Good morning. It is my pleasure today to present our first -half 2026 results together with Maud Thuaudet, our Group CFO. Once again, we delivered a very strong performance in the first half. To show our Lead & Grow plan in action, as always, I start with a few examples of Saint-Gobain Solutions being used around the world in iconic residential or non-residential buildings, such as this Brazilian medical center. Also, this airport in Singapore, where we leveraged our waterproofing solutions to enter early in the specification stage in the project and subsequently specified 12 other Saint-Gobain solutions, both in the building and on the runways. Lead & Grow in action very actively across the board. Moving to our financials. We have delivered strong operational execution in H1 2026. Organic sales growth up 0.7%, strong EBITDA margin at 15.4%, robust EUR 1.7 billion recurring net income, and also strong free cash flow with a 65% conversion ratio on EBITDA. In the first half of 2026, we have also delivered successfully on our key Lead & Grow strategic priorities. On outperformance, first, all regions have been growing strongly in the second quarter and have accelerated the rollout of their solutions in non-residential and infrastructure markets. Altogether, the group has delivered + 3.5% organic growth in the second quarter. Second priority, we continue to invest in high-growth markets. Our construction chemical solutions have strongly outperformed. You know it's a strategic priority as well. Strongly outperformed with 8.5% organic sales growth in the second quarter. 13 out of our 14 new lines and plants have been opened in H1 in North America, in Asia, and in emerging markets. A very decisive and clear capital allocation on growth markets. Finally, as we have seen, we have moved decisively on M&A, with 23 acquisitions and divestments being signed or closed in the first half, with around EUR 3 billion of sales rotated since the beginning of the year. That is one-third already, one-third of our sales rotation target of more than 20% by 2030. Altogether, I'm very pleased with both the strong operational and the strong strategic execution of the group in the first half of 2026, which bodes well for the rest of the year and for all our Lead & Grow plans for the next five years. I now leave the floor to Maud, who will take us through our financial metrics. Thank you, Benoit. Good morning, everyone. I'd like to give you the details of our financial performance for the first half 2026. I will start with the top line, where we achieved sales growth of 0.7%, like-for-like in H1. This was driven by a robust Q2, up 3.5% like-for-like, with growth in all our regions. We saw strong growth in Asia Pacific, up 7% like-for-like. A return to growth in Europe, up 4%, and positive like-for-like growth in the Americas. Prices were up 0.8% in H1, stable in Q1, and up 1.6% in Q2. Thanks to the price increases and the transportation surcharges that we passed as the cost environment turned inflationary. This reflects again the value added of our solutions and the disciplined execution of our teams. As you know, the situation in the Middle East is volatile and changing day by day. We continue to expect mid-single-digit inflation on our EUR 12 billion raw material, transportation, and energy bill, but this is a moving target for 2026. Overall, we remain confident to deliver a slight positive price-cost spread for the full year. On energy specifically, I would highlight that our energy bill is below 4% of group sales, half gas, half electricity, and we are well-hedged for the year and beyond. For this year, at +75% in 2026. The exchange rate impact was -1.3% in H1, including around -6% in North America and Asia. It turned slightly positive in Q2. For the structure impact, it was -0.5% in the first half, reflecting our active management of the group's profile. We have announced or closed divestments and acquisitions close to EUR 3 billion year-to-date, with an accretive impact on the margins of 40-50 basis points on a full-year basis. We are again strengthening the profile of the group, allocating capital to our investment priorities. Regarding EBITDA and margins, we delivered strong operational execution with an EBITDA margin of 15.4%. This benefited from the return to growth in Q2. Foreign exchange still had a negative impact in H1, as the regions most impacted by the depreciation versus the euro were North America and Asia and have higher margins than the group's average. Hence, there was a dilutive effect. Depreciation increased by 3% in H1 with the recent opening of new lines and plants. If I move to EPS, non-operating costs was similar in H1 2025. We continue to expect a bit below the EUR 250 million average per year. The capital gain and losses line is particularly low this half but should improve once we close the Dahl divestment. Net financial expense was slightly down with the decrease in gross debt. The tax rate on recurring net income was 25%. Lastly, EPS decreased 2.6% in local currencies. Let's look at cash now. We generated free cash flows of EUR 2.1 billion in H1, with a cash conversion ratio of 65% on EBITDA and 125% on recurring net income. Operating working capital was stable at 24-day sales in June 2026, a very good level. CapEx was at a similar level to last year, and we expect it to remain around EUR 2 billion for the full year. We maintain a strong financial discipline and a strong balance sheet. The net debt ratio is 1.6 x. We once again made disciplined capital allocation decisions towards value creation for shareholders with EUR 1.4 billion return to shareholders in H1, including EUR 292 million of share buyback year-to-date, reflecting our opportunistic approach to our share buyback program. Around 90% of our gross CapEx and investment in M&A were deployed in high-growth markets. Return on capital employed over the first half reached 13.5% in local currencies, impacted in actual terms by the foreign exchange. Let's look at the results by region, starting with Europe. Looking at Europe overall, we saw a return to growth in H1 with sales up 1.7% like-for-like. This was driven by Q2 with like-for-like growth of 4.1%, the strongest growth in the region since 2022. In terms of local dynamics, first starting with Northern Europe, we delivered 3.7% organic growth in Q2, driven by all countries with the exception of the U.K., which faced a softer market. Elsewhere, Nordic countries grew, also benefiting from the mix improvement with high-value-added solutions. Germany returned to growth, supported by good trends in insulation and light construction. Northern Europe continued to outperform with double-digit growth in Poland and in the Czech Republic, including an additional 1 percentage point achieved thanks to cross-selling by the teams. Turning to Southern Europe, the Middle East, and Africa, which delivered 4.5% organic growth in Q2, driven by new construction, industrial solutions, and market outperformance. We continue to outperform in France thanks to our large offer in terms of solutions and services. Spain and Italy grew with continued market share gains in interior solutions and construction markets. The Middle East achieved double-digit growth in Q2 with a strong performance from Turkey and all the tribute going to our exceptional teams in the region. In terms of margins, Europe was flat over the half, and the start of the year was affected by unfavorable weather conditions but balanced by return to growth in Q2 and good pricing and cost management. Moving to the Americas. North America saw 1.2% organic growth in Q2, a strong improvement compared to Q1 with the normalization of weather conditions. Despite new construction remaining down, volumes were driven by roofing, plasterboard, siding, and construction chemicals, where we continued to outperform strongly with double-digit growth. Prices increased slightly year-on-year in Q2. Sequentially, the price increases led to more substantial improvement. Latin America decreased 1.3% like-for-like over H1 on a high comparison basis. The region saw slight volume growth, but prices were below last year, given lower raw material and energy prices in H1. Prices were up in May and June, however, as the environment turned inflationary. If I look now in Brazil, the new construction market is soft, but we continue to gain market share in light construction and construction chemicals. Mexico and Central America continue to benefit from the double-digit growth of Cemex. Overall, the Americas region delivered an EBITDA margin of 19.5%, stable versus H2 2025, as we expected. Turning lastly to Asia Pacific, which grew 8.4% in local currencies and 7% like-for-like in H1, with growth in all our major countries, as well as in the industrial solutions. India, once again, delivered double-digit growth, volume growth, and further market share gains, thanks to our complete innovative and sustainable offer. We participated in a number of infrastructure and non-residential projects, thanks to a particularly well-fitted construction chemicals offer from Fosroc. Southeast Asia continued to show dynamic growth, with double-digit growth in Vietnam, in Indonesia, and in the Philippines. Australia saw growth accelerate in Q2 in an improving new construction market. We are benefiting there from our specification model. In China, once again, we outperform, continuing our growth seen since H2 2025. The EBITDA margin for the region reached a record of 18.5%, supported by volume growth and good price and cost management. To sum up, we delivered robust Q2 growth with positive like-for-like in all our regions. Operational performance was strong with good price realization. Our priorities from here are clear: out-performance, margin, cash, and disciplined capital allocation. We are fully committed to delivering value creation for shareholders. Benoit, I turn it to you for the strategy. Thank you, Maud. Let me now give you an update on our strategy. We are the only provider of comprehensive solutions, delivering both performance and sustainability across all construction markets. This is a crucial competitive advantage, and our solutions, through a push and pull dynamic, deliver value for Saint-Gobain with cross-selling, upselling, and specified sales that increase our share of wallet, our mix, and our margin. We have also broadened our addressable markets to target EUR 500 billion across residential, non-residential, and infrastructure markets. As you know, we systematically roll out our solutions across all our geographies. Let's start with a look at Europe first. New build is improving, driven by better affordability since 2023. We see today strong improvements in housing starts across multiple countries. We also continue to see policies that are supportive for energy-efficient renovation. Importantly, this is what you have at the bottom of the slide: the green value continues to increase up eight points on average, reflected in real estate overall prices. We are well-positioned with our unique one-stop-shop offer. We are the partner of choice for more than 400,000 craftsmen in France with, for example, a unique customer journey dedicated to energy efficiency performance upgrades. We track our solutions on added-value products, 47% of sales in Germany. On specified sales, 37% in the Czech Republic. Staying in Eastern Europe, you have seen that it's a very strong dynamic as we speak for us. In Eastern Europe, cross-selling gains generated approximately 1% of additional growth in the first half. In Europe, we also leveraged our full range of offers to expand in non-residential and infrastructure markets. Take schools, for instance. We know it was a very acute topic in the last weeks in France, but across Europe, they have been severely disrupted by the successive heatwaves in the recent weeks. We can decrease indoor temperatures by at least 10 degrees during a heatwave, thanks to our full-range building envelope offer for summer comfort, including solar control glass, cool roof waterproofing, attics and facade insulation, digital service distribution, and so on. Once again, climate adaptation is an urgent need. The cost of inaction starts to escalate rapidly, so climate adaptation is growing in Europe and around the world. Saint-Gobain is there to deliver the best comprehensive offer. I now turn to North America, where we are the preferred partner for our customers in residential. Our strong leadership allows us to further roll out cross-selling actions. I can tell you that having invested more than $8 billion in the last years makes us extremely credible in the eyes of this win-win partnership with the large distributors. With our full exterior solutions, we are the best player to address the increasingly extreme weather conditions in North America. We have, for instance, a differentiated offer, including our CertainTeed Integrity Roof System that exceeds the fortified standards and can reduce insurance premium by at least 22%. A very meaningful economic impact. As a result, we have a 7% increase in our contractor engagement program and strong brand loyalty across our multiple products. In North America, we are also expanding in non-residential and infrastructure markets. We are well-positioned to serve fast-growing segments such as hospitals, data centers, and airports. We have established strong, dedicated offers. We differentiate with highly innovative solutions, not only on building materials, but also, for instance, like our chip-level liquid cooling tubes for data centers, very close to the processing units. As announced this week, we have also signed a framework agreement with Microsoft to help them accelerate the build-out of their data center footprint using the full set of group-integrated solutions. On infrastructure, we will soon further enrich our offer with the recently announced Xypex acquisition in crystalline waterproofing. Let's now turn to India, Southeast Asia, where we outperform with our solutions. We have delivered double-digit sales growth in local currencies in the first half in those geographies. In India first, where we have the undisputed number one position on buildings. That has been the case for several years already. We are expanding fast on infrastructure, with our sales being multiplied by four times last year, thanks to our leadership in construction chemicals that we have acquired with Fosroc delivering extremely well all together in India. In Southeast Asia, we have also delivered strong sales growth in H1, leveraging dedicated specification teams and catalogs on our priority end markets. Look at Australia, where we have a number one position in interior and exterior solutions with extremely strong and iconic brands, and also a very strong key account management approach across architects, builders, and contractors. We leverage all this towards the full Saint-Gobain offer accelerating in Australia and New Zealand. In Mexico, we are also accelerating cross-selling and specification, with Cemex leading the way and continuing with a double-digit sale growth now for 18 months since the acquisition in early 2025. I've gone through the first two pillars of Lead & Grow, which are the rollout of our solutions, both across geographies and also end markets. Now, the third pillar of our strategic plan is to continue to optimize with determination the profitable growth profile of the group, which has created, over the last years, a lot of value for our shareholders and will continue. We continue to actively steer our portfolio optimization. We have rotated around EUR 3 billion of sales since the beginning of the year, of which EUR 2.8 billion is with divestments and a bit more than EUR 200 million in acquisitions. We continue to build and work on a healthy pipeline of value-creative acquisitions. We are always very disciplined on capital allocation with the same clear priorities day in, day out. We invest in the higher growth regions in North America, Asia, and emerging countries, with 90% of our acquisitions and growth CapEx being invested in those regions in the first half. We invest in construction chemicals. This is our journey towards EUR 9 billion of sales by 2030. It's both a very strong performance on organic growth plus acquisitions with very attractive ones in the first half, such as Xypex in North America, that I already mentioned, AGC Polymer Materials in Japan, that we have announced at the beginning of this week, and also Norteños de Europa in Dominican Republic. You know that at the core of our value creation model, we have our country platforms with experienced and empowered country CEOs compounding profitable growth. Take, for example, North America, where our teams have increased our sales by 60% since 2019, or Mexico, Eastern Europe, India, or Southeast Asia, where we have multiplied our turnover by 1.5x to more than two times over the same period. All our country CEOs, I can tell you, are committed to creating value and are performing our markets by rolling out operational excellence and the full solutions offer towards all their end markets. In order to do that, our country CEOs are helped by multiple group expertise platforms. One of them is on AI. We leverage artificial intelligence, the group scale, expertise, and master data. Being a very large organization, we have a lot of data. This is extremely important to train the LLMs, and we are rapidly rolling out our advanced purpose-built AI solutions that create a significant competitive advantage for the group. In distribution, we are multiplying our sales opportunities with very fast automated quotes. It's a big job within a sales outlet to answer quotes for the craftsmen, and the faster you answer, the higher the chance for the craftsmen to win the ultimate job. This is what we call internally our DeviGo solution, enhancing customer experience and salespeople productivity for, at the end, a larger average basket, saving time, so they have time to work on something else and follow up with customers, so increasing customer intimacy and also better mix in terms of sales. We also rely on in-house AI tools to increase the conversion rate of our specification sales. In R&D, another example, we leverage AI to substantially increase material discovery and time to market up to 40%. In our plants in manufacturing, we roll out tailor-made AI tools to increase efficiency. For instance, when you have a changeover from product A to product B in manufacturing, you can use AI quite a lot. Of course, we are generalizing the use of AI tools across all support functions to boost the group efficiency. Let's now turn to our outlook for the rest of the year. You can see our expectations for each geography with overall like-for-like sales growth in the second half. Europe's growth with contrasted trends by country. Americas, growth in an uncertain environment. Asia-Pacific, growth led notably by India and Southeast Asia. We expect an EBITDA margin of more than 15% in 2026. To conclude, we are well on track to succeed in our Lead & Grow strategy, leveraging our 2026 momentum. Lead & Grow gives us a very powerful roadmap for the next four and a half years. First, deepening and enriching our value-enhancing solutions and expanding them across non-residential and infrastructure markets where we have a lot of market share still to gain. We have seen the momentum in the first half already. Second, sharpening constantly the group's business profile through active and value-creative portfolio rotation. All this with ongoing excellence in execution, supported by our proven operating model by country. I'm very confident that all this will continue to deliver strong value creation for all Saint-Gobain stakeholders and that 2026 will be a good year for Saint-Gobain. Thank you very much, and we now turn to your questions for both Maud and me. The tradition is to start with the questions from the room, then we will go on the call, and finally, with questions on the internet. Who wants to start in the room, if any? There are no questions in the room. I see a lot of Saint-Gobain faces. We will take questions from Saint-Gobain a bit later on. Let's start maybe, yes, Jean-Christophe Hullin, one question from the room. [Non-English content] Good morning. I have a single question on the construction chemicals. Recently, there was an agreement, a framework agreement between Chryso, Bouygues, Point.P, and Ecocem regarding providing better solutions for ready-mix concrete. Can we have more flavor on this? Does it mean that step by step, the value will be transferred from cement to ready-mix concrete? Many thanks. Well, thank you. Maybe not everyone is familiar with your topic. Indeed, we have a participation, which is very interesting in Ecocem, which is a very low-carbon cement out of slag. With the addition of Chryso, of course, you need special admixtures for that. It's the journey of Saint-Gobain to deliver sustainability and performance across the value chain of construction. We all know the big topic is to decarbonize both concrete and cement. Ecocem, with the innovation of Chryso, is important. Of course, Point. P is also part of the equation, and using that. It's our journey towards decarbonization, sustainability, and performance. Each time you do that, there is more value indeed on the special admixtures or the special additives. It's good, and it's very important now that we have the full presence across the value chain. It has been almost a 20% partnership with Ecocem; the addition of Chryso in the last four or five years, of course, has been extremely important to align all the dots on this journey. Ecocem is growing fast indeed, because we need to move towards more low-carbon cement. There are multiple investments from Ecocem going forward; I think some of them are confidential. Yes, it's a growing journey and very important for Saint-Gobain and for Chryso, both on growth and innovation. This ABCD agreement, or ABCD, is not only for ready-mix concrete but also for cement? Or the solutions will be in priority dedicated to ready-mix concrete? Ecocem is active on cement; it's also valid for low-carbon cement, absolutely. Sure. Thanks. Thank you. Any other questions from the room? I don't see. Let's turn to the call. I think it's a question from Elodie Rall. If you can clear also the screen on the Saint-Gobain screen. Hello, can you hear me? Yes. Hi. Thanks for taking my questions, and thanks for the presentation. I'll start with price-cost spread. You've reiterated that you expect a positive price-cost for the year, but I was wondering if you can give us some color on the H1 price-cost. I imagine it was a bit difficult with the U.S. Second, staying in the U.S., if you can give us some color on the margins for H2. You kindly gave us some guidance into H1 at around the same level as H2 2025. Now that we're normalizing weather, should we expect H2 margins to be above H1? Lastly, I don't want to take too much time, but if you can give us some color on the pricing already secured for Q3 and how it compares to the 1.9% impact in Q2. Out of that 1.9%, how much of the price increase was due to fuel surcharges that could potentially be given back if these decrease? Thanks a lot. Thank you, Elodie. I suggest, Maud, you take number one and number three, and I will answer number two. Yeah, sure. Good morning, Elodie. Regarding price-cost spread, indeed, we confirmed we would deliver a slight positive price-cost spread for the full year. If I look at how we have delivered in H1, again, I mentioned that we have seen pricing realized through Q2 to indeed overall reach 1.8%. We are slightly negative as we speak in terms of price-cost spread, and we'll continue to work towards this slightly positive price cost for the full year. It's been a very hard work from the teams, obviously, to deliver country by country. I'm quite happy with how we have taken measures from day one, from the beginning of the conflict, and ramped up on the price realization, and it's going as planned as far as price-cost spread is concerned. Question number two, your questions on margins in the second half. Margins in the second half should not be very different from last year, probably a bit below. We have new construction, which remains weaker than some of the past, some last year. We have the assumption also of continued inflation, which is still going on in North America. Of course, we are working on it on the pricing side to catch up and continue to catch up in terms of pricing. Also keeping in mind the different timing of the price increase that we had last year. We have a very good momentum on non-residential infrastructure and particularly construction chemicals, which should continue. The weather impact has been normalized; any weather impact could be an upside, of course, in roofing going forward. Now, there is still a bit of volatility in the U.S. in the second half. This is the picture all in all in North America. It's still early in the second half, but I can tell you that the teams are very dedicated on the ground, and we have been happy about the performance and the delivery in the second half, both in terms of volumes and also pricing improving strongly in the second quarter. Yes, the third question regarding particular surcharges. We passed transportation surcharges in some geographies, transportation being quite volatile with the fluctuation of the oil price. Just to remind you that transportation costs are about EUR 2 billion out of our EUR 12 billion total raw material, energy, and transportation cost. That gives you an order of magnitude. Obviously in terms of where we are in pricing, again, we've seen good momentum and good mobilization from the team as soon as the conflict started. Again, I'm looking at it with quite a lot of confidence on H2. With this, of course, being opportunistic on the surcharge and being very watchful of all the situations in terms of inflation, where, as I said, the situation is quite evolving day by day. Thank you. Thank you. Now we have questions from CIC. CIC, please go ahead. If not from CIC, who is second on the list, we'll go to Arnaud Lehmann from Bank of America. Hello. I think it is. Me? Yes, go ahead, one of you. Hello, it's Arnaud from Bank of America. Okay. I'll go ahead. Yes. Thank you. A couple of questions. Firstly, on volumes. A decent performance in both Europe and the Americas in the second quarter. Do you think there was any element of pre-buying that supported Q2 volumes that could maybe be a little bit of a payback effect in the third quarter as the price increases have not been implemented? On the other hand, you've upgraded the qualitative comments in the guide to growth for all three regions. I guess the question is, do you think the volume momentum can be maintained in the second half, or was Q2 supported by pre-buying effects? My second question is on AI. You mentioned a lot of initiatives. Have you put a number on the potential savings of productivity gains that AI could generate for Saint-Gobain? Thank you. You take the first one, Maud, and I answer— Yeah, sure. In terms of pre-buying, as we said also at the end of Q1, it's quite limited, as distributors have limited ability to stock in the supply chains. We would not anticipate a very significant pre-buy impact. That was your point. I can tell you that in July, we see a continuation of Q2's good momentum. Obviously we clearly expect like-for-like growth in H2 for the group. With, of course, depending on the duration of the conflict, you might have a bit more of pricing versus volume. That will evolve as the situation evolves because again, it's quite fluctuating. On AI, Arnaud, this is of course a moving topic, but I can tell you that all the group is strongly mobilized, and I highlighted just a few examples. Fundamentally, we go after growth. Of course, there will be efficiency gains, but fundamentally it's a fantastic tool for us to outperform the markets. I shared the example of this unique DeviGo tool for our distribution business in France, but I can tell you on the cross-selling, all the opportunities on specified sales. We have designed, for instance, multiple suites of initiatives for sales, for salespeople on how to get trained on all the offers of Saint-Gobain, how to look at quotes, how to go after specifications, and how to cross-sell. It's more a growth agenda than a pure cost savings. Of course, we will gain efficiency and have some resources that we will redirect elsewhere. If you can improve so much the customer service, that means you have more time to pick up the phone and call additional customers. It's more this sales growth momentum that we are looking at, the time to market on R&D. If you are faster to launch new products, it's more growth rather than cutting 10%, 20%, or 30% of the R&D capabilities of Saint-Gobain, which are unique. It's a growth momentum. It's already delivering some outperformance. If you think of the example of Brazil, where we have a dedicated AI tool to train the sales forces, that's already part of the explanation of this outperformance that we see in that country. Yes. Thank you very much. Yeah, thank you. I guess we lost the question from CIC, which disappeared from the screen. Maybe we will have answered that already, and we go to UBS. Julian Radlinger, please. I think Elodie wanted to follow up on it, just for clarification before I ask my two other questions, which is what you just said about margins being down. Can you repeat that? I just wanted to make sure I got it correctly. Did you say group margins in the second half of the year were down versus the second half of last year, possibly? No, this is not what I said. Elodie asked specifically— No ...about margins in North America. I said that margins in North America should not be very different from last year. If I take the group margin, you have the target for the year above 15% EBITDA. As you know, we are always very ambitious on the margin. I think there was a nice bit on the margin in the first half. Remember that we delivered semester by semester on the margin. We stay very ambitious for the margin at the group level. In North America, we say that it will be more or less— In the Americas, yes. In the Americas, it will be more or less the same than last year. If anything, slightly below. Again, it's early in the semester, and there is a bit of volatility or an unknown midterm election in November, et cetera, in the U.S. Any weather impact, which we have not factored, could be an addition and an upside also in North America. Okay, super. Second half of the year, you're referring to? You're not saying full year, similar to full year last year, second half— Yes. similar to the second half. I think I've been clear on the second half. Okay. I commented, answering the question of Elodie, which was specifically on second-half America's margin. Okay. Okay, perfect. I apologize. No problem. Okay. My two other questions are, number one, it looks like return on capital employed went down in the half year and dipped below the 13% floor, which is the guidance for the strategic period right now. Is there anything specific that's driving that you want to call out? When might that turn around? I can answer that, I think I partly answered in my speech, which is basically at constant foreign exchange rate, we reached 13.5%, you have a strong dilutive effect from the FX at this stage, we definitely plan to be within our guidance of above 13% for the full year. Okay, super. The other one is for you, Benoit. You recently gave a media interview where you spoke about increasing your exposure to North America quite substantially. I think you said that you see it going from 20% roughly to 30% over a number of years. Some of your core business lines there, of course, you have quite substantial market share. I guess that wouldn't be an option. My question is, what's the key focus there for you in North America in terms of organic and especially inorganic growth? Specifically, is commercial roofing, can you remind us what your stance is on commercial roofing? Is that something that's interesting to you? You're obviously not really there yet in a big way. Is that something that you might think about looking at? Thank you. Oh, indeed, yes. What I said, basically, was about an interview in the Financial Times that was published earlier this week, if I'm correct. It's to basically grow from a 20%, 22%, depending on the exchange rate, share of the group, towards 30%. This is, by the way, what we highlighted already at the time of the Capital Markets Day of Lead & Grow. Remember, there was a specific slide on the evolution of the different regions within Saint-Gobain, less Europe. I can tell you that in the first half with the sales rotation we have done, we have already changed by three points the share of Europe versus North America, Asia, and emerging markets and investing faster, as we have done towards North America and Asia's emerging markets. It's highlighting and putting numbers on this interview. Many fronts, I would say. First, continue to deliver well on organic growth, leveraging our solutions. We do that. We gain a share. I think some of our performance in the second quarter versus the market, again, is about that, notably on construction chemicals. We continue to gain share thanks to our solutions. We have a lot still on organic to do on non-residential and infrastructure markets on organic. After that, on top of it, yes, we will look at acquisitions, most of them, as you highlighted, will be directed towards increasing our presence in non-residential and infrastructure markets. Xypex is bang in line with that. Interstar last year in Canada was also a construction chemical, bang in line with that. We have both organically and inorganically a lot to continue to build in terms of offer, market share, and therefore sale growth within Saint-Gobain on non-residential and infrastructure markets, where we have now dedicated teams. On construction chemicals specifically, we had double-digit growth in the second quarter in North America. That shows the strength of the teams, on which it is quite powerful to build further momentum. Commercial roofing specifically for us is around $400 million. That's something we could grow organically or inorganically. We have no specific project as we speak, but clearly any meaningful value-creating evolution on non-residential and infrastructure, we will look at with always the same discipline, but continue to build on our platform both in the U.S. and Canada. Let's not forget about Canada. We are number one in Canada on building materials with a very good presence and quite a good momentum, it's both U.S. and. It was basically expliciting on the FT what we said, maybe a bit too fast during the Lead & Grow Capital Markets Day. There was a lot of information. Thank you very much. Thank you. Next question from Bernstein Hi, can you hear me? Yes. Hi. Thanks for taking my questions. My first question, again on U.S. roofing. Last year, obviously, the segment was negatively impacted because of the lack of storms. This year for Q2, you highlighted that you are starting to see strong roofing volumes already. I believe this is the big hurricane season. What are your expectations for the segment going into H2? Are we starting to see some of the big storms yet? That's my first question. My second question is on M&A. You have already made a very strong start to your M&A target of rotating up to 20% of your assets by 2030. The Nordic Distribution sale was at a very attractive multiple, so congratulations on that. Now basically the other big divestment area that remains is potentially Autoglass. What are you seeing on that? What's the interest like? Also, if you can talk about what your acquisition pipeline looks like at the moment. Thank you. On the first question, what Maud said is that we are seeing a normalized weather in Q2. In Q2, yeah. In Q2, it's still early in, I would say, the hurricane season in the second half. So far Saint-Gobain is not a weather forecaster. I can tell you that we see normal volumes as we speak. Again, still early in the season. Any meaningful weather activity, so-called weather activity, will be an upside going forward for roofing. We have not banked anything like that in our overall forecast. On M&A, while we have done a very large portion of what we wanted to do in terms of divestiture. As you know, we are always looking at opportunities with no taboo. We will continue to do that. There is no specific project as we speak. Autoglass, I said it multiple times, is very intricate in the glass overall performance of the group with a lot of innovation, a lot of joint sites, and a lot of joint R&D, notably all the technologies on cutting. We are performing well above the market, both in terms of margin and growth on that business, which delivers growth. It's part of the core strategy of Saint-Gobain going forward. We have fantastic growth in Mexico, in India, and in all those emerging markets. There is no particular idea for Autoglass divestiture. As I said, now we are on the acquisition side, mostly. Part of that was already asked by a UBS analyst a bit earlier. We have a rich pipeline of accretive and attractive targets that we will roll out in the coming years along the same lines and with the same criteria: high-growth regions, North America, Asia, emerging markets, and construction chemicals. You have seen that also; we announced something on plasterboard in Vietnam. We are number one in Vietnam. That's a country that is moving towards EUR 250 million and EUR 300 million in sales. It's a meaningful country with double-digit growth. We continue to have that acquisition pipeline of bolt-on acquisitions, and this is how we can continue to create very significant value for the shareholders. Thank you. Thank you. Ibrahim is back. Yeah. Ibrahim, please. Your turn. Thank you for taking my question. I have two, if I may. The first one is about the price effect. How much of this 1.6% in Q2 will mechanically be carried over into H2? My second question is about your cross-selling strategy. Could you please quantify the contribution of this strategy to your outperformance in H1? Yeah. Regarding your question, I think I understood about the carryover in terms of pricing. Is that correct? Yes. Yes, indeed, we will see that carry over. Of course, being again very agile based on the situation of where inflation goes. We will pilot that very thinly. It is always very much on the field for the teams, for the commercial teams. Always a very thin trade-off of commercial aggressivity and then putting the pricing. At the end, the target is a slight positive price-cost spread; that is what we target, maximizing the growth, a slight positive price-cost spread, and delivering a good year for Saint-Gobain. On your question on cross-selling, we have highlighted some examples country by country, because I think it is important to go on the ground country by country. It is part of the 1%-2% outperformance that we want to deliver. For instance, I said cross-selling specifically in Eastern Europe was 1% of additional growth. More importantly, it is not only growth, it is also margin, because when you cross-sell, you tend to have the same SG&A resources, and, of course, you have then a better impact on the margin. Now outperformance could be bigger. If I take construction chemicals, 8.5% in the second quarter, it is more than three points of outperformance than one to two points. This is cross-selling, upselling, and also specified sales. This is the way we monitor our solutions rollout country by country. Thank you very much. We have a question now from Rothschild on the call. Please go ahead. Thank you. Morning, Will Jones from Rothschild & Co. Redburn. Firstly, maybe just going a little deeper on volumes in the second half. Clearly, you talked about sales growth across each of the regions. I just wondered whether you'd be willing to give a view on what the like-for-like volume picture might be, either at the group or by region. Second, on energy and raw materials, sorry if I missed it in the initial presentation, but are you still confirming where you were before on energy and raw materials for 2026? As you think about hedges rolling off into next year, would you have any view as to at what spot level what the carry, if you like, into 2027 might be? Then lastly, perhaps you just help us with some of the below-line items. I think in the first half, a few of those came in better than I might have thought from the finance bill to tax. I think there was a non-recurring or a non-core business contribution. Just with the full year in mind, I don't know if you could maybe help us with a few of the technical items below EBIT, please. Maybe I take the first and you take the rest, Maud. Okay. Turning into the second half, clearly we see a like-for-like sales growth in the second half. Depending on how the situation goes, there could be a bit more pricing than volumes, but clearly all this is moving in the right direction. If I give you a bit of color by region, in Europe, we continue to expect sales growth driven notably by new construction. It will still be a bit contrasted by country, for instance, the U.K. being down, but in other countries, we have double-digit housing starts, a bit in France, Germany, and some of the Nordic countries, and Eastern Europe being also very strong. In North America, we will have an easier comparison basis. We are a bit cautious going forward on new construction, which remains weak. As I said, we have no crystal ball on the weather demand, but it could be a potential upside for roofing. Asia Pacific, we enjoy, and we continue to expect to enjoy strong growth driven by the market demand, the penetration also of our solution, and the outperformance that we have clearly by three or four points in countries such as Indonesia, Vietnam, or India in particular. We are confident that we will have good growth in Asia Pacific. We have seen that also Australia turns into a kind of mid-single-digit type of growth, which is a good momentum as well in Asia Pacific and in Australia specifically. Moving in the right direction for the second half. Okay. Regarding your question on energy, again, EUR 2 billion of the energy bill. We are hedged half gas, half electricity. We are hedged; what I said is +75% for this year. Of course, the way we hedge is always year one, year two, and year three. You can imagine that we are well hedged ahead of 2026. To your question about the below-the-line items, if I go line by line, I would say that on the capital gains and losses on disposals, once we close the Dahl divestment, we will get a positive on this line. On this particular half, we have had an impact from the currency translation effect from the Telhanorte distribution in Brazil. Again, when we close the Dahl distribution, and we indicated that it should be by early 2027, that should be reversed. If I look at net financial expense, it is slightly below last year and should remain so. Income tax was for this half at 25%, which is roughly where we are. It can fluctuate a little bit, but this is roughly where we are. Let's turn now to the questions from the internet. We'll start with Paul Roger. I will read the question because I'm not sure everyone reads or sees the question. Let's read them. From Paul, You have referenced AI tools helping drive outperformance, like DeviGo in France, for example. Are your platforms global? How much are you investing in AI? Are capabilities built in-house or outsourced? Some platforms are local. If I take distribution in France, it's for distribution in France because this is the business that is growing fast and outperforming. Others are global. For instance, what I mentioned regarding the sales tools and all the training and the help on specification, on conversion rate, and on how to help on the solutions and the sales people. This is something we will roll out globally, and we have someone dedicated to that. Are they built in-house or outsourced? Of course, we use LLM tools from outside. We have in-house capabilities and talents. Remember that we have more than 2,000 IT developers in India. We have some in Europe, also leveraging our in-house capabilities in India, which are extremely powerful to accelerate AI development across the board. We have more than 700 bots across the group. Maud, yeah. Leveraging our data because we also have strong data governance. Of course, we leverage that to implement all of those AI use cases, which are very beneficial. The last part of the question is, how much are you investing? It's not so much on the token we pay; it's more on the people. That's something I would prefer to keep confidential, but we are accelerating and investing substantially in the time of the people. Even I can tell you, the executive committee has spent a lot of time together with external pushers and helped and trained the best experts to truly lead the way on AI. We are also strengthening the governance of the group on AI in terms of capabilities and focus with someone that will be at the executive committee level driving AI. That's, going forward, extremely important. Second question from Paul: Are there any green shoots in the U.K.? Not specifically as we speak. There was some delay because of the different building codes and regulations that now have been cleared. I think we should see some acceleration, notably on non-resi in the second half, but so far it's not really meaningful, I would say. The last question from Paul: Did you reverse strategy and prioritize volume over value in U.S. roofing during Q2? It looks like Saint-Gobain outgrew the market. No, we are always extremely disciplined on pricing and continue to push. I think you heard it. We continue to have some actions to land pricing in roofing in Q3 versus last year. We, I think, outperform in Q2, but we underperform the market in Q1. Within roofing, keep in mind that there are always swings quarter by quarter, depending on whether you are a bit bigger in retail or a bit bigger in professional roofing. Yes, we outgrew in the second quarter, and I think we outgrew slightly in the first half altogether, but not meaningfully. We made progress on our contractor engagement program, which is also a great way to secure the pricing and the strong brand equity of CertainTeed in the U.S. We move to a question from Kepler Cheuvreux. Please elaborate on the key drivers behind Saint-Gobain's remarkable organic growth in construction chemicals in H1. First, it's not only in H1 of this year. It was all the year last year, a full year. It's not just a one-off effect in the quarter. It has been now almost a bit more than two years, if not more. I think it's a combination of multiple things. First, we have all the best brands. When you take GCP, Chryso, and Fosroc in India and in the Middle East, we have the iconic brands of construction chemicals. We also have all the available technologies that we need to have the right offer. We have very strong teams on the ground, and we have a lot of people joining the party because they saw the acceleration of Saint-Gobain in construction chemicals. After that, the second parameter is this push-and-pull effect of our solutions. Sometimes it's the glass facade that could pull something on an airport because you start with the design of the facade with our SageGlass Electrochromic on the airport. We have specified it at 30 airports in the U.S., and then you can talk to the owner or the lead at the airport to drive additional solutions. It could be fireproofing. It could be acoustic. It could be flooring solutions. It could be admixtures for the runway. It's push and pull, and sometimes it's the other way around. It could be all the construction chemical components driving and pulling the rest of Saint-Gobain. This is this push-and-pull effect that we'll continue to leverage, having this unique offer across the board on holistic solutions. I think, Benoit, we have a question on the phone from Martin. Okay, let's go back on the call from Goldman Sachs. Go ahead, please. Excellent. Thanks very much, Benoit and Maud, for the question this morning. I had two quick ones, please. My first was on Americas categories. Benoit, you made some comments around roofing and construction chemicals versus peers. I'd be interested in some of your other categories and how you think you performed relative to some of the industry data and peer performance that you've seen. Finally, my second question would be on data centers. What would data centers as an end market represent at a group level now in terms of your revenue exposure, and in particular in the Americas, what would it represent as a percent of that business? Thank you. Maybe I take the first one in categories. Of course, gypsum also is an important category for us. Siding. Siding is performing well, and it's a smaller category within Exterior Solutions than Roofing, but we, I think, outpaced the market on siding with multiple product lines. On gypsum, I can tell you that I think we are on par with the overall market statistics we have seen. I think we have done better than some of the public figures we have seen recently because we are kind of minus 2%, like, for, like, in the second quarter. We have, I think, on gypsum, and it's part of the strategy of Saint-Gobain, is that we have, for instance, flattish volumes in the second quarter because we have this commercial presence. We have a mix of added-value products, on plasterboard towards hospitals and data centers, which is richer than some of our peers, which are extremely powerful and extremely strong, but on standard boards. This ability to play with different markets, not only residential but also commercial buildings, is important and helps also gypsum when new construction is a bit weak, as we see in those days. All categories are important for Saint-Gobain because they play together as one solution. Overall in the Americas, we are pushing all solutions. I can tell you that gypsum on top of construction chemicals is doing extremely well in Brazil. We have three lines of plasterboard that are sold out, and we think of additional investment going forward. All this is also powerful on gypsum across the Americas. On data centers, it's a few hundred million of our global turnover, but it's growing, of course, fast. We have a pipeline of around 1,000 projects across geographies. It has nearly doubled in the past year. Clearly a growing segment where we have a dedicated offer, and that is declined country by country and pushed country by country with quite a lot of success. We have those hero products, which actually enable us to just open the door of the data center and then funnel in the full offer of Saint-Gobain. Those can be, again, construction chemicals for waterproofing, for a self-leveling floor, and for an anti-static floor, but also for specific ceilings, which we have developed in partnership with some of those actors in the sector, et cetera. You might have seen as well our partnership with Microsoft to specify our solutions as part of their specification for a data center with the objective of speeding up the construction of a data center, which obviously is the criterion on this specific market vertical. Thank you, Maud. Excellent. Thank you. Let's go back to the questions on the internet from On Field. Could you also give us more color on the pricing momentum across your geographies and divisions in H1 and what you assume for H2? I think you 've given quite a lot of color already. Maud, do you want to add anything to that? Yes. I think again, we will deliver a slight positive price-cost spread, being very agile in terms of how the situation evolved in the Middle East in particular. Another question from Citi. Can the growth in the region of North America accelerate in H2 2026 even without help from weather conditions? As we said, we will have growth in the Americas in the second half, keeping in mind that in terms of volume momentum, we had a rather slow momentum last year. Overall, we expect in the Americas like-for-like sale growth in the second half. I will not comment on one specific product line versus the others. Question from Morgan Stanley. We have seen a strong inflection in volume growth in Q2 versus Q1. Can you give some perspective on how much of the improvement you think is down to a catch-up post-weather-impact impact in Q1 or down to pre-buy? Maybe a quick answer on that. We had seen in March within Q1 a catch-up after the very bad weather in North America as well as in France and Central Europe. You remember the snow, the flood in France, et cetera. That was March in Q1. In Q2, there was not specifically and not meaningfully pre-buy activity, as Maud already answered in Q2. Another question from Morgan Stanley. Can you talk about volume development in Q3 so far? Which regions are seeing sequential improvement versus Q2 versus a second short slowdown? I think I highlighted the fact that in July we see a continuation of the Q2 good momentum, with different colors by region. Yes, we continue to see the momentum so far that we had seen in Q2. We have seen the same question or another question from Morgan Stanley. We have seen Eagle Materials report a double-digit decline in pricing for wallboard recently while we hear competitors in roofing talking about higher pricing. I'm not going to comment specifically on one publication versus the other. I can tell you that we are always working on a price-cost spread, including some catching up in North America. We have seen a moderate, low- single-digit type of price erosion in some of those categories in North America, keeping in mind that we have the U.S. and Canada together. I think also we should keep in mind what I mentioned, which is that we have a mix towards added-value products and towards specified sales, including on gypsum and on commercial buildings, which is quite different than some other peers. One element to keep in mind also is the difference in pricing timing, in North America this year versus last year. Last year was more January and April, and this year is more April and June, July. That is a parameter. Sorry, because there was a second question from Kepler Cheuvreux that I had skipped. Sorry about that, Martin. Can you please provide a range for your target of a slight positive price-cost spread in the full year 2026? I didn't skip it on purpose. I truly skip it because I rolled the iPad too fast. Maud? Yes. Nothing much more to add. I think we've commented quite a number of times on the price-cost spread. Again, a slight positive price-cost spread for the full year. We have a 1.6% pricing in Q2, which shows how fast we have been in terms of implementing the pricing, starting from 0% of pricing in Q1. Again, we will be very agile, keeping in mind the mid-single-digit inflation on our EUR 12 billion raw material, transportation, and energy bill. That's all in all. Of course, what we leverage in those price increases and how we drive the price-cost spread is everything that Benoit has described in terms of differentiation, in terms of cross-selling, upselling, and specified sales. All of that enables us to clearly outperform and push for the value to customers. There was a specific sub-question from Morgan Stanley about any notable difference between Canada and the U.S. I would say no. Actually, what we need to do and what we are doing on the ground is to dig deeper because there are more differences between regions in the U.S. or between provinces in Canada. For instance, Ontario, no surprise because of the overall geopolitics, has been more impacted than the west or the east of Canada. It's more by province. For instance, if I take Canada, we have six plasterboards across the country from Vancouver to Quebec, Winnipeg, Calgary, Toronto, Montreal, et cetera. That's the way we leverage the local differences. Same in the U.S. The different regions are different in terms of dynamic in the U.S. We are granular, as you know, because we have 125 plants in the U.S. and 39 in Canada. Those are more the local differences in the U.S. and Canada. It seems we have exhausted all questions. Again, thank you very much for your time. As a conclusion, I would like to say again that Lead & Grow is in good order and moving up nicely and with a very good dynamic internally and externally, also from a customer perception. We are there to deliver in more difficult times or uncertain times around the world. I've been amazed by the double-digit growth we had in the Middle East in the second quarter. Thanks to fantastic teams. Lead & Grow is delivering on solutions. You have seen some examples of cross-selling, upselling, and clear -out performance. We have a fantastic avenue for growth in non-residential and infrastructure markets. We are very committed to continuing to rotate the business sales of the group and continue to strengthen the profitable growth profile of Saint-Gobain because it's something we have done successfully over the years. We have a dense and rich pipeline, and also teams on the ground ready to integrate them extremely well, like Fosroc in India and the Middle East, like Cemex in Mexico and Central America, and like Xypex out of North America. All in all, Lead & Grow is a good, solid, very robust strategic program for Saint-Gobain to create value for our shareholders and to take, again, a lot of good dynamic and outperformance. Thank you very much. I wish you a very good summer. Last point, I should not forget, which is important. We have some time for you on December 1st with a visit for investors in Milano. You will have the pleasure for the analysts who have followed Saint-Gobain for multiple years to see Gaetano Terrasini in exercise as a super powerful country CEO for Italy and Greece. This is the correct date, Vivian, December 1st. We will give you more details, but please save the date on Milano, December 1st, for a fantastic showcase of what we are doing across multiple end markets in Italy and all the product lines of Saint-Gobain. Thank you. I wish you a very good summer