Welcome to the Safran half-year 2025 results. At this time, I would like to turn the conference over to your hosts, Olivier Andriès, Safran's CEO, and Pascal Bantegnie, Group CFO. Mr. Andriès, please go ahead. Good morning, everyone, and thank you for joining us for Safran's first half 2025 results call. I will go through the presentation together with Pascal. First of all, we are pretty excited with the current trends in our markets. Those of you who attended the Paris Air Show were able to witness the renewed dynamism of our commercial and defense customers and their appetite for our new technologies. At the same time, NATO members have agreed on planned increases in defense spending, which will translate ultimately into new market opportunities for Safran. We are also pleased to report some improvements in the supply chain for the first time in a long time. We welcome the progress made on the transatlantic agreement to remove tariffs on aerospace products, which is a positive step for the industry. In parallel, we continue to implement targeted mitigation measures to manage any potential impact. Once again, Safran delivered a record performance this semester with double-digit growth across all key metrics. Note that we delivered a 17% operating margin, which exactly represents the midpoint of our 16%- 18% guidance provided back in December 2021. Civil aftermarket continues to perform very well across the board. In light of this momentum, we raise once again our full-year guidance. Two additional pieces of information from July news flow. First, on July 21st, we succeeded to close the acquisition of cooling, saturation, and flight control activities after a long journey. This is a key milestone in strengthening our flight control offering. The teams are now focused to deliver the expected cost synergies by 2028 and grow the commercial momentum. At last, as you have seen this morning, we have announced the location of our fourth carbon brake factory. It will sustain the strong demand both in original equipment and MRO on this segment. Turning to slide four, Safran enjoyed the strong commercial momentum across its businesses. Ryanair ordered 30 LEAP- 1B spare engines to reinforce operational resilience and support its expanding 737 MAX fleet. This marks another step in CFM International's long-standing partnership with Ryanair. We unveiled THE Room FX with All Nippon Airways, a new business-class seat for the 787-9. It combines privacy, comfort, and sustainability, setting a new benchmark in premium cabin design. In line with our decarbonization roadmap to support aviation electrification and hybrid-electric propulsion, we set up a major partnership with Saft. To develop a high-voltage battery system for aviation. We launched a technology program together with Daher, Collins, and Ascendance to design a hybrid-electric propulsion architecture for light aircraft. On the defense side now, there is a clear commitment to increase investment, with global military expenditure reaching levels not seen since the end of the Cold War, particularly in Europe. As an example, members of the NATO alliance have agreed to commit to a significant defense budget increase. We are significantly raising our production capacity to meet the new demand and serve our backlog. The export momentum for the Rafale remains very strong. We signed a new contract for 26 Rafale for the Indian Navy. In the meantime, we decided to engage in the development of a more powerful evolution of our M88 engine powering the Rafale and designed for the future F5 standards. This should help to grab new customers. We also build our strategy on external growth and key partnerships. We have announced several new partnerships at the Paris Air Show with key players such as Bombardier from Canada, Diehl in Germany, Babcock in the U.K., Kongsberg in Norway, to name a few. These collaborations span air-to-ground munitions, compact optronic systems for UAVs, multi-sensor artificial intelligence for persistent geospatial intelligence, and naval strike missile propulsion, for which we received an order of several hundreds of turbojets from Kongsberg in Norway. We extended our partnership with Avio Aero and MTU to jointly develop Europe's next-generation engine for military helicopters. Recent acquisitions include Orolia in positioning, navigation, and timing. At the Paris Air Show, we have launched BlackNaute and Skylight, two cutting-edge systems delivering Resilient PNT, Resilient Positioning, Navigation, and Timing, designed to operate in GPS-denied environments. Preligens, now Safran AI, our AI factory, is expanding quickly. In the end, we aim to double our revenue base in defense and space activities by 2030. We have the right technologies. We have a clear roadmap to access new markets. We are building on partnership and external growth, and we are expanding our production capacities. Pascal, I leave you the floor to discuss H1 performance. Thank you, Olivier. Good morning, everyone. As usual, I'll be commenting on the adjusted accounts for which a bridge from the consolidated statements is presented on page seven. The adjustments relate to FX or PPA. The EUR 4.8 billion change in mark-to-market of instruments hedging future cash flows has been adjusted in financial income in H1 2025. This is purely an accounting entry, no cash impact, as are derivative instruments hedging future USD cash inflows. On FX slide eight, in Q2, we have faced the fastest move in the euro/dollar since the '70s, with more than $0.15 euro/dollar appreciation in a few weeks' time. Despite this, our team successfully managed to protect our hedging portfolio. As you all know, our strategy is notably based on options with knockout barriers. None of them has been triggered to date. As we speak, the dollar has returned to 1.14, a more comfortable level. I can confirm our target hedge rate of 1.12 for 2025 and the coming years. We strive to maintain an attractive hedge rate for as long as possible in a constantly evolving environment. Once we have a better view on the recently acquired business of Collins, we will factor in their hedging needs for USD and British pounds. Turning to slide nine, revenue for the first half of 2025 reached EUR 14.8 billion, up 13% on an organic basis. The impacts of currency and scope have fully balanced out over the semester. Currency reflects a marginal appreciation of the euro versus the dollar, and scope reflects the contribution of CRT, the engine repair business acquired early 2025. Overall, Safran continues to deliver consistent broad-based growth supported by favorable momentum in both services and OE across commercial aerospace and defense. The profits increased twice as fast as revenue at a rate of 27%. Recurring operating income reached EUR 2.5 billion. It is worth noting that the historically high margin level achieved in H1 at 17%, exactly at the mid-point of the range provided during the CMD21. This is an improvement of over seven points compared to 2021. I'll come back on the main drivers per division. Looking at the summary of the income statements beyond sales and EBIT, let me comment on other P&L items. One-off items amounted to a negative EUR 37 million, which includes an impairment charge on one program within aircraft interiors, restructuring costs, and I will say the usual M&A expenses. Financial income is a positive EUR 32 million. The return on cash investment exceeded the cost of debt, and translated into EUR 77 million in net financial interest. The apparent tax rate is 34%. This includes a one-time contribution of EUR 261 million, resulting from the 2025 finance bill in France. You must expect a EUR 380- EUR 400 million impact on a full-year basis, meaning an additional EUR 140 million in H2. Net income to the parent stands at EUR 1.6 billion, representing EUR 3.8 per share, up 11% from last year. Let's now take a closer look at our businesses, starting with propulsion. Revenue reached EUR 7.5 billion in H1, up 17% year- over- year. This performance was primarily driven by civil aftermarket, with third-party revenues up 21.6% in dollars, driven by strong demand for all engine families: CFM56, widebody engines, and LEAP. Services were up 21.1%, led by the ramp-up in LEAP RPFH contract revenue. On the OE side, LEAP deliveries were up 10% versus last year. After a drop of 13% in Q1, production accelerated sharply in the second quarter. Q2 was up 38% year- over- year and 29% sequentially. We also enjoy revenue growth in helicopter turbines, mostly in services and military engines, with a favorable customer mix. Recurring operating income came at EUR 1.8 billion, representing a record 23.3% of sales, a margin improvement of 340 basis points. This is a lot to get excited with. The strong performance was driven by civil aftermarket, both spares and services, the start of margin recognition of LEAP-1A RPFH contracts, including a one-time margin catch-up from previous years, and third, a significant number of LEAP spare engines in H1, and that ratio is due to decrease in H2. Moving on to equipment and defense on slide 12, revenue reached EUR 5.6 billion in H1, 8% organic growth. The growth rate of this division is lower than in propulsion due to its exposure to programs with a slower ramp-up at this time. The defense business growth was led by guidance systems, including AMR, and strong demand for Resilient PNT solutions. We see more opportunities along the road. On the aircraft equipment side, aftermarket services increased across the board, especially in landing systems, nacelles, avionics, and electrical systems. OE volumes slightly grew, notably on the A320neo and 787 landing gear. Recurring operating income came in at EUR 703 million, up 7%, with a margin of 12.5%, almost stable compared to 2024. This reflects a high comp base. Indeed, in H1 2024, we saw a one-time profit recognition when the Gulfstream 700 nacelle entered into service. On a full-year basis, we still expect margin expansion by at least 50 basis points in that division. That said, a solid level of margin was supported by aftermarket growth, notably on landing gear, carbon brakes, and aero- safety systems. Finally, turning on slide 13, aircraft interiors, we are staying on track with our roadmap for continuous margin improvement year after year. We posted a profit of EUR 27 million in the first half, up EUR 17 million, lifting the margin by 100 basis points. While this remains modest, it reflects a solid level of services, particularly in cabin, and continued progress in OE, notably business class seats, galleys, and IFE. Revenue reached EUR 1.6 billion, organic growth of 15%. Both OE and services contributed to this performance. In cabin, OE growth was notably supported by higher deliveries of 737 MAX galleys, while services increased across the board. In seats, OE volumes saw a strong increase, with business class seat deliveries up 65%. Aftermarket sales also contributed to growth. We did burn some cash in H1, although much less than a year ago, and we continue to strive to reach cash break-even at some point. Turning to cash. Free cash flow generation reached a record level of EUR 1.8 billion, up 25% year- over- year. The strong performance was driven by a 25% increase in EBITDA, which reached EUR 3.2 billion. Change in working cap remained stable. The rise in inventories was partly offset by higher customer advance payments, notably on Rafale. We continue to invest to support growth and prepare for the future. CapEx totaled nearly EUR 800 million, with spending focused on expanding engine and aero capacity, as well as production capacity on landing gear, smart weapons, Resilient PNT systems, and low-carbon projects. This result reflects Safran's ongoing focus on operational excellence and cash discipline. Safran's net cash position remained almost unchanged, with a balance of EUR 1.9 billion. The cash generation in the semester was used to pay the EUR 2.8 per share dividend and to finance the share buyback program. In the first six months, we bought back 2.9 million shares for consolidation purpose, for a total of EUR 713 million. We also proceeded with the early redemption of the convertible bond. Name is OCEANEs 2028, resulting in a decrease of the net debt. We had a net cash-out impact from acquisition of EUR 133 million related to the engine repair company called CRT. This net cash situation does not yet include the acquisition of Collins' a ctuation business for a total of $1.8 billion, which took place on July 21st, with cash on hand. These are the proceeds from the electromechanical actuation business that we sold to Woodward. On the share buyback front, at the end of July, we have repurchased for consolidation purpose 3.4 million shares for a total of EUR 850 million. These shares will be canceled at year-end, together with the EUR 0.2 million treasury shares that we reallocated for consolidation in April for a market value of EUR 50 million. Olivier, back to you. Thank you, Pascal. At last, on slide 17. We have completed the acquisition of Collins' assets, which is actuation and flight control s. This is a major milestone in our aircraft equipment strategy, focused on mission-critical equipment and functions. I spent some time last week with our new colleagues in the U.K., and I welcome these teams again from the U.K., Italy, and France, as well as from many other countries. They are enthusiastic to join Safran. This business will be integrated within Safran Electronics and Defense and be consolidated from August 1st. Our full-year guidance does not yet include their five-month contribution, which we expect to range from EUR 600 million- EUR 700 million in revenues. This business fits very well with our Safran DNA, leading technology, mission-critical systems, recurring aftermarket revenue, and drives profitable growth. We expect the business to grow at attractive growth rates and deliver low double-digit EBIT margin through a combination of volume growth and cost synergies. In light of the H1 performance and the continued business momentum in both civil aerospace and defense, we are raising our 2025 outlook. Revenue should increase in the low teens, exceeding EUR 30 billion. Recurring operating income guidance is improved by EUR 200 million at mid-point to reflect better performance in civil aftermarket. Free cash flow guidance is improved by EUR 400 million at mid-point, which reflects the improved business perspective and includes Indian Navy advance payment on the Rafale contract. The revenue growth outlook for our two key indicators has been raised. Spare parts and services revenues are expected to be up in the mid to high teens. Our guidance excludes the contribution of Collins, as previously said, and any potential impact from tariffs. Thank you. We will now answer your question. Thank you. To ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Thank you. First question today is from Olivier Brochet from Rothschild and Co Redburn. Please go ahead. Yes. Good morning, Olivier and Pascal. I would have two questions for you, please. First of all, on aftermarket, civil aftermarket, could you give us a bit of color on how things have moved in widebodies, narrow bodies, content, price, volume, and the breakdown between services and spare in terms of overall contribution? Second, could you give us a bit of a sense of the catch-up in the margin in the LEAP CSAs? What sort of size are we talking about? Thank you. Hello, Olivier. I will take the first one. On the CFM56 side, what we've seen is a slight growth in the number of shop visits. We are in the range of low-mid to low-to-mid single-digit growth in terms of number of shop visits. We are benefiting also compared to H1 2024. We are benefiting from the catalog price increase that has been decided and put in place in August 2024. What has been the main driver for the growth of our revenues on CFM56 spare parts is the wear scope. In fact, the wear scope has increased compared to 2024. When we look at the IFRS engine, this is where the growth has been, let's say, the most significant, even higher than on the CFM56. Here, this is really the impact of a higher number of shop visits compared to 2024. Good morning, Olivier, on your second question. We've discussed during the last Capital Market Day our methodology to recognize profits on LEAP RPFH contracts. As you may remember, the trigger point was the introduction of the new HPT blades on the LEAP- 1A. If I was to size the catch-up effect, given the fact that we have not recognized any margins before 2025, I would say that about 60% of the LEAP RPFH profits were recognized in H1, and we expect another 40% in H2. It was more H1 balance versus H2. All in all, I would say it's quite marginal. Don't expect a huge amount of profits. Okay, that's helpful. Thank you very much. Thank you. Next question is from Milène Kerner from Barclays. Please go ahead. Bonjour, Olivier, Pascal, and Armelle. Thank you for taking my question. I also have two, please. The first one, could you please clarify what retirement rate assumption you're using for your CFM fleet through 2030? How might the current low level of retirement influence those assumptions? My second question, at your Capital Market Day, you outlined a target of EUR 6 billion- EUR 6.5 billion in operating income by 2028. Following this morning's guidance of growth, now you're going to see a compound annual growth rate of about 8%. Should we interpret this as a conservative outlook, or are there any underlying factors that might explain the trajectory? Thank you. Hello, Milène. I will take the first one and leave the second one to Pascal. The underlying assumptions on CFM, what we've seen, a growth in traffic on the narrowbody side compared to 2024, which is about 5%, just slightly above 5% of available seat kilometers growth compared to 2024. The level of storage of CFM56 fleet has basically decreased a bit. We've reached something like slightly above 6% of fleet, which is stored, which is a lower level than even before COVID, 2019, where it was 7%- 8%. The level of retirement has been very low. Basically, we were below 50 at the end of May of number of aircraft retired. This is a very low level. This is even lower than pre-COVID again. Those are the underlying assumptions, which basically create a strong tailwind on the CFM56 flying hours and therefore shop visit wear scope and appetite for heavy wear scope. Good morning, Milène, on your medium-term outlook question. We disclosed our 2028 ambition last December. It was based on our view of medium-term plan that was built mid of last year. Given the strong start of 2025 and the comments made by our partner a week ago or two weeks ago on the aftermarket business on civil engines, we can only confirm that the spare part business is more promising than we had expected, with likely more activity by the end of the decade. Now, our budget cycle calls for a review of our medium-term plan in the fall. It is only then that we will be able to decide whether the 2028 guidance deserves to be revised or not. As you know, there are also some uncertainties regarding tariffs or reduced domestic demand across the U.S. We will take our view, and then we'll come back to you in due time if we need to revise or not our long-term view. For sure, the civil aftermarket activity is much stronger than we expected, and it should last longer than we had expected. Trend is very positive. Thank you. Thank you. Next question is from Chloe Lemaire from Jefferies. Please go ahead. Yes. Good morning, Olivier and Pascal. Thank you for taking my question. I have two, if I may. The first one would be on the guidance for propulsion margin. I think, Pascal, at the full year, you mentioned 100 bps- 200 bps improvement. That was obviously much stronger in H1. How should we think about the outlook for the year now? The second one is still another dab at the 2028 outlook. I know it's a bit too early to give a proper updated view, but any reason why we should think that the growth that GE now sees on the CFM56 revenues by 2028, I think now they kind of see a 20%-ish increase from 2024 to 2028, wouldn't apply to you in full, or is it something that you, a view that you share with them? Thank you. Good morning, Chloe. Coming back to my comments on margin expansion in the three divisions. Let me start to confirm that in aircraft interiors, we expect at least 200 basis points margin improvement this year. In defense, as I said earlier, at least 50 basis points. This is unchanged from what we said for equipment and defense and aircraft interiors. Now, on propulsion, I can confirm that we can raise our ambition and expect now margin to expand by 250 basis points this year instead of 100 to 200 basis points. On your second question on the 2028 outlook, we can clearly think that what GE said on the revenue compound rates for the years to come should apply in full to Safran on the propulsion business. As you know, more globally, we have a different mix of businesses with equipment and defense and our aircraft interiors activity. In propulsion, despite that, the comparison base could be slightly different from GE and Safran, but in the ballpark, I would say the same should apply. Very clear. Thank you. Thank you. Next question is from Benjamin Heelan, Bank of America. Please go ahead. Yeah, thank you. Morning, guys. Hope you're both well. I wanted to go a little bit more in detail on the propulsion margin and some of the comments you made to Olivier because I'm not sure I'm fully on top of it. When you started recognizing profit on the LEAP- 1A, was there an accelerated recognition this year, or is this just because you've started recognizing profit on the LEAP- 1A? How do we think about that into 2026 when you should start recognizing profit on the LEAP- 1B? How can we think about that? Morning, Ben. We started to recognize LEAP- 1A RPFH profits in H1 for the year 2025, but it also includes a one-time contribution for the margins that we should have recognized in the previous years, typically 2023, 2024, 2022, and so on. There was a slight one-time contribution from the non-recognized margin in the previous years. Once again, as I answered to Olivier, but maybe I was not clear enough, if we expect $100 this year, we did recognize $60 in H1, and we expect $40 in H2. You see that the one-time contribution is not that important. In 2026, as GE confirmed, we plan to introduce a maverick blade on the LEAP-1B at some point in time in H1 2026. This will be the trigger point to recognize margins on LEAP-1B RPFH contracts, which will come on top of LEAP-1A. You would expect higher profits in 2026. Okay. If we think about the LEAP-1A recognition X to catch up, are you able to give us some color as to what you've started recognizing that margin at? Is it roughly in line with the divisional margin in propulsion? Is it a bit higher? Is it a bit lower? Is there any color there you can help us with? No, I'm afraid we cannot disclose any details on that, Ben. Okay. Thanks, Pascal. One for Olivier. Olivier, can you talk a little bit about the LEAP supply chain issue? Obviously, you've had the strike and resolved that now. Have you been able to catch up the flow of production in the facilities? How do you see that trending over the next couple of months and quarters into the end of the year? Thank you. Hello, Ben. No, as we speak, we have not completely caught up with the impact of the strike. We had a low Q1, mainly driven by, let's say, supply chain issues, and then we had this strike. The plan is to recover by somewhere like end of October. By the end of Q3, we should mostly have recovered, not entirely recovered. The plan is to recover completely by the end of October in order not to, let's say, impact the Airbus delivery plan. This is the goal. Our team and our partner's team are fully engaged on that plan, and we are going to continue to work very hard to recover this backlog, this late backlog. Yeah. Okay. Great. Thank you both. Thank you. Next question is from Christophe Menard from Deutsche Bank. Please go ahead. Yes, good morning. Thank you for taking my question. I had one to bounce on the LEAP-1A RPFH catch-up. Should we expect a higher contribution when it comes to the 1B RPFH catch-up, or is it similar in terms of margin, or will you also apply a 60/40 type of split? Second question is, you mentioned the new engine for the Rafale. I was wondering, the financing of this, is it something you will be paying out of your own funds, or will there be some funding coming from the government for that? Good morning, Christophe. To be honest, I don't know yet what will be the catch-up on the LEAP-1B because the LEAP-1B RPFH contracts may have different margin profiles compared to LEAP-1A. I've not yet looked at the unrecognized margin that we have had in the past years. I don't have the answer to your question, but there will be a slight catch-up impact of one-time contribution as soon as we start recognizing LEAP-1B profits next year, yes. Christophe, on your second question, has this, let's say, increased thrust engine development for the Rafale F5 standard? As it is part of the F5 standard, we are engaged in the discussion with the French MoD for the funding of it, indeed. Thank you very much. Thank you. Next question is from Robert Stallard, Vertical Research. Please go ahead. Thanks so much. Good morning. Good morning, Robert. Just wanted to follow up on Ben's question. We clearly had a lot of pressure from Airbus to ramp up those LEAP engine deliveries in the second half. I was wondering if you could comment on your confidence in hitting that Airbus delivery target. Secondly, on defense, you commented that you expect the revenues to double by 2030. Do you see there's a straight line to getting to that number, or is it more back-end loaded? Thank you. Hello, Robert. As I mentioned in my response to Ben, the goal is to recover our late backlog on the LEAP deliveries to Airbus by the end of October. We have a plan for that, so it's all now a matter of execution. This is a challenging but achievable plan, and once again, the team is fully, fully engaged. We'll take in due time the right decision also with respect to allocation of spare versus installed engines to Airbus in due time. On your second question, when I mentioned that we expect to double our revenues on defense, more precisely, it's on our defense electronics business. On the engine side, on the propulsion side, basically, the growth is driven by the, let's say, very successful export dynamic of the Rafale. We have also a strong dynamic on military helicopter engines as well. When I mentioned that we expect to double our revenues in defense, I was basically talking about our defense electronics. Yeah, we are really confident on that. By the way, we have decided to double the capacity of our navigation system production in Montluçon. We have basically decided to multiply by three, and probably even more, our production capacity for missile engines. The dynamic is very strong in Europe, and it's not backloaded. The growth is, we are talking about like a 20% growth, sort of compounded annual growth. The dynamic is very strong on navigation system, on what we call AMR. AMR is our air-to-ground strike missile, in fact, and on optronics as well. Okay, that's great. Thank you very much. Thank you. The next question is from Ken Herbert, RBC CM. Please go ahead. Yes, hi. Good morning, Olivier and Pascal. Two questions, if I could. The first is, on the full-year guidance for civil services or civil aftermarket, the guidance implies a bit of a step down in growth in the second half versus the 21%- 22% we saw in the first half to get to the mid to high teens. Anything in particular you'd call out there in terms of the decel in the rate of growth, or just general conservatism? Then second, for the increase in the full-year free cash flow guide, can you just comment how much of that is timing of M88 engine payments relative to strength across the business and specifically in the aftermarket? Good morning, Ken. First, on the full-year outlook for spares and services. We are raising our guidance from mid teens to mid to high teens. True, in H2, we should see a growth rate lower than what we had in H1. If I look in value, in dollar terms, we should have higher revenues in spare parts and services in H2 when I compare to H1. It is purely as a comp base. As you know now, we escalate prices for the catalog on spare parts on the 1st of August, meaning that the seasonality has changed compared to previous years. Now, Q1, Q2, Q3, we see sequential growth for each and every quarter. Usually, there is a bit of a step down in Q4. On your second question of the free cash flow guide, it's coming from strength of the business, purely. There is no one-time effect. It's purely aftermarket and the inclusion of the advance payment on Rafale, which was not in our budget. By the way, when we looked to our 2028 free cash flow guide, I was very explicit at the last Capital Market Day that we had not included any advance payments on the new Rafale contract. Indian Navy is a new contract. We will receive advance payments not only in 2025, but for the years to come as well. Ken, on top of Pascal's comment, I'd like to add that basically, on the military propulsion, which encompasses both military combat aircraft engines and also helicopter engines, basically, we are more backloaded, meaning that H2 is going to be stronger than H1. This is also another ingredient that makes us very confident that the H2 performance in propulsion will be similar to H1. Thank you very much. We'll take another couple of questions. Thank you. Next question is from Hervé Drouet from CIC Market Solutions. Please go ahead. Yes, good morning, Olivier and Pascal. Two questions as well on my side. The first one is, is it possible to be a bit more specific on the one-off you have booked for LEAP-1A profit booked, the 60% booked in H1? Kind of order of magnitude would be useful. The second question is the allocation of spare engines versus new engine. I understand, I mean, there's been recent spare engines being delivered to airlines. I was wondering how you are allocating spare engines versus OEM. Is there any rule of thumb you can give us in the way you allocate those engines? Thank you. Good morning, Hervé. I guess you should not overstate the contribution we benefited from this one-time contribution. Frankly, it's quite marginal. As I responded to Chloé, with the 250 basis points improvement in margin for the propulsion segment, you'll see that the performance we will achieve in H2 should be quite similar to what we had in H1, meaning that this one-time contribution in H1 didn't play a lot of. Did not have such a strong impact. I would not quote more than I did on that, but don't overstate this one-time contribution. Hervé, on the allocation spares versus installed. Our guidance really is, and our direction is really to make sure that our airline customers keep flying. This has always been the brand of CFM. We keep you flying. It's really making sure that we avoid aircraft on ground. This is what is driving us, mainly. This is what the airlines are asking us to ensure because it is very frustrating for an airline to have an asset and not be able to fly it and use it because of an engine issue. It's all about avoiding aircraft on the ground, making sure we keep airlines flying. It's a week-per-week decision with respect to allocation. We'll take a last question, if any. Thank you. Thank you. Last question is from David Perry, J.P. Morgan. Please go ahead. Hi, Olivier and Pascal. Thanks for squeezing me in. Just a factual question, really. Nice to see the very bullish comments on defense. Can you just tell me what are the actual sales in equipment and defense in defense? And what% of helicopters is defense, please? Thank you. On the defense contribution to the electronics, the defense electronics contribution into our Defense and Equipment branch is today, turning to Pascal, above EUR 1.5 billion. It's above EUR 1.5 billion today. Above EUR1.5 billion today, and we expect that to double by 2030. We have a space contribution, space equipment contribution, which is close to EUR 0.5 billion as well. So EUR 1.5 billion defense, space close to EUR 0.5 billion. This is expected to double. On the helicopter side, it's roughly 50/50 between commercial and military. It's roughly 50/50. Okay. The reason I ask you, I think you said defense is about 18% of the group, and I just can't quite get there. I can follow up with Armelle. Obviously, with military aircraft, the numbers in defense electronics are about what I thought. I just wondered if helicopters was higher. I think it would just be you're talking about defense a lot, and it's an exciting part of the story. It would just be nice to have some audit trail of the numbers. It would just be a request, if I may. Thank you. It's helpful. Your answer is helpful. David, good morning. Yes, we always say that defense represents more or less 20% of total group sales. I will split that into two parts. 10% is what I would call military propulsion, either for the Rafale, the A400M, military helicopters, and another 10% in defense electronics and space that Olivier was discussing. This is a broad split of what we call the broad defense sales within the group. Thank you very much. Have a lovely summer. Thank you. Sorry, on top of that, some of our equipment business is also directed towards military, such as landing gear for Rafale, landing gear for Eurofighter, landing gear for F-18, wiring for F-16, aerosystems such as evacuation slide, pilot equipment. On aerosystem are also directed towards military. The 20% that Pascal has mentioned is taking into account all that. Thank you. Thank you. Thank you. Have a good day.