Thank you, operator. Good morning, good afternoon, everyone. Thanks for joining at short notice. Of course, we are here to discuss the announcement that we made this morning regarding AVEVA. The presentation that we're gonna share is actually available on our website as well. You also have the press release as well as the official document, the Rule 2.7, which is available on our website. We will take a few minutes on the presentation, and then we'll make sure we have time for some questions and answers. I'm gonna hand it over to Jean-Pascal Tricoire, our Chairman CEO, who joins us as well as Hilary Maxson, our CFO. Jean-Pascal, over to you. Yes. Thank you, Amit. Thank you all for being with us on this call, and many apologies for the short notice, but it's part of the constraint of such an operation. Well, no surprise, the reason why we are together with Hilary and Amit today is to confirm our firm intention to acquire the minority shares of AVEVA. In a nutshell, what we want to accomplish here is to accelerate on the path to deliver to our customers one data hub, one industrial data hub on the whole toolbox to fast track to the enterprise metaverse. I'm gonna go through several slides that explain the rationale of this operation, and it's all to start with about customer value. First, make sure that the teams of AVEVA can be entirely focused on their customers regarding their transition to subscription and SaaS. That's a double transition, technology to the cloud, business model to subscription. We know that for any listed company, this rhythm or cadence of transition doesn't always cadence very well with the quarters. We want our teams at AVEVA to be completely focused on this transition on their customers, and one of the objective is to accelerate this transition. The second one, and I'm gonna go in detail about that, bring the energy software portfolio that has been built at Schneider closer to AVEVA for industrial customers at a time where energy is at the top of the agenda of all of our industrial customers for obvious reasons. Then it's offering a converged experience to our customers. One data hub converging process on energy data. One set of applications to fast-track for our customers to the complete enterprise metaverse, but also thanks to prepackaged, ready-to-run applications, get a short-time return, a fast return on the economic investment to the ROI in digitization. Finally, one customer experience, frictionless and seamless across the portfolio of our agnostic software. The second target here is beyond customer value, is all about acceleration of growth. It's all about growth, on removing the barriers between, or making the ownership of all of our agnostic software more consistent, on removing the barriers to collaboration between our companies in this field. Bringing operational flexibility and simplification, allowing more technology convergence and closer collaboration in the field of R&D, and finally allowing accelerating the coordinated action on our customers go-to-market on customer coverage. This goes with two principles that we maintain, and that we actually want to underline even more. The fact that AVEVA within Schneider will be with an autonomous management, own management onboard to really maintain a culture of software and the model of software in AVEVA. That goes also with the compensation system for managers and employees competitive with software peers, there again, to make sure that we keep the software culture and the software specialization of AVEVA. Maybe to take a little bit of perspective about this whole operation, let's rewind and see what has been the journey of Schneider to support customers across their digitization journey. It all started in 2009 when we launched EcoStruxure, and EcoStruxure has been since then our IoT platform, allowing our customers to connect every product on every one of their controls on premise to digitize their process or digitize their energy. EcoStruxure is generating, is collecting, is aggregating a lot of data which is getting replicated to the cloud, and it appeared soon enough that our customers were interested in digitization, provided we were able to supply them with software, analytics, AI, so that they would make sense of this data. Around AVEVA, and I'll come back to the story of AVEVA, we focus or we created a full industrial software portfolio. While AVEVA was consolidating this unique portfolio for industrial software, the rest of us at Schneider built the same sort of portfolio for energy management. That drove us to a profound transformation of our company. Today, as of today, this digital plus services, and services is only 10% of our turnover, means digital is 40% of our turnover represents more than 60% of the total turnover of Schneider. And what has been growing the fastest in our portfolio has been actually this agnostic software, which based on the data that we collect on the installations for our customers, gives sense and helps our customers to improve their efficiency, sustainability, safety and reliability. You remember that, in last year, at the end of the year during our CMD, we committed to bring that 50% of our turnover today in digital and services to 60% of our turnover by 2025. When, today, we announce this operation with AVEVA, which aims at accelerating our development in software, this participates, of course, to this objective to move from 50% to 60%. But not only, we have also said in the same CMD that we wanted to grow the company every year by 5%+ in organic growth on average. On this reinforcement of our software, this simplification of our agnostic software participates to this objective as much as it consolidates our capability to be a company of 25. Our aspiration to be a company that when you sum up the growth on the profitability, we want to be sustainably above 25. A triple support, a support, a triple objective of 60% in digital and services, 5%+ in organic growth, and to be a company of 25. Now, let's focus on AVEVA, and this is a slide that I've taken from the public presentation of AVEVA. What we've done over the years on the Schneider side has been by organic development plus acquisitions, Citect, Telvent, Invensys, and then now wedding our activity with AVEVA, we've built around AVEVA a unique portfolio of applications across the life cycle of industrial plants and facilities, so that our customers could really create a digital twin of their manufacturing from design into engineering and execution into operation with very specialized modules to optimize the operation, asset performance, production optimization, and in on scheduling. This, coupled with a worldwide recognized visualization capability, which is a proud legacy of Wonderware, and this shouldered on a unique data hub which allows our customers to consolidate all of their data. We are also very proud that along the way, we've built multiple partnerships. Partnerships technology to reinforce our portfolio, but also partnerships with system integrators, with software houses to deploy this software with our customers. Over time, AVEVA has built a unique toolbox to, for our customers to digitize their process and to digitize their industrial setup. When AVEVA acquired OSI, and this acquisition was of course backed up by Schneider in 2020, AVEVA also built the reference agnostic data platform for the industrial world. That was cloud-based, that is based on the legacy of PI, but not only. Wonderware is also bringing historian capabilities in this field, and we have built together at AVEVA this reference data platform for the industry. On that, a great asset at the moment when our customers want to consolidate all of their data to optimize the way they work. This data platform is unique in the sense that it's hybrid. It works both on-premise and on the cloud with a seamless exchange of data. That it brings together data which is contextualized and structured for industrial applications, and that it allows to run on it specialized industrial software. That is what AVEVA has built. In parallel, Schneider was exactly along the same line building the equivalent. We've been building the equivalent in the field of energy from electrical design to electrical engineering, manufacturing, project execution to energy management, a complete integrated life cycle portfolio for our customers to digitize their whole chain of energy. This comes at a time when in the past 12 months, the price of energy, the availability of energy, has become a key priority or a key question for all of our customers. We know at Schneider that the only way to optimize the equation of efficiency and resiliency in the industrial world is to have into one setup the equation of process efficiency and energy efficiency. You cannot reduce your energy, your energy intensity if you don't act on your process. In many regions of the world where energy is very costly and sometimes is threatening not to be available, you cannot have a process which is reliable if you don't manage very precisely your energy. Making our two portfolio of software, industrial software and energy software, brings to our customers an incredible advantage at a time when this subject again has become front and center in all of their priorities. What we are looking here to provide them with is a convergence of power and process data. One data hub for operation assets, energy and carbon as we go forward. Contextualized data on a portfolio of applications where they can use their data and make them relevant for their efficiency and resiliency. Finally, a digital twin for all of their application. What we are bringing here is somewhere or making closer is the industry twin brought by AVEVA, the energy twin brought by the portfolio of Schneider into one data hub, which allows our customers to work on their data, and which supported by, for the customers who wish it, an IoT architecture plug-and-play, which allows our customers to connect their installation in a fast and seamless manner. What our customers are doing with all of this? Well, they are facing today the need to be more efficient and much more resilient with both their process and energy, and they have to connect all of their installations. On here, we bring them a unique capability to connect their installation, whatever the legacy of their controls and products, thanks to a library of connectors which is unparalleled. When this data is consolidated into the data hub, they can either deploy our existing and prepackaged and ready-to-run and fast to result package of application, AVEVA for industry, Schneider for energy, or they can use the same data to have their own ecosystem of developers develop their application, their own developers or their system integrators. They can empower their people on the shop floor, their plant managers, their operators, or they can also empower their ecosystem. This is what we do at Schneider in our factories, giving a selective access to some of their data to their ecosystem, utilities for instance, or suppliers, so that those can participate in real time to the improvement of processes. The other objective that we have here is to benefit from what AVEVA has developed in terms of customer experience. Over time, actually over the past years, AVEVA has developed AVEVA Connect, which is the cloud experience, and AVEVA Flex, which is the model of consumption of the elements of of the software of AVEVA, developing one cloud platform which really makes it easier for our customers to deploy analytics or to develop their own applications. With that, and using that backbone, we want to bring our customers to be able to expand, deploying AVEVA applications, deploying energy software of Schneider, deploying their own application that they will have developed or deploying also third-party applications, including competition applications. The whole objective here that I'm describing is to bring all the agnostic software companies of Schneider under the same team of ownership, so that they can work in a closer manner together, and so that our teams can be completely focused on deploying their solutions with our customers, bringing them one digital twin across the life cycle, bringing them an industry reference data hub, bringing them the full set of application for them, toolbox to accelerate on their way to the metaverse or the digital twin, the pure digitization of their installation, and making sure that they work across the same user experience. That's a description of what we want to achieve. Hilary, before I hand over to you, I'd like to share with you all this slide, which I borrowed from one AVEVA public presentation, which shows their key customers, industrial customers, by vertical and by application. You can realize that those customers are actually, in many cases, in common with the rest of us and with the companies who do agnostic software on the energy side of Schneider. What we want is to increase the co-marketing and the co-sales of our solution to that portfolio of customers in a much more seamless and much more flexible manner. With that, Hilary, I would like to hand over to you. Thanks, Jean-Pascal, and good morning to all of you. Here we summarize again the key aspects of this transaction from the two most important viewpoints, strategic and customer, that Jean-Pascal just went through. As you recall, last year at our Capital Markets Day, we spoke about sustainable growth driven by accelerating markets and our incremental growth drivers of software, services, and sustainability. We shared with you our vision of unified asset lifecycle management, bringing together the various offerings of our agnostic software companies and EcoStruxure to support digital transformations for our customers. Today, we see our markets even more strongly at an inflection point with the trends of digitization, sustainability, and electrification accentuated by the current global context and high energy costs. With this transaction, we'll bring our agnostic software companies closer together and simplify the manner in which they interact to more quickly deliver combined process and energy efficiency, which is a real differentiator for our customers. We'll enable this through an unparalleled enterprise data hub, augmented by a suite of software. This requires a significant level of coordination across the companies, and the simplification brought by this transaction, as well as closer cooperation in R&D and further coordination and go-to-market, will enable us to more quickly deliver this unique value proposition to our customers. Additionally, we believe this transaction will further support and accelerate the transition across our software businesses, with AVEVA, of course, being the largest of those, to a subscription and SaaS model, driving value for both customers and shareholders. On this slide, you'll see the key financial terms proposed. On the around 41% of the shares we don't own today, we're offering 3,100 pence per share, all in cash, resulting in a total expected transaction value, excluding transaction fees for Schneider of around GBP 3.9 billion. This is a premium of 41% compared with the share price the day prior to when the leak announcement or Rule 2.4 was issued on August 24, and of around 32% compared to the prior 3- and 6-month VWAPs. This is a recommended offer in the UK, with the board of AVEVA recommending to its shareholders that they accept the offer. Using AVEVA's full-year results reported in June 2022, this offer translates to implied multiples for this transaction of 8.2x revenue and 27.8x adjusted EBIT. Both Jean-Pascal and I have already discussed the strategic and customer benefits of this transaction. From a more financial perspective. First, growth in software is one of the key tenets of the step change in Schneider's overall growth profile to 5%+ organic growth on average over the cycle. This opportunity to simplify and more quickly bring unique value to our customers further supports those long-term ambitions. Second, as you know, AVEVA is in the early stages of a complicated set of transformations. It's transforming its technologies towards cloud, its relationship with its customers towards subscription, and therefore its accounting and internal processes. While we're convinced these transformations will drive significant customer and shareholder value, and this has been the case for other software companies who have completed this journey, we don't think these kinds of transformations are linear. There will be bumps along the road, and the simplification brought by this transaction will further support and ensure the full year 2026 ambitions already shared by AVEVA. Regarding capital allocation, our overall priorities and our commitment to disciplined capital allocation remain the same. Let me start by reminding that as a top priority, we remain committed to strong investment-grade credit ratings. As I said at our Capital Markets Day, this enables us the flexibility to maintain and even accelerate our strategic plans at times when other companies might not be able to do so. We also continue to be a strong cash flow generating company. On our half year call, I confirmed we expect to finish 2022 with around EUR 3 billion free cash flow, and we continue to expect free cash flows of around EUR 4 billion by end of 2024. We expect to fund this transaction with new debt of up to EUR 4.6 billion. At the same time, we'll be continuing to pay down legacy maturities, and we've already generated enough cash to repay a $800 million bond coming due on September 27th. We also expect to finalize our current disposal plan of EUR 1.5-EUR 2 billion in revenue by year-end, and we remain on track with our share buyback program of EUR 1.5-EUR 2 billion. In terms of acquisitions, this offer is a good example of the key focus we have when considering acquisitions. To create value driven from an in-depth understanding of the target business and our ability to drive future cash flows and returns for our shareholders with that investment. In terms of any future acquisitions, we do remain happy with our current portfolio and expect in the medium term to be focused primarily on our organic growth plans and successful integrations. In terms of timing, we would expect the key next step to be an extraordinary general meeting of the AVEVA shareholders in November. If approved, we would expect the transaction to close after certain regulatory approvals in the first quarter of 2023. With that, I'll turn over to Amit for Q&A. All right. Thank you there, Hillary, and thanks, Jean-Pascal. We're gonna move to Q&A, and I'm sure there's several questions out there, so we'll attempt best to answer to the extent we can. Maybe operator, we can start with the first question, please. The first question, sir, is from Phil Buller of Berenberg. Hello. Good morning. Thanks for the question. Obviously, AVEVA is a great asset. I'm just hoping you can help me understanding in practical terms how, if the company is to remain as independent and autonomous, as you've explained, how will it actually work. Operationally, so as to add more to your growth rate over and above the current ownership structure, given it was already consolidated, I'm wondering if you're planning to bring the other software assets like RIB and IGE+XAO under the AVEVA umbrella to leverage that closer R&D collaboration. Is that part of it? Just as a bit of a follow-up, in terms of how we might see this asset going forward, will it stay in the IA business and do you intend to disclose growth and margin, or will it just be lumped together as part of the software disclosure? Thanks. Phil, great question. First, let's remind what is absolutely essential. We want the agnostic software of Schneider at AVEVA, outside of AVEVA, to be autonomous. Agnostic, that means open to all sorts or all other party controls and hardware on control systems of the market. That doesn't change through this transition. Now, what we've seen, and we explained it in the presentation, is as we have grown on both parts of our software, AVEVA on the energy portfolio, we see more and more interactions between the two. While we also are very attached to their specialization, what we do in electrical software is not exactly what we do in RIB, is not what we do at AVEVA. What we want is more interaction across what I was saying, data, experience on the integration of those applications in something which is meaningful for our customers. Now, the world has turned and the world has changed. While maybe one year and a half ago, everything what people were talking about was pure digitization, now energy is big on the agenda of every industry. For it's a license to operate in the worst of the cases, or it's a big cost impact for many industries. Anyway, the one who is able to operate in a much better, much more efficient way, the combination of its process on energy has a huge advantage on anybody else. To do that, you need to be fully digitized. What we see today is that need of a greater integration at very specific points of the architecture pushes us to want to have those companies under more consistent roof and to have a more seamless collaboration. We want them to stay specialized and to do what they are good at doing, but at the same time, being able to bring combined operations to our customers. On that's real, right? When you go to see any customer today in the world, especially in Europe, it's obvious, but not only in Europe. Because of the cost of energy, this has become much more central than what we are facing before. Hilary, if you want to take the question about reporting. Sure. In terms of reporting, we already share key details with you about our software business and software performance in our Digital Flywheel and in the earnings call, including, I always give a little bit of extra detail beyond what we have there. We'll continue to do that, and we'll also continue to give key metrics for AVEVA for the future as well. All right. Thanks. Okay, great. Thanks very much. Thanks, Phil. Next question, please. The next question is from Alasdair Leslie of Société Générale. Yeah. Hi, good morning. Thanks for the question. Just in terms of your Digital Flywheel, can you go into a little bit more detail about how a fully consolidated AVEVA might help you get to that 60% ambition? You know, so aside from software, perhaps, are there other areas like connected products or digital services in your advisor platforms there that could see growth scaled up more, much more quickly as a result of this transaction? Thank you. Look, Alasdair, I'm coming back to what I was explaining just before. I mean, the fact that we provide a much more integrated experience for our customers, a much more integrated data, which allows our customer to play on both sides of process and energy, on a much more integrated setup of application for the customers to build the full digital twin of their installation, makes that this gives more sense or more return on data. The problem of customers is not the nice idea of digitization. It's to turn data into practical outcome for them. Safety, reliability, efficiency, sustainability, your capacity to report on carbon is a thing that you can do only if you're digitized. I'm not even speaking about your capability to source the right source of energy or the less carbon-intensive source of energy in real time. You can't do that if you don't understand your consumption, if you can't at times reduce your consumption or increase your consumption in sync with the supply of energy. What we want here, by simplifying the shareholding of all those agnostic software companies, is to make that this portfolio, which works together today, make no mistake, the teams are talking together. The teams co-develop together. The teams co-work on customers together. Coming with different structures, it makes interaction sometimes difficult. Not difficult, but more slower than it should be. What we want is to remove the barriers to get it bigger and faster. We want this. All of this is to get our software bigger and to get it faster. In itself, we see software as one of the most strategic part of our development. As you well know, we've been in discussion for a long time on this topic. Of course, the more we develop that portfolio of software on that capacity to reposition data in a data hub, the more it pushes our customers also to connect their installations, which creates more space for our controls on connected products. And then remain the services, but the more today I struggle more and more to separate what we call our field services from the digital part, because when our field services go on an installation today, they propose to connect and digitize the installation. Very often, what started as a field service finishes with services on connectivity that then goes into analytics, alarming, monitoring, control, and creates space for more services. That's what we call the Digital Flywheel, but the software part, which is a place where data converges and where analytics put together the data or give insights on the data, is absolutely critical to the whole setup. All right. Thanks, Very clear. Thank you. Next question, please. The next question is from Andre Kukhnin of Credit Suisse. Good morning. Thank you very much for taking my question. I guess we'll continue to kind of think about what exactly incrementally is gained from full control, but I think you've answered that question a couple of times now. What I wanted to ask is, does this signal a kind of a step up potentially in capital allocation towards software M&A for Schneider? Would you envisage potentially full integration of all Schneider software under kind of one roof within Schneider? Look, Andre, I already said it. On one side, what we want is to remove any, barriers to the collaboration between those software, companies. At the same time, we also value the specialization of those software companies. They are specialized on very specific parts of the experience of their customers. This, you remember the slide that we presented now for two years of the three domains, process, power and build. We want those software companies to be extremely focused on to be the best at what they do in those sectors. At the same time, we need to be able to converge experience, converge the data, and go faster to the customer together. What we are creating here is a ground where we take away a lot of operational, I would say, not difficulties, but complexities that we're experiencing every day. While at the same time making sure our software companies autonomous, but at the same time we keep them specialized. All right. Thank you, Andre. Next question. Regarding the step up. Sorry. No, go ahead, Andre, you had a follow-up? Yeah. First part of the question, whether that is answered. Yeah, you are speaking about the step-up in software. I would take that as a message that we want to make the most of what we have. There is so much to build around what we have assembled. Hilary mentioned it. There is space for add-ons early stage as we did last year. What we want to do is to make sure that we make the most of the portfolio we've put together. Very clear. Thank you. All right. Next question please. The next question is from James Moore of Redburn. Hello, everybody. Hopefully you can hear me. I wondered if you could help me understand the economics. I don't understand them very well. Really, how does this acquisition create economic value? If my math is correct, on a EUR 10 billion deal, you need to more than double EBIT to get EUR 800 million to cover a WACC of 8%. Even if you achieve the midterm targets of 10% revenue CAGR and a 35% EBIT margin, which to do, you need to grow now at 12% because it's not been achieving that, which AVEVA's never done, and you need to lift the margin 900 basis points, which no software company has done through a SaaS transition. Even if you do that, you get to EUR 1.9 billion of sales in 2026 and EUR 670 million of EBIT in 2026, which is still short of that. Presumably most of the synergies are already largely in place. Can you say what year you expect to cover the whack and what whack you are using, and whether you assume any incremental synergies? Thanks. Thanks. I think maybe I'll take that one, Jean-Pascal. The way that I would think about this transaction a couple of ways. First, of course, as with all acquisitions, what we're looking at is, you know, basically what you're laying out, right? Which is the discounted cash flow, the NBV, what we create for this transaction, in the course of this transaction for our shareholders. A few things I would say there in that, we know this asset pretty well, and we are confident in therefore the forecast that we have for the asset. I already talked about the fact that we think that, this transaction further solidifies the path to the Capital Markets Day targets that AVEVA itself put out for its 2026 year, which closes March thirtieth of 2026. We think that the value that's there is already there, right? Something that you can see and that we can. I won't say anything about the offer itself. I think in terms of both ROCE, which is a metric that we follow in terms of EPS, we feel comfortable with the value metrics that are behind this. Could you say to your shareholders what ROCE you expect and what your hurdle rate is and what the year is? There's a little bit of a technicality with ROCE on this transaction. We acquired the controlling share of AVEVA in 2018. In fact, this transaction we don't expect to be accounted for as an acquisition, but instead as a transaction with our minority shareholders. No goodwill, no purchase price amortization. There wouldn't be any real impact on the accounting version of ROCE. There will simply be the net debt that goes onto the balance sheet and a contra equity against that. I presume that's not really what you're asking, though. Obviously, that's. ROCE on paper is unchanged. I think what you're asking about, though, is value. We value each transaction, and I think we've talked about it quite a few times before. We like discounted cash flow as a metric because for us, it's all around strategy, right? The business plan that we come up with for that asset to drive first growth margins and then cash flows over time for that. We feel very comfortable. We don't have a particular hurdle rate, I think, that we've talked about in the past. We've talked about driving our own ROCEs towards 15% over time, and I think that we're on that journey. In terms of the actual value, we've talked about it in terms of what we think we're doing with the 5%+ organic growth and the driving towards the company of 25, as a company ourselves. We think that this plays a good role in that. I guess what I'm asking is, what is behind incremental capital allocation decisions? Because Schneider has a fantastic operating return on net assets. For many years, we've not seen the return on capital lift, and for a number of years, there were concerns about large acquisitions. This is a large capital allocation decision, and I'm trying to understand whether the decision to move from 60% when you had said some years ago when you acquired AVEVA that we will get all the synergies, we are happy that, the benefits, of bringing two companies together will be in place. How you assess the economic value added to shareholders of an incremental uplift from 60% to 100%, that extra EUR 10 billion decision, trying to understand how you, believe that that creates value for shareholders. I think I've gone through the details, so I'll just answer quickly, and then I think we can move on. The transaction value to us, so what we'll pay is around GBP 3.9 billion, right? That's not excluding transaction costs, but in that range, and we're funding it with debt. We look at all transactions and all M&A in terms of what they will provide to our shareholders in terms of what I believe is the real driver of value, which is free cash flows in the future, and we compare it to what we would pay, like I think any company would do. I think we've gone through all of the details on this call as to why we think from a strategic and customer standpoint, there's a lot of value in this transaction, and we think that translates into the free cash flows and return on investment that shareholders will see in the future. Thank you very much. James, to comment on what Hilary was saying, I think we've been talking enough about software for the past many years. Beyond the financial model that you are mentioning, I think there is a real acceleration of the market into convergence, into more convergence of data. On that convergence, I think we've been the first one really to talk about it, that convergence of engineering process. It's really on process. It's now really coming through. On the present setup, of course, we can keep it, right? But I don't think it's fast enough in front of the opportunity. On what we are convinced of is that it can really change the momentum that we have in offering solution that others don't have. Believe me, we don't change anything. Automation, agnostic remain the same. We spend a long time to ponder the interest of doing what we are doing today. We see a real advantage to simplify, make those things much more flexible and seamless between our companies, because the opportunity and the need is now with ours. All right. Thank you, James. I think we'll probably now only have time for another couple of questions, but let's see what we can fit in. Next question, please. The next question is from Alexander Virgo of Bank of America. Thanks very much. Good morning, everyone. I wondered if I could try a slightly different tack and ask if you could give us some examples of lessons that you've learned over the last four or five years of operating together. I think you talked about unified engineering at the time of the original structure, which you think you can then learn from and apply as you go through in the next stage of the ownership structure, I guess, that's actually gonna generate this acceleration. As a follow-up, I wondered just to clarify, presumably you kept arm's length for commercial agreements in place at the original under the old structure. Would those remain in place as part of the maintenance of autonomy and the existing business model at AVEVA? Thank you. Yeah. The thing that we've learned is frankly the value of having a simple customer experience across the life cycle of installations. On the capacity also to have a model which AVEVA Connect or AVEVA Flex is demonstrating of having a model of subscription on consumption which is helping a number of people that are our customers to collaborate on work on the same model in a very seamless manner. What we see what is important is really the adoption of those systems and what the only thing that makes sense is the benefit we deliver to our customers the outcome of what digitization brings to our customers. Simple is really important. Second, getting as much data as possible is really important too. Third, I would say knowing the industry you are speaking to, this deep knowledge of verticals and applications is really important. Maybe the next one, or the last one I will stop here because then I could go long on, again and again, is that systems for mission-critical industries that we are talking about, having a very rugged, resilient and hybrid system that can work on a combination of on-prem, on cloud-based systems in a seamless manner is really important for our customers. The adoption that they have of going to the cloud, in many cases, is progressive. Going with them along this transition is really important. Again, I started with simple. I started with fast return, fast outcome to digitization. This is what this whole operation we are describing today is all about. It's about customer value, simple customer value, fast customer value, and its acceleration of growth. All right. I think we're at the hour. I'm gonna squeeze in one last question, 'cause, you know, I don't wanna keep anyone else, sort of waiting there. Operator, do we have another question? Yes, sir. The final question is from Yifan Zhang of Goldman Sachs. Hi. Thanks for taking my questions. I hope you can hear me. I just actually want to know if you can quantify any, like, synergy between the transactions you think that you can happen or anything like cost savings, that would be great. Thanks. I think we've made clear that we're not going to give any particular numbers. One thing I would say is that cost synergies, and I think you can read the Rule 2.7, we make a number of statements there. Not a focus of this transaction. We don't expect that we would materially change any people costs associated with the transaction. In terms of revenues, we've spoken on already, I think, quite a bit about the customer value, the strategic value of this transaction. We're not giving any particular revenue synergies. What we did talk about is solidification of the journey to the 5%+ in organic growth over time, which is a big step change for Schneider, and that 5%+ over the cycle. We also talked about further supporting AVEVA's journey to its Capital Markets Day targets that it's already put out in the market, that are for the year, their fiscal year of 2026, that ends March thirtieth of 2026. Those are probably the key financial metrics that we would call your attention to. All right. Thank you there, Yifan. I think we're at time. Thank you all again for your attention. Of course, you can see on the screen that we are going to be available for further interactions. You know, I'm sure there's a lot to read in the documents which have been filed today. Again, I'd just like to say thank you. I don't know if there's any final word, Jean-Pascal, from yourself. Okay. Thanks for. All right. Being on such short notice, and see you soon. Thank you all. Bye-bye.