for LCV. I am very proud to have the new Master leading large van segment. What I would like to mention to you today is I feel we reach a tipping point for electrification in LCV. Our sales for LCV EV were up 48% compared with H1 2025. We have, as Renault Group, the best EV lineup for LCV. Master EV, outstanding performance. We have also our Kangoo EV, I do confirm that by the end of the year, we will launch our new Trafic E-Tech, the first native EV LCV in Europe with SDV, and we are very confident with this car. I am convinced Trafic Van E-Tech can do for electric vans what Renault 5 is already doing for passenger cars. Mobilize Financial Services, MFS. We always underestimate the importance of MFS in our business model. It is why I want to insist on this this morning. MFS operates in 35 countries. In Europe, one car out of two sold to retail customer is financed through MFS. Moreover, at the end of financing contract by MFS, 77% of the customer renew with the Renault Group cars. This is a huge tool to sell car and to enhance loyalty. With all of this, MFS deliver also a very strong and stable financial performance with, for H1 alone, EUR 753 million in profitability, representing 50% of Group operating margin. futuREady second pillar is Tech Ready, and in H1, we passed again significant milestone. In terms of EV value chain, as planned, we launch our second chemistry, LFP, on Twingo, and it will be the case also on New Mégane, we will launch in H2. We are among the first worldwide OEM to have wireless battery management system. We launch our new e-machine six-in-one on Twingo, as planned. Moreover, in terms of battery, as you know, we don't want to be battery makers. We rely on our suppliers, but we want to dig into technology, and our lab on battery is now fully operational at the end of H1 2026. In terms of SDV, I do confirm we will launch in Europe the first European SDV in Trafic Van E-Tech by the end of the year. For intelligent car, we introduce Gemini in our OpenR Link vehicles. A lot of people doubt that European industry will not match China pace in automotive technology. At Renault Group, with futuREady, we are proving that we can. Third pillar is about excellence in operations. Development time, 100% of the new project now in Renault will be developed under the two-year development time scheme, and this is what we structured in H1. In terms of cost target, I do confirm we are on track with EUR 400 target a year, which is outstanding performance by procurement and all upstream function when you consider headwinds, especially in terms of raw materials. In terms of resilience as well, we granted significant milestone, in H1. For instance, thanks to our digital twin for manufacturing and supply chain, we could mitigate within 48 hours, the supply chain issues raised by Middle East conflict. With AI, we are capable to get a lot of quick proposals and scenarios to mitigate this. I am also very pleased to see the speed on which speed is moving for dual sourcing. Dual sourcing is completely new in Renault, completely new in automotive, I would say. It is one of the pillar of futuREady to have dual sourcing on targeted parts and technologies. This is already fully implemented in each new project we start now as from H1 2026. For manufacturing, as you know, introducing humanoid robots is a key action of futuREady. This is already operational in the way in H1 2026. Let's move to Trust-ready. This is very important to me. After the release of futuREady, I took specific attention to the cascading and endorsement by all the teams, especially the 9,000 managers. So we did a V-shaped process. This is cascading first, and this is team contribution later on. To check the good engagement of our teams, we did a survey with our 9,000 managers, and we got good results with above 80% of our managers fully comfortable with the plan, aligned with strategy, capable to cascade, capable to define the contribution of its team to the futuREady, and confidence towards futuREady. We also continue to speed up organization transformation. I remind you, four months to define the new organization of engineering end of last year, six months to structure the transformation plan of engineering. This engineering transformation is an ambition to show that a European OEM can develop in Europe with European suppliers at the best level in the world in terms of speed, technology, cost competitiveness. This transformation is now ready for implementation. I would like to thank especially our unions because they were very demanding but supporting. We got 75% favorable opinion of union reps towards our R&D transformation. In H1, we also grant significant social agreements in order to secure the competitiveness of very important sourcing worldwide. I remind you that we intend to decrease manufacturing costs by 20% in futuREa dy. We grant social agreement in Spain, Morocco, Slovenia, and South America. Last but not least, I want to continue to simplify this company. We decided, I decided, significant changes with general secretary appointment. I decided also to manage directly product organization. Trust-ready is also about partnership. We deliver significant growth, + 164% growth compared with H1 2025, + 50% excluding scope effect. I would like to mention the very successful start of our project with Geely in Brazil, with a very encouraging start of Geely brand in Brazil, for instance, plus 35% total sales of Renault do Brasil with both brand Renault and Geely. I would like also to remind you that we launched two new defense partnership, with Thales in the course of H1. With all of this, we delivered good results in H1, consistent with our guidance, 5.2% operating margin, automotive free cash flow over EUR 600 million. Beyond numbers, I would like, today, to thank all the teams, all our employees. I would like to thank also our suppliers, our dealers, our partners, because this is a result of the efforts of all the team. As you can understand, this give us a lot of confidence about the robustness of futuREady, moving forward. I would like now to hand over to Duncan to present in detail our H1 financial results. Duncan? Thank you, François. Hello, everyone. Thank you very much for joining the call this morning. As you said, let's go through a bit more of the detail on the financial results. Maybe I'll just take the Zapper if I could, possibly. Thanks. Up. Perfect. Let's start with group revenue. Renault Group enjoyed a 9.5% revenue growth to EUR 30 billion in the first half of 2026. At constant exchange rates, that's an increase of 10.3%. I highlight it was driven both by automotive and MFS. Automotive revenue was up 9.3% at EUR 26.8 billion. Since the beginning of the year, we've included the mobility service contribution into this. In terms of financial services, MFS increased by 11% to EUR 3.4 billion, mainly driven by the increased activity level. Drilling into the automotive revenue, it included, the first part on the left-hand side, 0.9 points of negative exchange rate, mainly related to devaluation of the Turkish lira, Argentinian peso, and the pound sterling. At constant exchange rates, it increased by 10.2%. The volume effect was slightly positive at 0.2 points. The -0.4% decrease in registrations was offset by a lower de-stocking within the dealership network in H1 2026 compared to H1 2025. Group registrations, as I said, slightly declined by 0.4% this half, totaling 1,165,000 units. Renault brand delivered a solid growth in H1 2026, with sales up 2.6%, supported by continued electrification momentum, stronger LCV performance, as François just said, and renewed growth outside Europe. Dacia showed commercial resilience in H1 2026, maintaining strong retail fundamentals, best value positioning despite lower volumes, while accelerating its shift towards hybrid powertrains. All in all, H2 Dacia sales are expected flat versus H2 2025, with Q3 down and Q4 up. Alpine achieved a record first half with sales up 69%, driven by success of A290, continued momentum of A110, and the first deliveries of the A390. Renault Group is pursuing a strategy focused on value and quality of sales. We favor retail sales to protect residual values. Our retail channel mix continued to grow and represented 60% of our PC sales in the five main European markets, up 3.8 points versus H1 last year. This is 17.7 points above the market average. Meanwhile, we reduced by 1.2 points our short-term rental mix, with sales down 12% in a market that was up 12%. Looking at competition, it's worth highlighting that Chinese peers are almost doubling their sales in the short-term rental market, and one of our main competitors grew 24% to reach more than a quarter of market share in this channel. With this approach of quality of sales and focus on value, we meaningfully outperformed the market in terms of residual values from 4- 13 points above our peers' average in Europe, depending on brands. Dacia is best in class in residual value management. With its best value for money strategy, its focus on retail by adding more technology and perceived quality underpinning a strict design to cost execution. Focusing on EV, Renault outperformed Chinese competitors by 7 points on average. This advantage has been stable over time. As a reminder, maintaining high residual value is part of the full life cycle management. It's embedded in our vehicles as soon as the development phase. It allows competitive and attractive leasing offers by lowering depreciation to be financed and enabling more competitive monthly rates without sacrificing margin. Before coming back to the revenue bridge, just a highlight on stock. The slight decrease in registration was offset by a lower de-stocking within the dealer network in first half 2026 compared to the previous period. As of June 30th, total inventories of new vehicles stood at 546,000 vehicles. This level of inventories is supported by a 6% growth of the order intake, resulting in an order book of 2.1 months of forward sales at the end of June 2026. It will enable the group to smoothly operate during H2, a semester traditionally stronger in terms of registrations. In terms of outlook, we expect the total inventories at the end of the year will remain in the bracket of 525-550 corridor, which is a healthy level of inventories to operate. The sales to partner effect was a strong positive in the first half, mainly driven by the performance of partner programs. You should also keep in mind two changes of scope. The integration of RNAIPL onto the consolidation perimeter since August 1, 2025, for EUR 380 million, and the ramp-up of distribution of Geely vehicles in Brazil. Local production through our JV is set to begin this summer. Let's review price, product mix, and geographical mix effects. The price effect was positive at 0.9 points, helping to compensate FX, partly offset by price pressure in Europe. This price pressure is expected to continue throughout the year. Product mix was also a solid positive at 3.2 points, driven by the success of EVs, the transition phase of Clio V to Clio VI, and to some extent, Master. Product should remain a strong contributor in H2. Geographical mix was negative at -0.7 points, mainly attributed to increased sales outside Europe, notably in India and Turkey. Let's turn to the operating margin. In this half, we posted an operating margin of EUR 1.567 billion, representing 5.2% of revenue. The automotive segment operating margin stood at EUR 814 million or 3% of revenue. Mobilize Financial Services operating profit reached EUR 753 million. A little deep dive into the group's operating margin evolution, starting with currencies, which had a negative impact of EUR 117 million, as on the revenue due to the Turkish lira, U.K. pound, and the Argentinian peso. The Turkish lira positive impact on production costs was offset by the increase of the exposure to group sales in Turkey. Volume effects contributed to EUR 95 million, notably thanks to the increase to sales to partners. Volume effect should be slightly positive for the full year 2026. Price mix and enrichment effect stood at - EUR 425 million, reflecting the increase of regulatory costs, commercial pressure in Europe, a higher mix of EV sales, and increased international sales, notably in India. Costs were reduced by EUR 184 million thanks to an efficient cost management program, strong purchasing performance, and lower warranty costs compared to last year, which more than offset the raw material inflation. COGS reduction efforts are paying off and are in line with futuREady strategy. As a reminder, the group aims to reduce variable costs per vehicle by around EUR 400 per year on average over the medium term. As previously commented, we expect higher headwinds on raw materials in H2. That's why cost reduction will remain a key priority for the remainder of the year to compensate this effect. R&D effect was positive at EUR 87 million, mainly due to the impact of capitalizing SDV expenses from March 1st this year. SG&A impacted by -EUR 39 million, and the others was a + EUR 44 million, thanks to the strong performance of the after-sales business. Let's have a look at Mobilize Financial Services, which generated EUR 11.6 billion of new financing, up 4.6% thanks to the growth in number of financing contracts and the average financed amount. Average performing assets amounted to EUR 61.8 billion, up to EUR 2.9 billion versus H1 2025, driven mainly by a strong commercial activity on the customer financing business since the end of the electronic component shortage in 2023. Net banking income as a percentage of average performing assets improved by 0.2 points, highlighting the robust margin policy of the bank. Cost of risk at 0.47, slightly increased against last year due to a macroeconomic environment becoming more challenging in some countries. Operating costs and percentage of average performing assets are almost stable. Overall, Mobilize Financial Services posted an operating profit of EUR 753 million, up EUR 85 million year-on-year. Moving to key items from our group P&L below the operating margin line, you'll see other operating income and expenses were negative at - EUR 441 million, including EUR 313 million of restructuring costs. As a reminder, the first half of 2025 saw other operating income and expenses amounted to -EUR 10.1 billion and included -EUR 9.3 billion of non-cash loss linked to the change of accounting treatment of Renault Group's stake in Nissan as of June 30th, 2025. After considering other operating income and expenses, the group's operating income stood at EUR 1,126 million for the first half. Net financial income and expenses amounted to EUR 126 million compared to - EUR 93 million in the first half of the previous period. This variation is mostly explained by the negative impact of hyperinflation in Argentina on non-cash items. The contribution of associated companies was neutral compared to the - EUR 2.3 billion in the first half of 2025, almost solely explained at that time by Nissan's negative contribution. As a reminder, since June 30th, 2025, any changes in the fair value of the stake at Nissan based on Nissan's stock price are directly recognized in equity with no impact on Renault Group's net income. Lastly, current and deferred taxes represented a charge of EUR 279 million compared to a charge of EUR 324 million in the first half of 2025. The effective tax rate in this half stood at 28%. Bottom line, net income stood at EUR 721 million, and net income group share was EUR 705 million or EUR 2.39 per share. Turning to free cash flow generation, the cash flow of EUR 2.2 billion included EUR 250 million of dividend from MFS versus a EUR 150 million dividend in the first half of 2025. Net CapEx amounted for EUR 648 million. Disposals are in line compared to the first half at EUR 40 million. Capitalized R&D increased by around EUR 90 million, mainly explained, as I said, by the capitalization of SDV from March 1st. Restructuring expenses stood at EUR 200 million, and the change in working capital requirement was a headwind of EUR 226 million. Within those EUR 226 million, it included a + EUR 300 million of down payments from partners for future vehicle programs. All in all, Renault Group generated EUR 653 million of free cash flow in the first half of 2026. The automotive net cash financial position stood at EUR 6.6 billion on June 30, 2026, compared to EUR 7.3 billion at the end of December 2025. This evolution was mostly driven by the strong free cash flow, dividends paid to shareholders for EUR 655 million, and net financial investments of EUR 605 million, mainly related to the full consolidation impact of Flexis through the acquisition of both shares and loans. François, I now pass back to you to comment on the conclusion and outlook. Thank you, Duncan. Let me now turn to the outlook of the upcoming months. First of all, our H1 results provide clear confirmation that our strategic model is working. Even in a complex environment, we remain firmly on track to deliver our full year 2026 guidance at circa 5.5% operating margin, with automotive free cash flow circa EUR 1 billion. Again, in H2, the main enabler will be about product, and we launch again a new product in H2, it is what I would like to mention as a conclusion of our presentation. For Renault Brand, we have the new Megane E-Tech Electric, fully upgraded, higher autonomy over 600 km, richer in terms of digital experience, and very nice new design. I mentioned before the potential I foresee for the Trafic Van E-Tech, with 800 V, with amazing SDV capabilities for specific use case to B2B customers. Also, again, it's not only about Europe, it's about international growth with our half-ton pickup, Niagara, that we launch in Latin America. For Dacia, very big events in H2. I would like first to mention the new hybrid Sandero, which for me will be a strong enabler for Dacia sales. It means as well that now Dacia has a full hybrid in all models, and this is very important for Dacia. We launch the new Spring, a new EV, show again that Dacia is moving firmly towards electrification. The new Striker, the presentation, the reveal was very promising. We are very confident with the potential of Striker. With all of this, again, I confirm that we are very confident not only for 2026, but also for our futuREady midterm plan moving forward. I would like, again, to thank all the teams, all the efforts of our teams, our partners, which allow us to show you today those results. Florent, Q&A? Yes, François. Let's start the Q&A. Again, apologies for the technical issue. I will read the questions that I received from numerous analysts through email. The first question will come from Thomas Besson from Kepler Cheuvreux. Could you please comment on the positive adjusted EBIT drivers in H2 that should help you more than offsetting higher raw material, energy, supplier compensation costs, and the likely sustained negative pricing environment in Europe? Should we assume continued tailwinds from R&D and warranty? This is the first question. The second question is about MFS. Congratulations on the further progress on contribution to earnings. Could you please discuss the evolution of the cost of risks and of residual values in H1, and give us indication on the prospects of its dividends to autos, potentially in H2, but also in 2027, taking into account its capital requirements as it continues to grow as an activity? Okay. Thank you, Thomas. In terms of H2 walk down, it was all about cost elements, wasn't it? Yeah, cost. Yeah, cost will continue to be a strong driver in H2. If you remember, we had some warranty provisions last year on year, we will see lower warranty cost in H2. We will also continue to keep the pressure on maintaining our fixed costs flat. Obviously, the strong dynamic of variable costs is continuing and even accelerating because we have that impact of raw materials, which will be stronger in H2 as we called out. I think you also asked about, there was a statement about the negative pricing environment. I think we called that out in the speech, we said that would continue to be a factor of a headwind in H2. In terms of MFS, cost of risk, we had a slight increase in some Southern American countries, but it's not really moving the needle massively. In terms of capacity to pay out dividends in the full year guidance we'd given at the beginning of the year, we said that MFS would pay EUR 350 million of dividends this year, which EUR 250 million was in the first half. I'm fully comfortable with MFS's capital structure to be able to pay the remaining in the second half. Yes? Maybe to complement. Regarding residual value, I do confirm that we continue to have a very strict discipline. Priority is value versus volume. We are very keen to monitor carefully our residual value in all our markets. I really think and confirm that this is a very strong enabler for robustness of our performance, especially in Europe. When we see the difference between our residual value, it is true for Renault Brand, it is true also for Dacia. Duncan showed this before. Our residual value are much better than our competitors. Our mix into retail is much higher and safer. Please understand that this is not one day, this is a case for quite a long time. We continue on this basis. This is at the core of futuREady, and this is a very strong enabler for our business model in Europe. On the dividend from MFS, I also remind that we gave a guidance towards around EUR 500 million per year on average through the midterm plan in dividend paid out to autos. We stick to that guidance. The next question come from José Asumendi from J.P. Morgan. José is interested to know about the pricing power trends by region in H2, as well as the product mix, driven by the product pipeline, to expect in the second half. Q1? Pricing trends in Europe and other regions in H2. No, mate. As François says, I think we are not chasing volume at the expense of pricing discipline. For me, what I think is that our product attractiveness and the discipline very good channel mix management will enable us to maintain pricing stability and strong residual values in a very volatile market environment. I would like to give you two examples. For instance, we anticipate a high level of volumes of short-term rental in the markets. In this context, we are decreasing our short-term rental volumes by 20%, 10,000 units, when the market will grow by 15%. We are protecting like that our residual value. At the same moment, we are pushing our product attractiveness. If I take, for instance, the example of Twingo, I think Twingo is rolling out of the garage at the same pace of Renault 5. It means that we are focusing our product and our volumes on our product strategy. Look, I think with that, we have the means to do what we did in the last years, but what we are doing now, for the future, to maintain a very stable pricing policy and very high residual value. That's our strategy. Thank you, Fabrice. The next questions from José are also tied to CapEx, what CapEx in H2 against H1, and what is a working capital assumption on a full year basis. He is also asking about cost saving or efficiency initiatives in full year 2026 and what are the biggest actions to reduce our costs. I think we did announce on the product mix in H2 as well, which I think we called out in the speech, said would actually continue to be a positive boost, certainly on the revenue. Obviously, the mix is slightly negative, but the order book is very strong as well with the 2.1 months of forward-looking sales. On CapEx for H2, H1 CapEx and capitalized R&D was very similar to last year's level, and H2 is due to the basic dynamic of our product launches. H2 was higher last year, so we had like EUR 1.6 billion in H2 last year compared to EUR 1.2 billion in the first half of the year. On top of that, we've also consolidated Flexis now, and we're in the final phases of rolling out Flexis. Flexis will have an increase, we expect a H2 CapEx and capitalized R&D to be slightly higher than previous year level. Working capital should remain negative full-year, I think I've already commented on the cost savings. Obviously, the biggest contribution to that is purchasing, as you called out in terms of performance. That doesn't mean that we are not working across the board in all functions to help compensate the increase in raw materials in H2. Yeah. Maybe on cost reduction, beyond the daily activity of discussion with our suppliers, I would like to mention that we start to see in H1, and we see in H2 as well, the output and the results on the way we manage our partnership with suppliers, in terms of working more closely upstream in order to deliver breakthrough both in variable costs, but also in terms of entry ticket development costs with suppliers. This is not an intention. This is already delivering results. This is implemented in all our projects We reached, for instance, over a 40% decrease of entry tickets with our suppliers in each and any new project or life cycle in our product compared with the past. All of this starts to deliver concrete results, and it is also why we were, and we are, capable to mitigate that much the strong increase of raw materials that we see in the market this year. Again, this is about futuREady. Not only to do the traditional peeling work with suppliers, but to see and to break through the way to engage with our suppliers. This is not a dream, this already delivers concrete results. Thank you, François. The next questions will come from Michael Foundoukidis from Oddo BHF. The first one from Michael is to have the key drivers in the margin bridge in H2 versus H1. What are the tailwinds and headwinds? We spoke partially about some, and that's the first one, and I will follow up with the next coming ones. Let's go once again through the H2 walk down. As we call that, the volume should remain positive throughout the year. We said that mixed-price enrichment costs, obviously a part of this was the enrichment cost coming from Euro 6e-bis, which started on January 1st, so it's rolling throughout the year. We said that we expect pricing pressure to remain, even as Fabrice said, we're not necessarily the leaders in that field, but obviously we're impacted in some way. That will continue to be a negative part in the second half of the year. R&D around neutral full year, because we are actually increasing the expenditure in the second half, as I already called out on the cash front. SG&A and others I don't think will be a particular mover, and I think MFS will continue to provide a solid performance. It's really the cost factors which are key. Obviously we'll keep our dynamic on the growth of the business. We had a 10% revenue increase in the first half. We'll have a strong Q3 ahead of us. I just remind you that we have the comparison base on the partner business of RNAIPL, which we consolidated from August 1st last year. It'll make Q4 a little tougher on a comparison basis, but still post futuREady, we call that mid-single digits over the cycle. We're comfortably within that. Thank you. Maybe related to H2 then, can you elaborate on the EUR 300 million partners down payments that we received in H1, and how is that expected to unwind in H2? Yeah. EUR 653 million of positive free cash flow in H1. If you take out the EUR 300 million, that means we would have done sort of EUR 353 million as a first base for the first half of the year. We will do a slight improvement on that, obviously, to be able to be within our guidance range of the EUR 1 billion full year. The payments received in H1 will be expensed in H2. Thank you. Maybe the last question from Michael is that, could we share our view on the non-auto opportunities? Speaking about defense humanoids, we touched a bit on the matter in the presentation. We consider zero in futuREady. This is a pure opportunity. We do not rely on this to mitigate overcapacities, fixed costs, and so on. No. Everything is done standalone with our core business. We see opportunities in defense. We release two new projects with Thales. One is mixing the know-how of Thales in management system and the car. As Renault, we integrate all Thales systems inside the car to allow the easy efficiency of command towards the troops. This is something which is for military purpose, but also, for instance, for fireman purpose. The second project with Thales is a small drone for which we develop together with Thales. We produce and Thales will be in charge of selling this because, again, we are not becoming experts in defense industry. We contribute with our values. I'm confident it will grow. Again, for you, the most important to know is that we do not rely on this to deliver our results. We do not need this to fill our plants because we have no idle capacity. We have no overcapacity. We have no fixed cost issue. We continue to optimize and work with a strict discipline. Thank you, François. Maybe, Duncan, can you also elaborate on the raw mats impacts that we expect moving into H2? I remind that we said around EUR 600 million negative of raw mats and inflation for the full year. What have we seen in H1, and what should we expect moving into H2 on that front? Okay. You've helped me answer the question. Yes, guidance was EUR 600 million full year raw mats and MoU inflation altogether. If you look across the bridge, we had about EUR 200 million in the first half, it's about twice the impact in the second half of the year. What I can complement, when we have a spike in raw materials, we can find some ways with suppliers to mitigate. What we see today is that the increase of raw materials is not just a spike, this is a trend. We have also to be fair with our suppliers and to take this into account. It's why in H2 we have more impact because we have also to be fair with the suppliers. Of course, we do not accept everything. We work together to mitigate and, again, our procurement team with all upstream function are able to find other ways with the suppliers to mitigate this. The impact in H2 is higher. Yeah. As mentioned by Duncan. My view is compare with what we organized for 2027, raw mat is the main offender. For all the rest, because you ask us every time, "Oh, there is more competitors, there is pricing pressure and so on." All of this we knew, so there is no surprise. For raw mat, it's true that in terms of trends, there is, it seems, a stable increase of raw mat in our industry for the months moving forward. Thank you. The next questions will come from Christian Frenes from Goldman Sachs. Overall, the Chinese OEMs affecting Renault's pricing power and segment share in Europe, Brazil, and Turkey. How competitive is Renault's cost base in markets where it competes with Chinese OEMs, including Brazil, through the Geely joint venture? What have we learned and what implications does the JV with Geely in Brazil have for operations in Europe? My main answer is that there is no surprise. Each time you ask, "Oh, there is new competitors, there is pricing pressure and so on." What we see in the market today is not a surprise. This is exactly what futuREady is about, and we are ready for this. It's why I insist so much about being as competitive as those new competitors in Europe, not only in terms of cost, in terms of technology, and engineering. On the other side, I think we have our advantage. We are better in terms of brand management, design, product, manufacturing. This is exactly what futuREady is about. Regarding your second question, we do not learn much from the Brazil case because we know exactly what are the strong points of our Chinese competitors. For sure, this cooperation with Geely in Brazil is very successful because Geely is a strategic partner. We have now a strong intimacy. We know how to work, what we expected from this collaboration is to have a new brand, which is a good brand, good products, and all the strengths of the ecosystem of Renault do Brasil, this is unique in Brazil, and it's why it's working very well. The car of Geely we sell in Brazil are already in the top three of each segment, this is because of Renault ecosystem in Brazil. We start on time the local production in Curitiba of Geely EX5 as from this summer. This is, yes, very encouraging, in order to mitigate, for Renault, the strong push of Chinese industry in Brazil and to make it as a strong opportunity to increase our presence. As I mentioned before, Renault do Brasil volume increase in H1 is + 35% compare with last year. Thank you, François. The question also from Christian is on the LCV. Can you update us on your outlook for the European LCV market? Do you anticipate increased Chinese competition in this segment, and how significant a profit opportunity is the LCV market for Renault? I do not foresee Chinese competitors for the short term. The European market is very low for LCV, unfortunately. Only + 2%, but + 2% compare with strong decrease last year. What we assume to manage 2027, is that this market will not recover further. This is our assumption. On LCV opportunity in the future, maybe, Fabrice, you want to complement? I think on LCV for the future, the huge opportunity we will have until the end of the year is the launch of the new Trafic E-Tech. We will be one of the first runner with a totally original, genuine offer in terms of EV for the LCV market. I think that there is an unmet need in this part of the market. We will be the first to cover. Our opportunity, of course, is to play this new asset, of course, in full complementarity with the success of the Master today. Thank you, Fabrice. The next questions will come from Stuart Pearson from Oxcap Analytics. We know Renault has been very disciplined on channel mix. Can you provide a bit more color regarding the negative price mix enrichment component in the bridge, and how do you see this develop into H2? We answered for H2 and 2027, is also asked by Stuart. I don't know, Duncan, if you want to say a word. Hello, Stuart. This is 2026 call, I think we'll stick with 2026 for the moment. Price was positive on the revenue, but as you saw, was mainly for offsetting of FX headwinds that we had. In terms of mix, you have mix and enrichment. Enrichment was the first block, which is the Euro 6e-bis was additional cost into several engines in our sort of B+ segments, both across Renault brand and Dacia brand, for which it was very difficult to pass on to consumers because there was very little gain for consumer in that. It was just to answer regulatory requirements. The mix then, you have both increasing EV mix, which you know is, at least for some segments, dilutive still at this point in time, and also international. As international grows, we don't necessarily have the same profitability in all regions around the world. There was a slight negative down from that as well. Maybe just to paraphrase François, this is not a surprise. This is something that we knew was happening in the year, and we've called out for a long time. Thank you, Duncan. Maybe a question for you, François. Can you share any updates regarding potential EU tariffs on Chinese PHEVs? Do you believe this would be effective at slowing Chinese competition? No, I cannot comment. I have no specific information. As you know, as Renault Group, we recommend EU to move into three directions. The first one is confirm electrification, but put enough flexibility in order not to penalize the European players with crazy penalties. Easy to do, not yet decided. The second one is a freeze for 10 years for any new regulation. As Renault, we do not recommend to decontent regulation. You take R5 for electric, you take Clio for full hybrid, freeze regulation for 10 years in order to allow European citizen to get access to new cars on a more affordable way. Because you know Europe is a unique place in the world where we cannot recover the market, and the market continues to decline, unfortunately. Third, to have a deal between China and Europe, which for us a good solution is to apply what China did so well 30 years ago, meaning, Chinese makers willing to invest on the long run in Europe as to invest deeply in the value chain. Not only to have a screw plant, but really to invest deeply in the value chain to contribute in terms of employment, in terms of technology, in terms of supplier footprint. I think it would be the best way. For sure, EU need to find a way for an orderly manner to have new competitors in Europe. Otherwise, the European industry will be heavily impacted. As far as Renault is concerned, in futuREady, we consider the cynical scenario. It is why we said we'll be the European automotive OEM capable to show that in Europe we can match the pace of any competitor in the world in terms of competitiveness. On top of this, we'll enhance what is our strong asset, product, design, brand. As Renault, we like to do nice cars. We like to put nice features in our cars, and this is what we want to show on the CCIT, we want to show to our customers in Europe. This is our strategy, and in futuREady, we take a quite cynical assumption about evolution of the EU playbook. Thank you, François. The last question from Stuart is more around the BEVs. We see that we have stronger residual values than most peers on the BEVs. Could this help the pricing power to resist Chinese competition? I think he's asking how close the BEV EBIT margins are now getting to ICE cars. Regarding profitability of EV, I help Duncan, so will not comment further. I repeat what I already said. First, the new car we launch, R5, R4, and it will be also the case for the Twingo are delivering profit, are more profitable than previous car. I referred to Mégane and Scenic. Which shows that the momentum of competitiveness and cost reduction is good because normally a smaller car are less profitable than a bigger car. The second point, management principle I have within futuREady is that when we decide a new car today the profitability of electric should be the same as full hybrid. This is the way we manage ourselves within futuREady and the new model we launch in the future. When we speak at Renault about profitability, it is without taking care of any benefit of CAFE. It is the profitability of the car itself. Those are the two guiding principle of futuREady. Thank you, François. A question from Christoph Laskawi from Deutsche Bank. Christoph is asking about the volume trends to expect in the LCV moving into H2, and what have been the margins in LCVs in H1. Will H2 be above 10% again? More details about LCV. A topic also addressed by Pushkar, who thought that the volumes sales were rather weak in Q2, especially in June. He wants to know what is the trend moving forward. Profitability on LCV, will not answer. Trends of volume for LCV in H2, Fabrice, if you want to Volume LCV? Yeah. I think our volume LCV in H2 will be slightly positive in a market which will be certainly down. That's our forecast. I think our volumes are once again sustained by the ramp-up now and the full coverage of Master. No surprise. By the way, we'll have a share of market increase in this environment, but once again, not at the expense of our pricing discipline. Thank you, Fabrice. The next questions comes from Henning Cosman from Barclays. Henning wants to know, broadly, how much headwind should we expect moving into H2 as regards price mix enrichment. Is that around 50% of H1 headwind? Also, on the costs, Henning is asking if the net of inflation and raw mats will be twice H1. Are the semiconductors effects accounted for into the raw mats? What are the growth savings against the around EUR 1 billion implied by the EUR 400 savings per car per year? Hi, Henning. I hope Florent noted down all of those questions, because I think I got the first one. Price mix enrichment should be a similar amount in H2 than we've seen in H1. I hope slightly less, but roughly that. Costs net of raw materials, that was the second one. Twice H1 is a reasonable assumption. Then the third one was? Well, what are the growth savings? Basically, the question is where do we see the EUR 400 per unit savings in the bridge, I guess. Yeah. In the bridge, you see both variable costs and fixed costs put together. Gross savings, when we talk about EUR 400 per vehicle, on the variable side, that's what we should take into account. There were questions, too, about margins? Oh, yes. I confirm we have the supply visibility for 2026, and the overcost is mitigated through additional cost reduction by purchasing team. Thank you both. The next questions from Henning are more around margin. Around 5.5% full-year margin implies high fives in H2. Are we happy with that, or is that the bottom end of the 5.3%-5.7% range more likely now? The second question is on the free cash flow. What are the drivers for the free cash flow in H2, knowing that, as we mentioned, the EUR 300 million down payments will reverse into H2, and that we will only receive EUR 100 million from MFS dividend to get to around EUR 1 billion free cash flow in full-year 2026? Yep. Thank you, Henning, for the follow-up questions. Yeah, around 5.5% is technically between 5.3% and 5.7%, and more likely to be in the lower half than in the upper half, considering the tough environment we have out there. Overall, a slight improvement in H2 versus H1 in terms of margin. Previously, if we look back over previous years, we've had maybe 40, 50 bps uptick, but because of all the raw material pressure we've called out, I don't think the gap will be so big this year. In terms of free cash flow, we will obviously continue to generate a strong EBITDA off that. A slight increase in the second half compared to the first half. MFS dividend, I said I was comfortable with the capacity to payout in H2. We've talked about slightly higher investment. Restructuring costs will continue. Yeah, I don't see any reason why we have a slightly stronger free cash flow in the second half than the first. Thus, the first, obviously, I'm calling out taking the EUR 300 million of supplier upfront payments, which I called to say they would cash out in the second half, which is part of the CapEx increase we're talking about. Thank you. Two other questions. One from Pushkar on the R&D capitalization benefit in the EBIT bridge. How much was it and what drove it? Is it a one-time effect? The question on the capacity coming from Horst, this one. Given that European market leader Volkswagen is cutting so much capacity, does it increase the pressure on Renault to reduce capacity further? We have no need to reduce capacity. The capacity utilization is above 80%. We have no intention or project to reduce further. What we focus on is secure the competitiveness of our manufacturing footprint. It's why in futuREady we release - 20%. It's why we took the initiative to negotiate with unions, like what we did in Spain, for instance. A global scheme, it is about labor cost. It is also about flexibility, terms and conditions in order to secure the long-term competitiveness. It means long-term employment of our people. It means the long-term strengths of our supplier ecosystems. This is what I focus on. Secure the competitiveness for growth, not restructuring further because of lack of competitiveness or lack of volume or lack of profit. This is what futuREady is about. On the R&D capitalization, I think it was Pushkar's question. It's just an application of IFRS rules. The impact was just a little bit less than EUR 90 million. We started capitalizing from the 1st of March, which really coincided with two factors at the same time. First of all, we'd finished the transaction on Flexis. We had clear visibility and control of that project, and clear visibility of the product coming out in the second half of the year. It was launched. We will see the first volume starting in December. That project plus the confirmation of the milestone on the C-segment vehicles, in which SDV will also go. Those being profitable from an NPV point of view, we applied the IFRS rule and we capitalized them. I would like to remind you that a large part has already gone through the P&L in cost. It's only the rest of the development that remains. We will capitalize full second half of the year. I think the capitalization rate will probably peak at that point in time, go down in 2027. It's just basically the phase and development that we're in right now in terms of the number of projects that are in the latter stages of development. Thank you, Duncan. This was the last question. I think we went through all of it. If you have some follow-up questions, please be in touch with the investor relations team. We will be happy to help you guys, and have a good day. Thank you. Thank you all. Thank you.