Good morning, everybody. Thank you very much for being present with us. Whereas you could still be in bed watching all of this on your screen, I really do appreciate the fact that you've all traveled to be here, and the fact that you're present will enable you to sense how strongly we believe in everything that we're saying. We're not in Paris, and so as a result, we are streaming all of the discussions, and any questions you put forth will be communicated to us by Stéphanie. A very big thank you to Dawn. As is the case every time, we know that she has a difficult job. I was saying there is a Scottish speaker, so I'd like to ask you, if you don't mind, to please take a headset. To be totally honest, I have no doubt whatsoever about Kev and Greg's capacities in English. Please do pick up a headset, because what they're going to be saying is extremely important. I insist on that. Once again, thank you to Stéphanie as well, who is in charge of organizing all of the event. Let me start out by giving you an update. I organized a seminar when I joined my first company, or rather, I went to a seminar where we were asked to provide the news that was important for the future, and there's a lot of important news. Yesterday, Anthropic announced that Claude, unfortunately, has intruded on real systems during a test phase, despite the fact that this intrusion was not programmed, was not scheduled. Just imagine the risk of such an AI tool. We're going to be talking to you about security, safety, cloud, governance, data. In other words, what I'm saying here is this fully justifies the transformation, the AI transformation that our group is entering into. Something that was of interest to me last night was NVIDIA. NVIDIA asked the Australian government for two extra gigawatts for its data centers. 2 GW compared with 1.6 GW for all of all the data centers in Australia, compared with less than 1 GW for the data centers in France. When you see that kind of information, you realize that the management infrastructures, they have a wonderful, rosy future ahead. As you'll see, this is one of the analyses that we've performed. Please be reassured as to the need for staff also. Gartner announced yesterday once again, and this is rather provocative what I'm about to say. We are going to make redundant 30% of our staff over the next year, it was said. But in 2029, we will be obliged to rehire the same staff at a higher price. This is what Gartner was saying. However, there is a current, an underlying current that means that we should think about things. Basically, we need to not react too quickly in our business sector. So I stress the importance of this. We need our staff. The proof is in the pudding. There's something we've already anticipated on, and we'll refer to this further down the line. Google and Accenture have signed an agreement. This was signed the day before yesterday. This agreement is all about positioning 1,000 people, making 1,000 people available for AI Google tools to work on Gemini. But for quite some time, we have been ready in this sector. We do not need this kind of announcement. Maybe the mistake we make sometimes is to underestimate ourselves, and we should make these announcements. I'd just like to say that today we are sound, we are sturdy, and we are fully ready for the future. I have another introduction I'd like to give on sturdiness. We are used to buying companies. I wonder why people sell their companies. They sell them to us just at the moment where everything is about to succeed, where the people are about to become rich, but they sell the companies to us just at that moment. Why? Because people are used to saying, "Ah, there is hope." There's work in the pipeline, and there is a certain amount of recurring business. We're fortunate that we're able to announce to you a sturdy backlog, an amazing backlog. For me, the backlog really is the key point to the future success of a company and naturally speaking, alongside its strategy. We're talking about transformation, and I would like to stress for the analysts amongst you, either in the room here or present remotely speaking, I'm under the impression that maybe we do not have the right peer group. Maybe I'm being a bit harsh in saying that, because when you say something negative, it's very important to then provide a solution. I don't have the solution, I must admit. However, let me stress that we have a transformation process that has already taken place, whereas a lot of members of our current peer group have a lot of liabilities that they need to manage in order to guarantee their future. In particular, they have a lot of business sectors where they're gradually losing ground. I wanted to introduce this meeting with the news, and also with this news, and also I wanted to speak of our ambition to talk about our strategy. After the presentation of the strategy, you'll have every opportunity to put questions, and all of the general managers are here, and they're willing to provide any answers you require in real time. But you will not have the slides. The slides are in your book. You can refer back to the slides, but we'd rather you put the questions directly. First of all, let me pass the floor over to Greg. Greg is our AI man, and then Kev will come forward for the presentation on behalf of all of the CEOs with regard to our strategy. Greg, over to you. With the translation. Morning, everyone, and thank you again for joining us this morning. I want to take a few minutes this morning to explain the evolution that's happened within our business. Historically, Sword has been well-known for providing excellent technology capability and skills to the markets that we work within. But we've been working in evolving that story for several years now. We believe that the AI revolution that's coming ahead of us is accelerating that evolution massively. Like I said, historically, we've always been well-placed to provide those technology skills and capability and delivering excellent projects. But the journey that we're on has moved much more towards that AI-led systems integrator. Through the rest of the speech this morning, I'll explain what we mean by that and why we think it's important. But the needs of our customers are evolving. They're changing. That is what is underpinning this evolution and the new strategy we are putting in place. To build on that, the first thing that we have been working on is organizing our capabilities in a different way. We have four clear parts of our business that comes together increasingly to solve the problems that our customers have today. The first area of our business is around consulting. We have that ability to work with our customers, help them make sense of the challenges they are trying to address as an organization, help them identify the right strategy around AI and their wider transformation, and help put together the governance and the transformation programs and roadmaps within their business. Also, make sure that they can embed those changes. We have a lot of capability around change and adoption and actually making sure we can help our customers not just do the technical element of transformation, but embed that and change the way of working. We also have then the applications side of the business, which I guess historically we are really well-known for. Like I said, we have been providing lots of capability in that space for a number of years. We see that part of the business continuing to scale and evolve, but perhaps in a slightly different way, taking on more projects and programs of work. But also that applications part of our capability will be key to deliver the AI solutions for the future, whether that is in the data space or building AI-enabled applications. Then we also have the platform capability, which is something, again, we have been working on this for a number of years. Our partners are key to that. I will talk a bit more about them in a few minutes. But that platform piece really brings in those data AI cloud platforms that increasingly will be required to drive the type of transformation we are talking about. We do not have the ambition or the need to try and create everything by ourselves. We want to use that best-of-breed technology from our partners. That platform piece will be a key part of this AI transformation as well. Then lastly, the infrastructure capability that we have within our business perhaps is something we maybe have talked less about in the past, but it is certainly a key component of how we show up for our customers these days, especially providing that secure networking, the compute, the storage, the workplace services. We have the ability to put all of that in place for our customers. Quite simply, what we are talking to the customers and position ourself as is we can be powered by AI, we can be enabled by cloud, and we can be secured by cyber. That range of end-to-end capabilities we see as being a great fit to try and drive the transformations that our customers are about to go on. Like I said a minute ago, we do not have that desire to try and build technology ourselves. Certainly, we will always create some IP and some solutions where we have the capability and the need for it. But the strength in our organization comes from the relationships we've built with these global technology partners, the likes of Microsoft, AWS, Cisco, Splunk, Palo Alto, Nutanix, Dell. These organizations are investing billions every year in the technology that our customers are looking at and assessing to try and drive their business forward. Our opportunity there is working with those partners, being that integrator of those technology platforms and solutions to deliver those outcomes that our customers need. When I talk about being that AI-led systems integrator, it's working with these big hyperscalers and these technology partners to solve the business problems that our customers have. That's how we're positioned, that's how we see ourselves, and helping translate that technology capability, sorry, into meaningful outcomes for our customers' business. So that's how we see that technology landscape evolving. Like I say, we will still build solutions on top of these platforms. We will still build proprietary IP where it makes sense for ourselves. But increasingly, our revenue will also come from being able to transact either the consumption-based platform revenue from these technology partners, or in the case of the infrastructure side, actually transact the hardware or software or networking compute that is going to be required to drive these transformations. I think the other key part of this story is the fact that these technology vendors don't have the intimate customer relationships that we have. I think the last time we had this session, I spoke to you all about our ambition is to be that AI transformation partner for all of our existing customers. The reason that's important is we know those customers, we know their landscape, we understand their business, we understand their architecture, we understand their constraints. Our job is helping bring these new technology platforms into those environments and helping our customers make sense to them. That's how our partners view us as well. Our partners know that we understand our customers intimately. So rather than them coming to our customers with a technology solution or a platform and trying to position that, they increasingly look to us as Sword to bridge that gap and bring our understanding of our customers and their environments into that conversation. Which is good for everyone, right? The customer gets the benefit, we get the opportunity to have new revenue streams come into our business, and then the technology vendors get the ability to position their solutions. So that's how we see partners and those technology capabilities that everyone reads about on a daily basis being part of our business. I think the key thing here is we're already doing this. We have been doing this for several years, so this is not a new thing. This is just an evolution of that part of our business. Thirdly, I want to talk about these three key underlying threads that bring everything together around AI, cloud, and cyber. These are woven through all of our business. AI obviously brings that ability to innovate and drive productivity. Cloud brings that ability to scale and the agility and speed to bring these solutions to the market, and cyber makes sure that all of these solutions are secure and resilient, and our customers can rely on them. These three threads are woven into all of those parts of our business, our own consulting, our own applications, platforms, and infrastructure. Our intention is not to try and create some standalone AI business. Our intention is AI is woven into the fabric of everything that we do across the business. We don't want to have four separate businesses that we talk to our customers about. You've got a platform problem or a cloud platform these days. That isn't the conversation. Our customers have business problems they need to have solved, and our key ability there is to make sure we bring that end-to-end solution, and we bring these things together. Our customers, these days, they don't have an isolated cloud program, for example. They don't have an isolated application refresh program. They are talking about how do they transform their business by using AI, which needs that end-to-end integrated approach. Like I say, we have those end-to-end capabilities that these three things are the kind of thread that runs through them all and bring them all together. Hopefully that makes sense. This slide really is to try and depict how those revenue streams within our business are changing and will continue to change. Like I said at the beginning, we've been known in the past for providing that technology capability, those skills, or that capacity, which is still an important part of our business and will remain so. But if we don't transform how we position ourself with customers and how we show up for people, there's always that risk that that part of our business declines. As AI comes into software development, example, that would potentially have the ability to make that more easy to do, make it much more productive for individual software developers. If we have our traditional model of generating revenue just by providing those resources on a time material basis or a fixed price, our business will go into a decline. That is not what we are here to do. We are here to continue to grow our business and deliver that growth that you guys are used to. We're seeing here that that application revenue, in particular, if we did nothing and we didn't transform, maybe that tails off. In the world that we're moving to, we see that increasing. We see the ability for these solutions to be AI-enabled applications being developed for data products to be developed using AI. That will increase. But we see these new revenue streams coming into our business. We see the ability for us to provide that infrastructure to drive the AI transformation. We have that ability to work with the partners outlined previously, like Dell and Nutanix and HP. We can transact those hardware and infrastructure-orientated products. We can have that revenue stream as part of our business, and we do already do that. But we see AI, again, massively increasing the need for that within our customers. Increasingly, we are the transformation partner having that conversation. We also see that platform revenue increasing. By platform, what I mean by that is the data and AI platforms that underpin these solutions, the solutions that those hyperscalers, Microsoft and AWS provide. We have the ability to also have that revenue coming through our business. We are that partner for our customers that can make sure we take care of those FinOps disciplines, the billing for that platform consumption that can come through our business and drive growth. We are already seeing that, but we see that increasingly significantly over time. Then also we see that consultancy revenue increasing. We are increasingly getting involved in these conversations with our customer to be that partner to drive transformation. So we have always done that, but we see that scaling significantly. So that mix of revenue within our business will change. It has changed already, but it will continue to change. Most importantly for this audience, we see a huge growth opportunity as part of that, all fueled by AI. Then lastly, I just wanted to take a minute to, I guess, explain our thought process around this topic of AI transformation. Is this something that is small scale or is this something that is revolutionary? We have thought long and hard about this. We have talked to our customers. We are understanding how are they starting to interpret this. I think there is a nice parallel here with historical things that have happened, particularly that industrial revolution process, that happened long before all of our time, but the parallels there are quite similar. That industrial revolution started with the spinning jenny, which was a machine introduced originally to help people be more productive, which was fine. It was allowing individual workers to be more productive, but they were still largely doing the same work. They were not necessarily transforming how they work and transforming their organization. It was not until the factory came along and the assembly line came on several hundred years later, in that case, where organizations understood the real transformation was thinking about how they organize their business around those machines and how they put that end-to-end production line in place. The parallels with what we are seeing now is, at the moment, I think most organizations at this point, they have introduced Copilots or ChatGPT to those individual workers. So people are being more productive on an individual basis, but that is the equivalent of the spinning jenny. That is not transforming the organization. When I talk about us being that AI-led systems integrator, we see that our role in that is to help people get to that point where they get to the production line, the assembly line scenario of the industrial revolution. You rethink how your organization works with AI, and that is the journey that we want to take all of our customers on, is to help them really realize that benefit and opportunity presented by AI. We are doing that to ourself as well. So we have started an internal AI transformation program with the same mindset, using the pathfinder approach that I talked to you last time about. We are running that internally. We are reimagining how do we deliver our processes, but also recognizing that that is a journey, okay? We have taken the first step, and we have enabled people to have Copilot and secure productivity tools with AI to help them individually be more productive. As part of our internal AI transformation program, we're looking at our processes, we're looking at our data, we're looking at how we reimagine those processes to come together. If I try and bring that to life, for example, let's think about one of the key markets that we target that Kev will talk about more in a minute. Let's look at that utilities market. What I mean by that AI-enabled process transformation, if we think about utilities, their key business is making sure that they manage their assets, they provide electricity to the places that need it. A huge part of their business at the moment is field operations, engineering, control rooms, monitoring the state of those assets. There's a huge amount of overhead in making sure that those assets remain productive. If you introduce Copilot to that, for example, you could have those individual different people in that process being more productive. What we are saying is, let's reimagine that process. Let's look at how data is helping you actually underpin those decisions. Let's introduce AI agents that can inspect that data, understand the state of the assets, understand the impact of weather might have on those assets, and use an agent to massively orchestrate and simplify that process so that if there is an issue, when the engineer turns up on site to do maintenance on that asset, they know the problem, they know the part they need. They are able to then make that decision to then implement a solution for it. We're reimagining how that process works. We're not just saying let's keep working the same way and use some AI tooling to make it better and more efficient. We are saying, let's reimagine how that happens. To bring that all together, that's when you think about, especially in that critical national infrastructure space and that utilities example, that data is critical to that. They have to have that data available. They have to modernize their applications that that data's held in. They have to make sure it's secure and resilient. That brings together all of those capabilities I mentioned at the start, between consultancy to help them understand that in the first place, the applications to be able to develop the solutions, the platforms to make those solutions work on top of, and that secure network and infrastructure underpinning it all. That's what we see as the opportunity ahead of us and our goal for all of our existing customers to take them on that journey. Like I said, we talk about our existing customers because we know them intimately. We know their constraints, we know their platforms and their architecture. That's how we are positioning ourselves. Again, if we just go back to that industrial revolution story, the organizations that won then were the ones that understood they had to take the technology and integrate it into their business and reimagine their business. Those were the organizations that came up on the right side of that transformation. That's where we are planning on being a Sword, but also then taking our customers on that journey and getting to the same benefits as well. Any questions on that, happy to take them now or equally afterwards. But I can hand over to Kev. Thank you very much, Greg. Just a brief transition. Please feel reassured you have a book that is as thick as that. You will now only have to listen to Kevin's presentation, but you can put any questions you wish. This is why I would like to introduce each of our CEOs. We have Guillaume, who is with us. Guillaume is the French speaker because you have French-speaking Canada, France now, and also Switzerland. You are gradually making inroads into German-speaking Switzerland. But for the moment, it is French-speaking Switzerland, so three entities in total. Hence, if you wish to put any questions, do feel free on the strategy. Next, you have Greg, who you have just listened to. Dieter, who we have known for a long, long time. I think we have been working for a long, long time, for the last 25 years, Dieter? Almost. Almost 25 years. It is a wonderful adventure based on the European Union. So Dieter is in charge of the European Union with bases in Athens, Luxembourg, and a certain degree of presence in Düsseldorf, and also the private market that they go into out of Luxembourg. The following person is David. David is a newcomer. We announced to you last year the acquisition of Full On Net, I think you said, in Madrid. We have a small entity in Barcelona, and we bought Bubble Go in Switzerland with an initial position in Lisbon. He has taken over Iberia. In other words, Barcelona, Madrid, Lisbon. Last but not least, he is hiding in the background, we have our CFO, but you will speak, won't you, concerning the accounts with regard to the general accounting. I suggest that for the moment, Kevin steps up and gives the presentation, and please feel free to put any questions relating to the strategy. Then after that, I will give you the figures, and then you can re-put questions concerning the figures. So Kevin, over to you when you want. [Non-English content]. Good morning. Rather than restating our strategy, I think Greg did quite a good job of explaining what it is we are trying to achieve across the group and how that is in line with the transformation agenda that we all hear and see every day. On behalf of, feels like a wedding speech. On behalf of my other colleagues, I thought I would just maybe try and bring to life what it is we are doing, certainly in my country, that are equally applicable examples when we look at the other regions and other countries, all of which are contained within the book that you can take away. I think for me, I wanted to address, Greg touched on it, our strategic primary market in the U.K. has very much become critical national infrastructure. You know and understand the heritage we had in oil and gas and energy. We moved into renewables some years ago. Utilities has become a burgeoning sector or sub-sector, which is throwing up huge opportunity for us. We have had very great success in the last couple of years there, and we see that as the primary growth market for us moving forward. Of course, we will still continue to address finance and public sector, and of course, we can consider those as critical national infrastructure also. The technology demands requirements of all of these sectors fits very nicely within what we are saying our capabilities are, which Greg so beautifully articulated in cyber, cloud, and AI. Our revenue channels, our delivery methods, we have to have that four pillars. Increasingly, it is not a single conversation around, "Can I have a skilled resource to fulfill a task?" Again, Greg explained quite well how we need to consult with our customers and be with them on the entirety of their journey so they can realize the benefits of all of the moving parts they need to consider, whilst they are trying to transform their business. Consultancy is really important. We try and understand and identify their needs, requirements, and objectives at the outset, but also help them to consider the infrastructure requirements, the platform requirements, and the application requirements in order to fulfill that. I think many, many organizations, I think there is 87% of organizations, certainly in the U.K., will say that they are using AI already within their business. I believe it is less than 5% have translated that into a bottom-line gain at this point in time. Therefore, that remains the fundamental challenge for all businesses is: how do we get to that production line when we consider that in line with the industrial revolution? Our delivery models haven't really changed. We still deliver projects. We still deliver procurement. We have managed services and resourcing. They do not need to change. That is just how we show up and organize ourselves within our business units to face off to customer demand. Greg touched on utilities. I talked to you about credibility. There is a huge demand there. When I talk about our CET offerings, in cyber defense it is very clear that resilience is vital. There is no option for any of the utility providers to have any downtime. They are critical national infrastructure. They provide electricity, et cetera, to millions of people and businesses. So they have got to think about cyber defense and security. Clearly, there is lots more nation state attacks. We live in a volatile world. There is always somebody looking to target these utilities companies. So they are investing quite significantly. Gladly, that is in line with our capabilities. Cloud, the need to modernize infrastructure is there for everyone. Our most recent acquisition, which we have made since I last talked to you, was a company called CirrusHQ, who brought AWS capabilities. Why that is important is because it gives us that hybrid multi-cloud capability. Cloud transformation is key and central to maximizing efficiency of the delivery models that will be required, well, now and as we move forward even more so. Irrefutably, AI and data. Data is obviously at the center of everything we do. But we really believe this utilities market has got to concentrate hard on that transformation piece. They need to meet the demand for electrification, decarbonization, and various other agendas. Rather than just restating our strategy, I am trying to evidence what Greg says in terms of how we are conducting our business. I want to give a bit of an insight into where I, in the U.K., see the need to make investment to not only protect our revenue, but to ensure we deliver on that double-digit growth, which we have been so very good at doing for numerous years. I want that to continue into the future. Investment is a key part. Rather than waiting for customers to come to us, we know our position in that utilities market. I will talk to you in the next slide about what I think that market demand is, the size, the prize, and the stability of the customer base that we are trying to address. The foresight, me and my team, to try and get ahead of the agenda, to try to build on the solutions that we have already delivered to utilities. For us, you will see it within our accounts, we will make at least GBP 3 million investment in terms of building some solutions specifically addressing the utility sector and their challenges. We are in the process of building a blueprint for substations. That is electric substations. There are 500 of these in Scotland alone. There are many more thousands when we consider England and the wider U.K., and if you broaden that to the rest of Europe, you are into very big numbers. We know what needs to happen to these substations from a technology perspective, and as such, have went away and designed a blueprint and an architecture to take to our customers. They do not have to do the hard thinking. We will go to them with that answer. That is something we are working on at the moment. Also, we have been involved in, and I have talked to you at least twice about some of the very large projects we won with network separations in creating separation between IT networks and OT networks. That is really, really important so that nation state attacks cannot bring down these businesses. We need to keep that network separated. We need to keep the control systems separate from the external facing internet. That is really, really important in utilities. Again, we are putting together a network upgrade blueprint, which is pretty well advanced. Compliance becomes a very heavy agenda when you consider the industries that we are working in targeting in critical national infrastructure. Every executive I speak to in these organizations tells me about the difficulty, not only around compliance, but the time and effort it takes to demonstrate and evidence that compliance. It is becoming an even greater burden as the days, weeks, and months go by. Again, Greg referenced that we work with technology partners to bring best of breed technology to address fundamental customer problems, issues that they are facing. As such, we have already built a prototype, and it is rolled out with one of our customers around addressing compliance with CAF. That is a requirement specifically for the utility sector. But instead of having to run around for days and weeks finding old documents and files here, there, and everywhere, at the push of a button, both our executive teams and the people who are operational can demonstrate where they are from a compliance perspective at any given moment. Clearly, we're not going to demonstrate that today, but I did demonstrate it to my workforce earlier in the week, so that's quite an exciting development. Stage four of that investment in utilities for us, there's a license monopoly from. I won't go into the provider, but they've got a GBP 50 million license monopoly across these utilities customers. That technology has been bought by somebody else. The price of that technology has increased tenfold. They have a monopoly. They've got nowhere else to go. We're actively working on a solution with one of our other partners, Nutanix, to come up with a much better price point, and we think we can make huge inroads into that monopoly in the next year or so. Lastly, these large scale customers demand that we show up organized consistently with a methodology and a structure around how we deliver to those businesses. So we're just tidying up and strengthening our approach from a project delivery perspective. In terms of the market demand, and specifically, again, referencing utilities, there is regulated spend. It's available. It has to be spent. There's EUR 100 billion committed. There's the largest investment cycle in decades happening in the U.K. We know the drivers, they're on the screen there, net zero energy security, electrification, providing data centers with the electric they need, and so on. But there is EUR 100 billion of investment coming into or committed to this sector already. I told you we built five strategic offerings to specifically address or attain as much of that prize as we can. There are nine U.K. power network operators, both in transmission and distribution coming to market. We're speaking to most of them. We're working on our external presence to make sure we remain attractive to them. I'm very confident that we will make inroads into some of those other nine. We've got the biggest one, arguably, as our customer just now, so it gives a strong reference point to case studies and credibility. We've got five-year sales ambition in this sector of GBP 600 million. Let me be clear, that's not committed revenue, it's not financial guidance. But it is the size of the prize that we're looking to address. And we believe we can get to that using that various investment pieces as a platform to just continuing doing what we're doing, understanding our customers' businesses intimately. I often get asked the question, "How can you, Sword, be credible as an AI transformation partner against some perceived larger organizations?" And the answer is simple. Greg said it too. We have proximity, intimacy, understanding, track record, heritage with these types of organizations that quite frankly, many others are nowhere near. So that's what brings us to the table. And I'd like to think we do a good job and repeat business becomes part of that thing. I don't intend to go through those key spend drivers, but they're there for you to consume, to check out, to do your own research on. That is the size of the prize. The biggest benefit for us addressing that utility sectors is we don't have to go about trying to win business knowing whether the funding is there or not. Oil and gas has got a little bit more complicated because governments, are they going to explore for more oil and gas or are they not? There's a bit of uncertainty in there. Utilities is very certain. That is why we are making quite large, it's not a bet, quite a large, informed investment in that sector. For me in the U.K., and I am sure the guys could say the same for their regions, we have got clear focus. We are targeting the fastest growing areas of technology. Greg covered those. Those are the most relevant in the modern day. We are also applying those to the strongest demand sectors. I think we have got the technology understood well with a clear proposition, and we have got strong markets that we are operating in. In terms of having the right plan, I want to be clear, and again, I spoke to my workforce in the U.K. about this earlier in the week. We have made strategic acquisitions in the U.K. for a period of 10 years. Now we have got to the end of that journey. I say the end of that journey. I now feel like I particularly have the breadth of capability that we need to be successful for the next decade. Personally, I have no need to add more skills to our organization. We may opportunistically decide to add scale in the future. Our strategic partnerships and our acquisitions both have been very well thought out and conceived in terms of where we were trying to get to. This is not a new plan. We have been doing this for 10 years. I have been thinking about those acquisitions and those partnerships over that time, and now we have turned up with the right answer, the right partnerships, the right technology, the right methods at the time where the world is demanding it most. In the end, we believe we have got a unique position, certainly in our target markets. Greg explained how AI is helping accelerate all of those offerings across our four key pillars. I do not intend to go too much into detail in terms of these case studies, but in terms of evidencing our strategy, they are there for you to see. Greg talked about how we are delivering internal AI transformation to ourselves, but also we are leading our customers with exactly the same approach. There is a case study there where we have got a GBP 5 million opportunity for a very large utilities organization to help them understand how they prove the concept. That is fine. Everybody can prove concept with a Copilot very quickly or Claude, whatever. How do you demonstrate and prove the value? Can you actually translate and turn that into bottom-line efficiencies or top-line growth? Can you scale it? When I talk about scaling it, you need to think about who is that actually going to be embedded within our new operating model? It is back to the getting to the production line. That is the big challenge that we have, as Greg says, thought long and hard about. I think we know exactly how to address our customers. There is evidence there. There's a very large utilities customer that's coming to Sword to say, "Can you help us understand what it is that we need to try and do, and how to get there effectively and translate that into some efficiency, either top-line growth or bottom-line savings?" Then very quickly, there's another one there from a big oil and gas customer, and it's really around cyber defense. But again, you can see the threads of where AI is being applicable in conjunction with cyber capabilities to make sure that they're safe, they can't be hacked, that they're efficient. AI is used to automate much of the security functions in there. Jacques referenced it at the top of his speech in terms of the concerns abounding in the global market today in terms of the capability of AI tools to create security events. So we need to use it for the good. I think we're all wrestling with the good or the bad of AI at this point in time. I don't share the doomsday verdicts of this morning's news that humanity will end in 10 years because of AI. I think that's slightly sensational if I can offer you my opinion. I'll leave you with these slides. Read the group. We're happy to take questions now or afterwards. I'll hand you back to Jacques. Thank you. Thank you very much. You have virtually all of the CEOs in front of you. The only person missing is Nasser, who wasn't able to be here with us. Nasser is in charge of India, and the Middle East. They're functioning very well today, unlike potentially what we might imagine, and also the English-speaking part of Canada. He does the splits on a regular basis, but Nasser's entity is an entity that has always outperformed in terms of its revenue. I'd like to now ask you whether you have any questions on the strategy on operations. Do put the questions if you'd like to. I believe that all of the microphones are already on. Hello, my name is Nicolas Thorez. Thank you very much for this first part of the presentation. I have two brief questions on the strategy. Is it possible, or would it be possible, to quantify your revenue mix? What portion goes to applications, consulting, platform, and infrastructure? I'd like to know whether you can perform that exercise as of now. Can you give us a rough sharing out of the pie, as we say, and how are you going to develop the mix over future years? My second question is related. Maybe let's start with the first question. Kevin, do you want to answer? Kevin, do you want to maybe raise a few points? Kevin, of course, is focused on the U.K., but all of the points that are going to be broached are relevant for all of the entities. Thank you for the question. I think it is very valid, and I knew this question was going to come up. Arguably, I should be better prepared. The reality is that it is a bit of a gut feel at this point in time in terms of what is presented on there. It is who we have intention to get to that. We are organizing our own systems and capabilities to be able to produce that on an automated basis. For the next time, my commitment is we will share that. At this point in time, it is largely what that graph says. It is not specific in terms of percentages or values, but next time we talk, we will come back with that prepared. There is a subsequent one there which we are working on or certainly done at the U.K. level versus the group, and each of the guys who have been having conversations about how to produce that. If you do not mind, the next time, we will come with that information. Okay, no problem. Thank you, Kevin. My second question was pretty much related to this, related to the evolution of Sword's mix in the future, relating also to AI. I think on page 11, you presented something that is pretty clear. You are anticipating strong growth in platforms and infrastructure. Potentially, will that mean that you think internally about the evolution of your perimeter as well, or is your perimeter going to remain the same? Anything you need to do to accelerate the transformation of the mix within Sword, generally speaking as well for you, Jacques? If you like, I would argue that globally speaking, the strategy that we propose is relevant to concerns all of the entities. Maybe I could pass the floor over to Dieter. Dieter could be considered as the dinosaur in the room because he sticks to a contract-based system, a big contract that he has with the European institutions. They move forwards at the speed of the European institutions. Dieter, could you say a few words about the themes of the new contracts, cybersecurity? We won quite a few new contracts. That's what I was saying earlier. We've never had such a positive outlook, such a broad outlook as we currently have. We won FREIA. FREIA is the framework contract for all of the European organizations, and it's related to everything that revolves around cybersecurity. We also have contracts for the development of AI. We're very much omnipresent on this market. To refer back to your previous question, I think each entity within Sword is different. If we talk about artificial intelligence within the European organizations and bodies, let me just say that up until six months ago, service providers such as Sword, it was forbidden for us to use artificial intelligence, notably due to the fact that a lot of the tools are non-European. Today, things have changed. It's a gradual change that is ongoing. There's been an experimental phase, and gradually a structured, carefully controlled phase is being entered into. In other words, it's the European institutions themselves that are choosing the products that we're allowed to use, and they also divine or set out the use conditions. It means that the service providers such as Sword, we do not have the freedom to choose the products. We don't have the freedom to choose how we function. We have to follow a framework, governance demands, very often related to the safety, the security in Europe, and in the European organizations. Today, we're working with our teams on this new way of working. We're providing them with the support that they require. In other words, the AI component is becoming a normal, major component in development and in digital transformation. I hope I've answered your question to a certain extent. Yes, at least partially. Thank you. Potentially. I had one last question. This is for you, Kevin, on the U.K. market. It's true that in France, we're not very familiar with the market, particularly in the IT sector. Can you just remind us of the competitive intensity of the market? Okay, you went into detail on the opportunities that you have related to the energy sector, the utilities, the recent contracts won by Sword. Would you argue that there are any newcomers, new players that could confront you? What about the competitive environment? Is that likely to become more intense? Could it lead to pressure in terms of the prices and the quotes that you put in? Okay. Thank you for the question. I think we already operate in a very competitive market. I was having this conversation again with Jacques this morning over breakfast. I think each of us face different challenges in terms of our position in the market. The U.K. technology sector is very mature, very competitive, and it has been for a number of years, and despite that, we have managed to deliver that growth. I do not see anything changing. I think our capability has increased, and again, I referenced our acquisitions and our strategic thinking around partnerships. I believe we are still in the march in terms of our competition. We are beating the companies that are arguably held up as much bigger than us at a more competitive price point. For me, the challenge is making sure that we obtain the value for the services that we are now delivering. As we have evolved as an organization, sometimes you are a little frightened to put your prices up too much, but I think that is something that I certainly need to focus on and my management team have been very well drilled on. In fact, if I can take you back to what we are doing from an internal AI transformation perspective, we are currently actively building a smarter pricing tool for us to use that references all our competitors, landscapes, frameworks, et cetera, to make sure we are positioning ourselves at the right point. For me, it is not a challenge of scale or can we find that opportunity, can we deliver on that opportunity. It is making sure that we get our gross margin at the right levels to protect that bottom line. You will have seen a slight degradation in terms of the U.K. bottom line for that very reason. Because we are getting involved in these much more strategic programs, the cost of our resources have gone up, et cetera. I am very well-versed in terms of where we are in the U.K. market. I feel very comfortable. I am happy to talk to you in more detail afterwards as well, if you like, in terms of that landscape. I hope that answers your question. Just to find the answer part of your previous question, in terms of changing the perimeter to address these, again, I think all of the guys will tell you we have lots of conversations around partnerships in particular. Each of us have got slightly different flavors of partnerships. The slide that Greg put up is the overarching, the hyperscalers, the biggest ones, if you like. All of us need to think about what are the demands, requirements, necessities, regulations on a country-by-country basis, because one technology solution may be applicable to a certain region and not another one. There are nuances in terms of our partnerships, and we have all got to make sure that we have got those right strategic partnerships in the right countries at the right time. I think that is one point that we did not answer before. Thank you. You will also have the opportunity to put your questions at the end. Stéphanie, are there any additional questions? Yes, there are more questions in the room. Please feel free, those of you who are online, to put your questions in the chat as well, and you will have the opportunity later on. Hello, [Non-English content]. We talk more and more about digital sovereignty. Can you sense that there is any particular demand or pressure from your clients, notably the European Union, on these subjects? What is your answer? It is for you once again. Hello. Very good question. Digital sovereignty mainly is all about the European institutions' capacity to control the data, the infrastructures, and the technology. These are not empty words. It is all very tangible, particularly at the level of the European policy and politics. It really is a tangible criterion when it comes to procurement of digital services and IT services. The aim of the European bodies is to use digital technologies and services, but to guarantee that at all times they have stability, control, and autonomy. I would argue that this evolution is creating an environment where Sword's European anchorage is becoming increasingly relevant. It is very clear that it is a massive opportunity for Sword, notably at the level of the European institutions. Yesterday, for example, I traveled here by train from Belgium, and while I was traveling by train, I received an official letter from the European institutions specifying that one of the contracts that was allocated to IBM had been ceased immediately. A procedure was entered into, and we are now in charge of this contract. It is very clear that they have less and less patience, let me say, with non-European companies, and clearly, they have the ambition to work increasingly with European companies. I hope I have answered. Partly, yes. I am thinking about the slide that you presented earlier with the different technological bricks, and I was thinking all you showed was American actors. They are the best ones, but do you have alternatives to offer to us? I expected that question as well. I think as Kevin said, those hyperscaler partners we had in that slide are definitely organizations that we have already worked with for several years, and we are well set up, and they also are mature as partners. So we will continue to work with them. There are two things I think are important in your question that are both opportunities for Sword. The first one is working with a new set of partners that are emerging. For example, we have already completed significant work with Mistral, for example. We have that, let us call it non-functional requirement, come up in Switzerland with EAM and the customers we have in private banking, for example, on a daily basis. We have these new emerging requirements that from a partnership perspective, we are actively working on how do we broaden that partner ecosystem. One of the challenges there is some of those new partners aren't as mature as some of those existing partners we had in that slide. Therefore, actually them understanding how do they work with system integrators like us as part of that conversation, and how do we make sure that relationship works in the right sort of way. That's an active part of the strategy. So partnerships and broadening that ecosystem is something we're working on and something I'm heavily involved with. The other thing that I think is really important on that sovereignty conversation is that will be an increasing driver for spend in that infrastructure pillar that I referenced. As organizations increasingly bring more and more AI into their business and they bring it closer to their critical business data, they don't want that to go into a cloud. They don't want it to go into a U.S. cloud, and they certainly don't want to necessarily lose control of what's happening with it. So we see that strategy that we are putting in place will drive that level of infrastructure spend as well. People will need to put in the platforms that they can control end to end. So there'll be that hybrid cloud capability. You certainly don't want to manage your infrastructure platform in lots of different ways, so that hybrid cloud capability that we put in place with likes of Nutanix and AWS, Cisco, Microsoft and Dell, we see that being a really key driver in the customers. A lot of it will be driven from that sovereignty agenda. Hopefully that answers your question as well. Yes, thanks. I'd just like to add something that's interesting in relation to what you said. You said that most of the actors are going to be American, so digital sovereignty, if we talk about our partners, it's not always easy to have despite the fact that you have solutions. For the moment, you can't count only on that one point of attention we have, is to work with these partners who are not necessarily European, Swiss or from the U.K., but we work with them a great deal in that case on the sovereignty of the data. This too is going to be one of our focuses, to be able to continue to work with these non-European partners, but by safeguarding the data in terms of safety applied to the data and also to the processes. It is a way of answering that it is not only to say we need to build everything in the European way or the Swiss way and to each have our own individual castle, as we say. The other alternative is to work with more sovereign solutions with our partners, applying the right levels of security, the right processes, the right regulations, and this is something that we are being very careful and ambitious about with our clients. Thank you, Stéphanie. I suggest I continue, and then we will continue with the questions afterwards. Let us move on to the figures. First of all, the track record. For the last four years, we have sold EUR 20 million more than what we bought. We are not complete nutters. In other words, for the last four years, this means that we have cleaned up the group. We have kept only those companies that are capable of operating in line with our strategy, with people also who are capable of achieving the technological levels that are required for today. When I talked about what I call our social liability, I am talking about the problem related to people, those people who work in companies, and yet who will not necessarily have the capacity to acquire this technological level that I am referring to. So within Sword, we have done this background work, and I stressed earlier the importance of our transformation towards AI. It is something that is already up and running. Yes, we are continuing with all of our R&D, and I will talk about this, but this transformation process is up and running. That is what I wanted to say for the track record. Four years ago, we had EUR 200 million in revenue. Today, we have EUR 400 million. To talk about the first half year, our growth amounts to 12.6%, and we keep an EBITDA of 12%. I can hear some people shouting out, "They are manipulating us. Why 12%?" Let me say this is an ambition, a clear ambition to keep the 12%. If we achieve more than 12%, we invest it. So our strategy is underpinned with this 12%. We will see this when we look at the net cash position a bit further down the line. Also, if you look at our consolidated breakdown, you have the EBITDA and our organic growth that David showed on the screen. The only difference, and there are two points I would like to refer back to, concern Spain. This difference is not significant. Spain was purchased less than a year ago. When we purchase companies during the course of the year, we do not include them in the calculation of the organic growth, which is pretty normal. Next, you have Switzerland. Switzerland has been restructured, first of all, so that we can begin acquisitions in German-speaking Switzerland, so that we can start a business with France, so that we can merge the two Swiss entities. I do not know whether you remember, but we had two CEOs in Switzerland. Then lastly, we are going to consolidate Canada. The rest is as usual. The U.K. is working to a certain extent for the group without reinvoicing. Maybe they might complain about that. But there is a slight drop in the EBITDA margin, but all of this is related to R&D. This means that we have a profit unlocked account with the EBIT at 12.5%. This gives us a net profit after corporate tax, despite the fact that this doesn't have much value because there are so many exceptional items in there that we can explain it more in detail. For this, let me move on to our net cash position. I did have questions on this. Our net cash position as of the 30th of June 2026, is EUR -62.9 million. Why? Because there are cycles, because we've had acquisitions. Let's talk about where we're heading above all. We have what we call our iso perimeter. We're looking to have a net debt of EUR 35 million at the end of the year. We will have a net debt of EUR 35 million for credit lines that amount to EUR 155 million. I repeat, we have EUR 35 million at the end of the year for the net debt for credit lines that amount to EUR 155 million. I'm not saying we can sit back and rest on our laurels, but we do have the capacity to continue with our acquisition strategy all the more so because there will not be any costs related to the share deal until 2029. Now, let's have a look at what we're actually doing with our cash. We have the M&A activities, EUR 19.4 million in terms of the cost. These M&As are related to this year's acquisitions, mainly CirrusHQ. Do feel free to put any questions further down the line. CirrusHQ is a real jewel in the crown. It's part of the strategy that we've explained. There are also the earn-outs that we're paying. Should we regret these? Absolutely not. The more money we pay in terms of earn-outs, the happier we are. In other words, it means that the acquisition was excellent, and we have made excellent acquisitions. That's what I wanted to say concerning utilization of the cash in mergers and acquisitions. On the same theme, let's look at the acquisition of CirrusHQ. This, I would argue, is a technological investment. Let me explain what we're doing in terms of R&D. We're using the IFRS rules. Philippe seals all the documents. Research is something that is entered as regular operating costs. The development can be capitalized and is capitalized. Development for us amounts to EUR 2.6 million over a six-month period. But the cost that I'm talking about, that is above the EBITDA, that is part of this additional margin that we could potentially achieve if we didn't have the obsession of looking to the future, it is 2.6% of the revenue. Our EBITDA without research amounts to 14.6%. So 12% is the bottom line that we set out on a custom basis. Technological investment, it amounts to EUR 19.6 million over the course of a six-month period. It is a lot of money. Next, I'm going to pass the floor over to Philippe. Philippe is going to continue. In just a few words, I'd like to be able to talk to you about the relevant aspects related to the balance sheet. We're going to start out with the goodwill and the other intangible assets. Jacques has just talked about the acquisition of CirrusHQ. This generated a goodwill of approximately EUR 12 million. In terms of the other intangible assets, Jacques also talked about the CapEx, in other words, the cost of development, EUR 2.6 million. This is partially offset by the amortization of the assets that have already been capitalized on. Moving on, concerning the current assets, namely the working capital requirement, the comparison between the 30th of June and the 31st of December is not necessarily a good comparison, because obviously certain things are seasonal, and this is what can explain certain variations between the different headings, such, for example, as trade and other receivables and work in progress. If we look at the need for working capital, it is all pretty balanced. On the 30th of June, what is generally more relevant is to note that we see a significant improvement in the need for working capital requirement as time goes by. Prepaid expenses, this is a line that corresponds to costs that we observe in advance relating to the acquirement of the Cognos product in Switzerland. At the level of our capital, you can see that we have distributed dividends, of course. On the 31st of December, our equity will be a lot higher than during the course of the previous financial year. At the level of the financial debt, Jacques has just explained how the cash has been used, and he referred to the credit lines. The other debt regarding to minority holdings, this has dropped by approximately EUR 4 million. Other elements that are important, the products that are invoiced ahead of schedule, we have a significant reduction here. This is due to the reduction in one of the contracts in Greece. That is what I wanted to say for the main elements related to the balance sheet. By way of conclusion, there is an increase in the assets thanks to CirrusHQ. The capitalization as well on the development costs. The equity at the end of the year will be re-established, and there is a significant improvement expected in terms of the cash position. If we look at the future now, we have a business that is very simple. You have 20 months of backlog, and if that is the case, you can guarantee that you will achieve double-digit growth. I am under the impression that for a long, long time, we did not check this beforehand with Stéphanie, but I am under the impression that for a long, long time, we had not achieved growth in terms of our backlog at the end of the first six months compared with the 1st of January. But with the number of contracts that we signed recently, we have increased this backlog. This is essential for the future because it guarantees the sustainability of the group. This is what is at hand. Next, here on screen, you have the list of our top 10 clients for 2026. If we remove those clients to whom we invoice less than EUR 500,000, we have 74 clients in total. You might say that is not many. No, no. It is absolutely massive because it means that each of these clients is a client where we have potential, the potential that we have with the top 10 clients. So we have the capacity to grow our business for each of our clients. A story I often tell is as follows: If you hire a beginner salesperson in Lyon, the next day, the person travels to Saint-Étienne. I have no idea why. We can never stabilize with what we have got. I think that currently we have this capacity. We have this capacity for growth, unexplored growth that is out there, and we are able to announce to you that our growth is going to grow. You will see it grow over the next three years. We have had a period, I would argue, almost a low period in 2025. The time period was slightly more difficult. We achieved 12%, but with more difficulty. Whereas this year, we are achieving the 12% much more easily. That is why I feel very comfortable about the future. Further down the line, I know you are going to ask a question. Here there is a gap on the screen. In other words, the share price. There is a counter-performance on the share price. There are those pessimists who say, "Oh, it is disastrous and we are losing the battle." However, there are optimists who, on the contrary, say, "But with so much backlog, with so much profitability, with so much growth, internal growth, and above all, with a true technological strategy, are we going to accept that we can be underestimated for long?" My answer is no. Whatever happens in 2027, I will find solutions. But we are taking a risk. We are taking a risk of being bought out, and we cannot accept it because today we are not just worth more, we are worth a lot more than our current value. The cycle in terms of the value of shares, just to finish on a positive note, varies quite a lot. If I talk to you at the end of January, for example, I would have said, "Ah, for the last month and looking forward to the EUR 2, we are up 14% and have been since the 1st of January." We are not going to tell you this and manipulate the figures. Currently, we are at - 7%. But once again, I stress, we have the capacity to grow, and this means I would argue it is time to buy. There you are. I have done my sales bit. I hope I have convinced you, but I am ready to answer any questions you might have. And I am very happy to refer back to questions, Stéphanie, if there are any others. Thank you very much, Jacques. I have a question for Philippe. It is not mentioned in the slideshow, but it is mentioned in the half year financial report. I think it is the first time that Sword has set up a factor program, EUR 12 million in some of the subsidiaries, if I read the figures rightly. Twofold question, this program, is it designed to be extended over time? And could you give us a bit of rationalization related to this program? As Jacques said, you sound very relaxed about your cash position. Why have you set up such a program in that case? Answer, the people in charge of it are in the room, so I have to be careful about what answer I provide. We are trying out a test, and there is also an opportunity. The opportunity was a potential acquisition that we were looking to make, maybe in a country that I did not even present here. Let's say the test was to work with a bank, and we decided to implement this factoring approach, and it was pretty satisfactory on a very short-term basis. It lasted for a short-term period, and it was a test. That's the answer. It was related to an opportunity that didn't actually come about. This means that some people really do read the financial report. I'm going to move on to a question from the chat. Question, you now use the brand name Sword Iberia. Can you explain the reasons for this evolution and also the benefits, advantages to the group? David. Yes. Thank you for the question. I would like to start by saying that Sword Iberia is much more than a change of name. Why? Because it reflects the evolution from a Spanish successful business into an integrated regional platform, covering Spain and Portugal, and very important, fully connected to the group. This gives our local clients access to broader capabilities to partnerships, as Greg told you, and expertise as well. Iberia is contributing with talent and with a high-level capacity of delivery and a high level know-how. So the result is a multiplier effect because the group is making Iberia stronger, and Iberia is creating additional growth and scalability for Sword. To round off what was just said, Sword Iberia, it's not rebranding. It's a name. We are Sword. Whatever all of the owners or ex-owners following on from the acquisition say, whereby they say that everything's going to go downhill because we're changing the name. For 40 years I've heard that argument, and it's never been the case. We are Sword, and we will continue to be Sword. But there are a few terms that are important in order to explain that Portugal naturally reports to Madrid. No more questions in the room? Maybe we could move on and talk about the Sword share price. Are you thinking of buying back shares? Is that a possibility in order to counteract the problem of the share price, notably? Answer, for me, it's a crucial issue. It's an issue that comes up every so often. In 2027, I will find a solution. I'm taking risks in saying that, but there are solutions. Some of the solutions that I prefer to avoid, I don't know whether you know, but proving that you're worth more money, it's very easy within our context. You can sell an asset, and that way you reinforce the market capitalization. You increase it from EUR 50 million to EUR 100 million. Very easy to do. But is it not stupid to destroy assets, particularly when it's a question of assets that will grow? So I imagine a different solution. Thanks very much. I have a question for Guillaume concerning Switzerland. Now it's true that things are all quite blurred from our perspective. From what we've understood, there is restructuring going on. There's a bit of revenue that is being transferred from Switzerland to national bases, if I'm right, to Iberia. My question is, what about the perimeter? Is it the right perimeter now, or is there still restructuring to happen? Are heads going to change? Are you now back on track, or is there still a lot of work to be done? There's always lots of things to do. I'm not going to tell you, no, we're back on track, perfect. The next few years are going to be very restful for me. No. However, there are no major changes. Olivier Perotti was here last time in the month of March, and both of us were aligned. He's done a wonderful job. He fully agreed that at a given moment in time, it was important to have one CEO in Switzerland that combined both product and service offerings in what we specialize in. What we're currently doing is continuing the plan that we started to implement. We're accelerating it, given the fact that there is now one head that is able to be the figurehead as such. They're not major transformations, because we've been transforming for a long time. We've already got the right teams in place, thanks to the team evolutions, R&D investments, acquisitions. We've got the right structure. What lacked was the right alignment, I believe, between the two structures. That's what we're currently doing. Without there being any revolution. It's more of an evolution, I would say. Of course, there's still a lot of work to be done. To answer the beginning of the question concerning the nearshore part, of course, necessarily in the context of the Swiss market, we have this need for a nearshore platform. The Swiss franc is very strong, so it's harder to export. We find it difficult to export our know-how in terms of the IT sector for watches, et cetera. For prestigious sectors, it works despite the crisis at the current time in their industry. This is where the consolidation of the Iberia zone and the cooperation with the Middle East is very important to us. This is why we're focusing on our group positioning in terms of nearshore. With a microphone, please, for the question. The watchmaking sector is being strongly impacted currently by the crisis. A lot of people talk about Frankfurt. What's fortunate in Switzerland, and I think you'll see on the slides, we show you our product and service offering, consulting, infrastructure platform, and application. The Swiss part, you'll see that I've put lots of bricks, vertical bricks, and that's our strength. Yes, the watchmaking sector is going to be affected this year, but there are other verticals, other sectors. There are dozens of them in Switzerland with which we can work. The fact that we have clients across all of the activity sectors, it means that we can offset the drop necessarily in one sector because we'll have other sectors who will be growing fast. That really is the strength of Sword in Switzerland. We don't take major risks with one client. Our product and service offering is very broad. We've got many different verticals, many different clients, and that simply means that we can always find the right compensation, in brackets, if one of our clients orders less. I hope I've answered the question. Thank you. Hello. We have a question from the chat. We have another question from the chat. What about the development in Saudi Arabia? How is that going? Nasser is in charge of that. Very few people believed, initially speaking, in our capacity to have a real company in Saudi Arabia. The first time I went there, I admit that we came across the usual Saudi friends, supposedly members of the royal family, and they told us they were going to develop everything, and they did not develop everything. They had plans for six months. Whereas currently, we have six contracts there, six clear-cut contracts, and so we have a true pipeline. Saudi Arabia is doing very well, and let us say works with very good symbiosis with Dubai. We just opened an office in Abu Dhabi. So the Middle East is doing well, all the more so because there is a major boom in Beirut. Beirut is a true offshore base, and they are very fortunate in that they speak three languages, Arabic, English, and French. For Switzerland, that is a great asset as well. So globally speaking, thanks to Nasser, business is very well. Even in India. In India, I did not necessarily believe in its success. They are now doing very well. Guillaume, I think you have 10 people in service now in India. Yes, everybody uses India now. We have a question on France. What is your strategy currently in France? Do you want me to answer, or do you want to answer? We work together. France reports to Switzerland, but I am familiar with what we are doing. We have certain banking entities that we work with. We are going to continue to work with them. The director of the bank is here. There will be another business activity that we are going to create that will concern management infrastructure. Naturally, we will keep the [AOL Group] contract. There is also a small bump on the road that we have always had. But when we did not have the right to work in France because of the contract, the non-competition clause in the contract, we had CMA CGM. CMA CGM is a big contract managed directly by Beirut. A question in the room. Hello. Thank you very much for the presentation. Mathilde, I am in charge of a student association on artificial intelligence. You have talked about the importance of proximity with clients, notably to be able to dominate over your customer base. My question is, how do you manage to create this close and qualified approach with your clients, and how do you maintain it? How do you stay so close? We have the sales director in the room. Very briefly, my answer would be a not very honest answer. You do not do trade in the same way with the European Union, where simply they respond to bids, as with the Swiss market, for example, where you do not actually trade, but you have a networking approach. What is specific in Switzerland is the long-term relationship, the trusting relationship that you develop with the clients, and not so much as is the case in France, the salesperson who gets kicked out of the door and who comes back in through the window. That being said, I believe that the group's capacity to be very close to their clients is based on the trust. The trust that the clients and prospects place in us. This trust is something that takes a long time to win. It is hard to win, but you can lose it instantly. I am under the impression that we do not have many counter-performances. For example, our attrition rate is zero. This means that the clients stay with us. That being said, I don't know what to say about the method. Our method is basically that we adapt constantly to what the market and the country requires. Do you want to add anything? In addition to trust, I would add the fact that we have the capacity to commit, to engage. That's what creates the relationship with the client. Understanding the client's business needs, as Greg said earlier, building, developing solutions, levels of service, committing, engaging in terms of risk-taking sometimes with the client. This is what creates the relationship, the link. The client knows that we're not a supplier, we're a real partner. Okay, sometimes we operate as a supplier. We provide basic services. Globally speaking, we're seen by our clients to be the partner that they trust, ready to engage, ready to move forwards with them, do battle with them with the strategy. That's very important when we talk with our clients. This is what I believe makes us attractive on the market. I think I made that point directly referring to the U.K. How I would answer the question is, we intend to take all of our established customers where we're already embedded, and in many cases have tens or sometimes hundreds of resources already in that customer buildings. We're talking about providing our capability and taking them on that AI transformation agenda. So we're already there doing cloud stuff, already doing platform stuff, already doing application stuff. It's how we bring all that together. So the answer for the U.K. is, we're already in their offices, so we're close to them. If we're not physically in their offices, Scotland's not a very big place. We've got offices in the key cities. Likewise, in England, we're close to all the major centers where these key utilities and oil and gas customers are. So for me, we're actually here. There were other questions, but you've answered the questions during the course of the live presentation. So I believe that we can conclude on this note. And of course, those of you who are present with video conferencing, do feel free to send any additional questions that you have. Those of you who are in the room, do feel free to do so. And for those of you who are in the room, there is a short cocktail where we can have a discussion, if you wish, in a more informal manner following on from the end of the meeting. So thank you very much to everybody. Thank you, everyone. And Stéphanie, thank you. This is always fabulously well organized despite the fact that there are no gifts. No gifts for the people who are present, but never mind. Thank you very much, everybody. I look forward to seeing you downstairs. No, we are going to stay on the upper level just when you leave the room here. Okay. Thank you very much. Just upstairs then. Thank you.