Hello and welcome to Verallia first half 2025 financial results analyst call. My name is Laura, and I'll be your coordinator for today's event. Please note this call is being recorded, and for the duration of the call, your lines will be on listen only mode. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any point, please press star zero, and you will be connected to an operator. I will now hand you over to your host, Patrice Lucas, CEO, to begin today's conference. Thank you. Good morning, everyone. Thanks for joining us and welcome to our H1 financial results call. As usual, Nathalie and I will go through our presentation and we'll have the Q&A session. I will share with you some key highlights, and Nathalie will present in detail our numbers, and then I will come back on our guidance. As an introduction, just to remind you that Verallia is the global leader in glass packaging. We are number one in Europe, number two in Latin America, and number three worldwide. On this chart, you have our ID card. You have on the left the 2024 split of our sales by segment. As you may already know, one of our strong assets is our customer base, more than 10,000 customers, and the diversified and balanced market in which we operate. We do operate in 12 countries with 35 plants, with 64 furnaces. Please note also that we are running 19 cullet recycling centers, allowing us to control about 50% of our needs for external cullet. Let's now move to some key highlights. First, I would like to share with you the completion of two key investments in two new furnaces, two brownfields, one in Brazil and the other one in Italy. Both projects have been completed and production has started. In Brazil, in Campo Bom, the furnace was commissioned in May and is bringing an additional capacity of 330 tons per day. The objective here is clearly to develop ourselves in a sustained Brazilian market growth. In Italy, in Pescia, the second furnace was commissioned at the beginning of the month, providing an additional capacity of 300 tons per day. This additional market capacity will be dedicated to the growing segment of food. Both furnaces are using an HeatOx plus oxy-combustion technology, which is providing a reduction of CO2 emissions by 18% compared to a traditional furnace. These two furnaces are ticking two boxes. They will support our objectives of both organic growth and decarbonation. Next key highlight is about our confirmation of the launch of our first hybrid furnace in Spain, Zaragoza. In this case, it is not an additional capacity, but the replacement of an existing furnace. We do expect to operate up to 70% electricity and using oxygen instead of air for combustion. This furnace will bring a 55% reduction of CO2 emissions compared to a traditional furnace. The plan is to heat it up in a few weeks from now, let's say in Q3. Clearly, after our full electric furnace launch in Cognac last year, this is an additional step forward on our decarbonation roadmap. We will take some time for lessons learned and, if needed, optimization, and then we will enter in a step-by-step deployment phase aligned with our decarbonation roadmap to reduce our Scope 1 and 2 by 46% in 2030 compared to 2019. The third key highlight is about product innovation. You know that we have launched our Air Range product offer. We started with our 300g Bordelaise bottle and then with a new jar offer. The objective of this range is to offer best-in-class lightweight products. Lately, we have completed the range with My AIR. My AIR is a new standard for single-serve solution for 20 cL beverage with a disruptive weight of 105 g. This product is aiming to address the ready-to-drink, non-alcoholic beverage, or still wine segments. With this new proposal, we are leveraging the full capability of glass as a packaging solution and demonstrating our ability to innovate and support our customer needs. The last key highlight is about BWGI tender offer for Verallia share. As announced last Monday, the offer is successful, passing the 50% threshold, and BWGI is owning now 70.31% of Verallia shares and 62.81% of its voting rights. The threshold of 50% being passed, as planned, the offer will be reopened at the same price of EUR 28.30. IMF issued yesterday a notice formally announcing the reopening from July 31 to August 13, and the final result will be known just after the closing of this second window. The settlement delivery of the initial offer, of the initial window, the first window will take place on August 1, so at the end of this week. This step being completed, we will continue rolling out our strategic roadmap, focusing on creating value for our customers, employees, and shareholders. Before giving the floor to Nathalie, a quick overview on Q2 and H1 results. The positive news are, one, as seen in Q1, our volume recovery, still in a difficult market environment, but we keep on seeing volume recovery quarter- after- quarter. Two, our stronger cash generation compared to last year, which is one of the key objectives for 2025. Last, a rebound in profitability in Q2 of 457 bps compared to Q1. In detail, Q2 revenue is down by 2.5% year-over-year with an organic growth of - 3%, giving an H1 revenue down by 2.4% with organic growth at - 3.3% year-over-year. Q2 adjusted EBITDA is EUR 204 million, - 10.4% versus last year, with a margin at 22.5%, giving an H1 adjusted EBITDA of EUR 351 million, - 18.7% versus last year, with a margin at 20.4%. About debt, net debt, our leverage is at 2.6x at the end of June compared to 2.1x at the end of last December. Finally, our net income is at EUR 68 million, - 45.6% compared to H1, giving an EPS of EUR 0.76 excluding PPA. Let's now see in detail with Nathalie the details of this result. Thank you, Patrice, and good morning, and good morning, everyone. Let me lead you as usual throughout our second quarter and half-year results. Let's start with the Q2 consolidated revenue variance analysis. You can see here the bridge between our Q2 2024 sales that were EUR 928 million and our Q2 2025 sales that are EUR 905 million. As said by Patrice, our organic growth is -3% in the second quarter and -3.6% excluding Argentina. You can see on this bridge that the volumes are contributing positively, + EUR 19.5 million, broadly in line with the first quarter. Knowing that in the first quarter we had a low comp base, which is less the case in Q2. This is one of the positive highlights of the quarter, this positive volume growth. We have a strong performance in food and beer, and all segments are showing positive organic volume growth. The price and mix is negative, -EUR 52 million. This is primarily reflecting the carryover from 2024 price reduction still in this second quarter, and we have some negative mix impact. The forex is negative, mainly in Brazil, as Argentina is shown as a separate. We have in this first half a perimeter impact that you will see because of the acquisition of the Italian business of Vidrala that took place in July 2025. This leads for the full half-year to this bridge, so an organic growth of -3.3% for the full half-year and -3.9% excluding Argentina. You can see continued organic growth in volume. We had a targeted commercial policy, and nearly all segments contribute positively here with a specific outperformance in Latin America. I will come back to that. The price and mix is still strongly negative, so we see a bit the same shape as what we saw for Q2, same comments with a carryover effect from 2024 price reductions and the negative mix impact. Here, the perimeter is about Corsico, so the Vidrala glass business in Italy. Looking per region, as usual, South and Western Europe, North and Eastern Europe, and Latin America, here you have the revenue. The reported revenue in South and Western Europe declined by -0.3%, but with a scope impact, at the constant scope, we have a decline of -4.5%. We have higher volumes, even excluding the contribution of Corsico, so organic lower, higher volumes. Most segments record positive volume growth with a little exception in sparkling wines that are slightly down. If we move to North and Eastern Europe, we can see here, so we have some forex impact. That is why you see two charts that are quite limited. We have reported revenues declining by 6.4%. We have lower selling price in the market that is showing still some moderate signs of recovery, but again, recovery. We have volumes up slightly in H1 in most segments. In this region, as two specifics mentioned about premium spirits in the U.K. that continue to be quite soft and suffer still, and still wine in Germany in a difficult market environment. When we move to Latin America, we have reported revenue declining in million euros, but it is really linked to forex. You can see a nice growth if you exclude the forex impact. We have a strong volume growth in H1, especially in Brazil, with a good momentum in all segments and a strong performance in food, jars, non-alcoholic beverage, and beer. How does this translate into adjusted EBITDA? Let's start with the second quarter. You can see on the top right the adjusted EBITDA margin. For Q2, it's 22.5%. Let's remind that we were at 18.18% in Q1. We have a nice improvement sequentially in the adjusted EBITDA margin Q2 versus Q1, even if, as you can see also, we are still behind 2024 that was at 24.5%. Again, a nice sequential evolution. You can see the pillars, the usual pillars, bringing us from EUR 227 million one year ago in Q2 to an EBITDA of EUR 204 million in this second quarter 2025. The activity is contributing positively by EUR 15.7 million. We have the effect of the volumes that we just commented, volume growth. We have a negative spread price mix cost in the quarter by EUR 56.4 million. Even if still negative and as expected, we have a less negative spread in this second quarter compared to Q1. This includes an unfavorable mix impact in this quarter again. You can see that the net productivity, so the PAP program continues to contribute nicely above the target of 2% cash production cost reduction. We are at 2.3% in this quarter, and that leads to EUR 11.9 million. In the other pillar, EUR 11 million, you have a perimeter effect, so a contribution of Corsico in Italy, plus a nice contribution of SG&A reduction in this quarter. You have a negative forex for - 2.6% and some decline, a slight decline in the EBITDA of Argentina by EUR 3.3 million. Again, as a takeaway, still a nice rebound in the margin versus Q1. Looking now at the full semester, we have an adjusted EBITDA margin on the top right at 20.4%. Again, a compound of the 18% and the 22.4%, which is so. In the pillars, you have the activity contributing positively, 34.2%. The spread is negative by minus EUR 142.6 million. You can see that Q1 was more negative than Q2. The net productivity contributing on target, 2.3% decrease in cash cost production, bringing EUR 24.4 million, sorry. The other pillar is also contributing positively. That leaves us to the forex and Argentina being slightly negative. A positive impact from volume recovery, even if we are still, of course, suffering from the negative spread base. By region, let's look at the adjusted EBITDA and the margin. In South and West Europe, we are at 20.6% adjusted EBITDA margin. That is EUR 243 million adjusted EBITDA, decreasing versus last year by 15.7%. The same pillars in South and West Europe: positive activity contribution, negative spread, and positive PPA. In addition, we have the perimeter effect of Corsico acquisition here. North and Eastern Europe, adjusted EBITDA evolution, we are at EUR 49 million adjusted EBITDA in this half-year. That is a significant decrease by 36.6% versus last year. You can see that the adjusted EBITDA margin is at 13.6% compared to 20% last year. In terms of pillar, same, we have a positive activity contribution, especially in Germany that is slightly and slowly recovering. We have a strong negative spread. Again, lower selling prices and negative mix. That is quite significant in the region. In H1, in Latin America, we had reported EUR 59 million adjusted EBITDA, and the decrease versus previous year is linked to foreign exchange. You can see on the top right that the adjusted EBITDA margin is a nice 32.2%, a strong performance still, even if slightly behind last year. Especially in Brazil, activity is up and the spread is negative, but much less negative. We have a very nice performance in this region. If we move to cash elements, CapEx, we keep CapEx under control at 6% of total sales. It's quite low compared to previous year. It's a mix of different planning in furnace repairs. We have a less busy planning, especially in H1 compared to previous years. We're also at the end of our new capacity, new furnaces, so Campo Bom in Brazil and Pescia in Italy that Patrice mentioned to you. This CapEx, they include, of course, the rollout of Zaragoza hybrid furnace that we just presented to you as well. It's being embedded into this pillar. Cash flow generation, clearly positive news and positive amount in the positive performance in the first half. We have generated a free cash flow of EUR 66.2 million. That is a significant improvement compared to the previous year where we started the year with a negative free cash flow of - EUR 49.2 million. We have a EUR 115 million improvement here. You can see the cash conversion is high at 70.5%. We have a lower operating working capital outflows, and not only coming from CapEx VCR that you see here. We also enjoy lower interest paid and financing costs and lower cash tax. All this converts again to a positive free cash flow generation. The leverage as a result of what we saw previously is at 2.6 x at the end of June. Let's remember that it's after a dividends payment that occurs every year in May. That was EUR 202 million. Explaining partly and mainly the re-leveraging versus 31st of December. Now, here the structure, our financial structure and liquidity. Specific point linked to the tender offer from BWGI. We have here, you can see one line of EUR 1.6 billion of certain funds bridge loan. As already published and communicated, we have entered into a bridge to cover potential put exercise on the first two bonds that you see on this page. The sustainability-linked bonds, the EUR 500 million one from May 2021 and the second one from November 2021 of EUR 500 million. These two bonds are, I mean, the change of control that just occurred, that will occur on August 1st, will trigger a possibility for the bondholders to exercise their put. It's fully covered, as you can see, by the bridge of EUR 1.6 billion and even more. Let's remind that the third bond, the one of November 2024, is not under the change of control clause. It doesn't need to be covered by the bridge. The available liquidity of the group is still at a nice level of EUR 810 million. Thanks, Nathalie. About our guidance, let's start with some market insight situation, what we see today. We still see a sudden consumption in Europe, still an uncertain environment with slow global economy, with geopolitical and trade tensions. Obviously, these geopolitical and trade tensions are creating a very volatile environment. Nothing really new compared to what we commented in Q1. Insight, which is leading to cautious and kind of wait and see position of many consumers and customers. Nevertheless, we believe in some support to glass demand from the end of the stocking in most segments. We still see a market environment in Lat Am being supportive. Finally, about capacity, we continue to see permanent capacity shutdowns across Europe with regular announcements from the industry. Facing this situation, what is key for us is to keep our focus on self-help measures and cash flow generation. To be more specific, what I can say for our workload for H2 is, one, we expect a continued pickup in activity supported by our furnace openings, so our two new additional capacity in Brazil and Italy, as well as the reopening of our second furnace in Ukraine. Two, except in the U.K. and Germany, in H2, as expected, we are back to normal use of our installed capacity, but to be clear, ready to adapt again with agility if necessary. Three, we do expect in H2, as it has been commented already for Q2 by Nathalie, a lower negative carryover and spread impact compared to H1. Four, you may have seen that for any of the profitability of H1, it is not at the rendezvous, and we are suffering in North and Eastern Europe, and to be much more specific in Germany. This is why we are expecting a profitability improvement, thanks especially to the restructuring actions already taken. Five, we continue preparing the future, rolling out our decarbonation roadmap with Zaragoza hybrid furnace launch in Q3. It's all about focus on short-term priorities, delivering what has to be delivered to secure the future, but at the same time, to prepare for the future and the growth to come. That being said, about our guidance, we maintain our full year 2025 guidance, assuming geopolitical and macroeconomic environment does not deteriorate further. It means that we really want to deliver an adjusted EBITDA around EUR 800 million for you and a free cash flow of more than EUR 200 million. Thanks a lot for your attention. Now we can move to the Q&A session. Thank you. Ladies and gentlemen, as a reminder, if you would like to ask a question, please press star one on your telephone keypad. We'll pause for a brief moment. Thank you. We'll now take our first question from Louise Wiseur of UBS. Your line is open. Please go ahead. Good morning. Thanks for taking my questions. The first one is with regards to your price-cost spread in Q2. It seems that you still face some cost inflation in Q2, given the price mix effect on the top line is lower than the price mix effect on the EBITDA, although I agree it was an improvement versus Q1. Could you give us more color on this in Q2? You said last time that you expected cost inflation for the full year to be close to neutral or a slight inflation for the full year, given you will benefit from cullet deflation. How do you think about this now? Could you tell us about how you think about the price-cost spread for the full year? Are you able to quantify the impact? Do you still expect it to be significantly less than in 2024? The second one is with regards to volumes. The flow-through of volumes from the top line to EBITDA was actually very strong in Q2. Is that how you think about it for the rest of the year? The last question is with regards to the change in capacity in the market. Last time you mentioned that there were 13 furnaces that closed in Europe since late 2023. Have you seen further changes, and how much does that represent as a percentage of the total capacity in Europe on a net basis, i.e., including those who are actually adding capacity on the market? Thank you. Okay. Thanks a lot. I will take maybe the last one, let Nathalie, for the two first questions. About capacity, the main bulk of the adjustment, I believe, has been already announced, and this is what we commented at the end of March. It seems that we have seen few adjustments, especially additional one in France. That's about it. We will see if more is coming. It is about similar to what we commented in H1. This is about, if I'm not wrong, an equivalent of 15 furnaces representing what we can say an adjustment of 7% of total capacity in Europe, to be specific. About the spread, Nathalie, if you want to comment. Yes. In fact, we expected the spread, sorry, to be a bit less negative in Q2 and continue to have this trend moving into H2, mainly because of the carryover effect from 2024. If you remember, in 2024, we decreased prices throughout mainly the first half, but it was more spread in time than, again, what we see in 2025. It means that when you compare yourself to 2024, to last previous year, you have your comparative prices in 2024 moving down. The comparison, the comps get a bit easier in the second quarter. Again, in H2, most of this carryover effect is in H1 this year. On the cost elements, we commented to you in the first quarter that we had a specific, especially in the energy, quite strong inflation in the non-heat elements. If you remember, spot prices in energy were quite high in the first quarter. We don't have that in the second quarter. We are back to a cost inflation that is pretty neutral, in fact. We don't have this negative element on the cost side that we had in the first quarter of 2025. Moving into H2, I won't give you the exact number, but again, just as we said previously, we see this spread being less negative step by step throughout the year. In terms of volumes, I think your question was on our view for the rest of the year, if I understood properly. Otherwise, please do not hesitate to raise again the question. We see positive organic growth in volumes. This is what we project for the second half of the year. Don't forget that we have also additional capacity. We have Campo Bom furnace that we commented just started to produce in Brazil, where you know that the momentum in the activity is good. We have a supportive environment in Latin America. We have also Pescia furnace. Step by step, as we commented, we also in the rest of the group, we run at a higher capacity percentage, the exception being, as we said, the U.K. and Germany. Thanks. Just if I may add on the volumes, also, the flow-through of your volumes from the top line to EBITDA was very strong. Is that how you think about for the rest of the year? Is that how should we think about a similar flow-through for H2? Sorry, I was not sure I got it. No, no, no. That's all right. You're more on the focal. In the activity pillar, you have the full translation of volumes, but you also have inventory evaluation and some comp remix. That explains that you don't have the direct, you have some different elements moving here. You have some other moving parts than the pure organic rotating volume. Thank you. We will now take our next question from James Perry of Citigroup. Your line is open. Please go ahead. Good morning. Thanks for the presentation. Just a couple of questions. Let's start specifically on North and Eastern Europe. This seems to be underperforming the other regions quite significantly with the all-time low margin in H1. Does that mostly relate to the Q1 difficulties, or has there been much improvement in Q2 and even early Q3? Would you be able to talk a bit more about the Germany restructuring and what you think is needed for meaningful recovery here? Secondly, just on global consumption trends and trade flows, would you be able to comment a bit more on any changes in customer behavior and order patterns and how it's developing in early Q3? For example, what are you hearing about export trends, and have you seen any customers shifting supply chains at all that could lead to market share gains for you? Thanks. Thanks. Thanks a lot. For any situation, you're right. The margin at which we are today is not a clear satisfaction for us. This is the result of a market difficulty. Yes, Q2 is better than Q1. In Q1, we are impacted by lower market, lower volumes, let's say, but Q2 is improving. In Germany, as you have communicated, last year, we decided to definitively stop one furnace. We did a first restructuring plan of about 100%. In 2025, based on the current situation we are facing, we have decided, as announced in Q1, the launch of an additional restructuring plan, which is about to be finished and which will impact positively starting in H2, with expected full impact in 2026. On top of that, we have decided to optimize our capacity for a period of time. It's not definitive, but we have decided to cold stop an additional furnace in Essen. It means that in our Essen plant, as we speak today, there is one furnace running instead of three. All of that, we need to size and to adapt to market reality and to get the best profitability we can get from this market. Plus additional, the traditional, I would say, cost-cutting measures, and especially focusing on the tap. Hope it does answer to your question. About the global consumption and export trends and all of that, quite difficult to give a, we do not see any single pattern, I would say. What we can see, what we can say, maybe some of our customers did push a little bit in Q2 before the famous August 1st deadline for the tariff to be implemented between Europe and the U.S. We have that, but we have others which have been waiting to better understand what would be the situation. As we speak, in the last hour or so, there is this agreement. I'm not sure if we say agreement, potential agreement with this 15% tariff. It's not clear at all, as we speak, if wine and spirits are in or out with a kind of cloud of exclusion. We do understand that it still has to be negotiated. We are still cautious about that, obviously focusing and ready to adapt if necessary. Let's say less concern to what was potentially announced at the beginning of the year for wine and spirits for the U.S. On the other side, we see some positive signal from China because especially on the Cognac side where an agreement has been found, duty-free sales are restarting. We see much more positive news flow from China than from compared to before. That's very helpful. Thank you. Thank you. Once again, as a reminder, if you would like to ask a question, please press star one on your telephone keypad. Thank you. We will now take our next question from Francisco Ruiz of BNP Paribas. Your line is open. Please go ahead. Hello. Good morning. I have a couple of questions as well if I may. The first one is, let me understand why you are still or why you are now increasing capacity when you already highlighted the current situation in terms of uncertainty, especially in Europe, why you are increasing volumes, but your main competitors are not in this Q2. What is the urgency to put a new furnace in Italy? A follow-up on this as well is, if you could give us the current situation of capacity utilization. I mean, you commented a new furnace stopping in Essen, also not full capacity in the U.K. If you could give us a figure that we could play with. The second question is regarding CapEx. I understand that the expansion CapEx is lower, but also the maintenance CapEx is well below. Should we see an improvement of that figure because it's really low compared to the, sorry, I can elaborate on what is the average of the sector, or we should say something like around 6% in this year? If you could give us an idea of what is the calendar of furnace refurbished for the second half and next year. Thank you. Okay. Thanks a lot. For capacity, additional capacity, as I have commented during the presentation, these additional capacities are really specific. The first one in Brazil, it's clearly because we see a supportive market in Brazil. This was already part of our plans, and we are going to run full capacity in Brazil. In Brazil, for us, it's a no-brainer. It's a way to keep on going along the market growth and get our share there. Brazil is, I would say, it's a no-brainer. Italy and Pescia, it's much more specific because in Europe, we do see potential growth for the food segment. Globally, this is a segment which is going to grow in the years to come. This is a segment where we believe that we have some opportunities, and this is why we decided to maintain this additional capacity in Pescia for food. You may know that when you want to do efficient business in food, you need a specific setup of your process. In Italy, this is what we wanted to do, moving from in our Pescia site from one to two furnaces, where two furnaces in the plant, it's a way to be efficient and with a good setup. We do not see any issue with that, and we see that as a potential upside too. About installed capacity globally in Europe, as we speak and the plan for H2, and this is what we commented already, we plan to run, let's say, a normal capacity usage in France, in Spain, in Portugal, and in Italy. Where we are still facing some difficulties is in Germany, and I have just commented that before. Here, for us, the question is to wayside and adapt to reality and market. One, and this is what we are doing with some benefits to come in H2. In the U.K., it's a much more temporary situation where in the U.K., you know that we are much more dedicated to spirits. 75% of what we are doing is spirits. In spirits, we are still quite low and below what we were used to do in the past. Here, it's just a question as well of adapting and being prepared to restart some capacity when we see volumes picking up much more than what we see today. About CapEx, you're right. The 6% is a little bit low. It's quite low, let's say. There is a calendar effect, and it has been said by Nathalie. Let's keep in mind as well that we are starting to get the benefit on the CapEx deflation after this high period of inflation we had in 2022 and 2023. We start to see some benefits out of that. Last, yes, you're right. In H2, we will have much more CapEx. If I have to give you a number for the full year, we should be around 8% full year, yeah, full year, 2025. Just to add, we had only one furnace repair in this last half. We had this one started. You know that we have different plannings from semester to semester and from year- to- year. Hope it does answer to your questions, Francisco. Thank you. We will now take our next question from Philip Lorrain of Bernstein. Your line is open. Please go ahead. Yes. Good morning. Just wanted to follow up a little bit on volumes because I note that there's a weaker contribution from the volumes to the sales bridge in the second quarter versus the first quarter. We see the same effect on the activity contribution in the adjusted EBITDA bridge. I just wanted to get like a bit of a more detailed comment on gradual development and so on. Thank you. Okay. In the EBITDA bridge, in the activity pillar, we have the impact of the additional volumes. We also have some inventory variation impact. We also have the impact of fixed costs that can be not absorbed when we are not running full capacity. In fact, that explains that you don't have a full direct fall through, I mean, from your volume when I comment the volume evolution. In the first quarter, as we commented, we were running, or let's say in the second quarter, we are step by step coming back to full capacity in the countries as Patrice commented, except in Germany and in the U.K. It means in the first quarter, we still had more fixed costs not absorbed. In the second quarter, on the contrary, we have a part of cost for the startup, for example, of our two furnaces, Campo Bom and Pescia, that are not yet fully absorbed, and they will be fully covered in the second half. Okay. No, I wanted more to comment maybe like on the one that you see in the top line because for Q2, the volumes contribution was EUR 19.5 million, but it was EUR 24 million or so like in Q1. Why is this that it's getting like a little bit tougher, especially if I compare to the starting point of sales, which is actually higher in Q2 2024 than it was in Q1? Yeah. You have a slightly lower Q2 volume impact indeed in the bridge versus Q1. It's not massive. It's more related to country mix here, depending on which country is increasing more or less. That's the minor impact here. Okay. Not just related to volumes, but also to the mix in ISPs across the countries? It's volume impact, but you know, country by country. Depending on the unit value per country, you also have some country mix impact in each of the lines. Yes. Yeah. Okay. Perfect. Thanks. Okay. Thanks. Thank you. We have no further questions in the audio. Handing it back to the management for webcast questions. Thank you. All right. Okay. Good morning. This is David Placet speaking. I'm the Head of IR. I think we got questions from two participants for the webcast. The first one is a set of questions from Iñigo Eguzkiza with Kepler. First question, there's four questions there. First question is, what can we expect from the new shareholder in terms of impact on strategy or any other change? Anything you might tell us around your midterm strategy ahead of the upcoming Capital Markets Day? This is the first question. The second question is, can you please comment on the trends by region when it comes to Q2 volume? The third one is, how do you see pricing for 2026? The last one is, why did you decide not to sell your Argentinian subsidiary? Okay. Thanks, David, and thanks, Iñigo, for these questions. About BWGI impact on strategy, as we've said, for us, it's much more continuity. You know that BWGI, it was about the shareholder of the company. They are sitting on the board. They were supporting already all the strategy and plans which were ongoing, implementing, ongoing, and to go. For us, it's much more business continuity. This is a way to secure and to be, again, a little bit much more long-term oriented to support our strategy and the value creation of long-term run. About the, and this, with a CMD to come in January, this will be an opportunity for us after this quite interesting period of inflation, destocking, and all of that to come back to some fundamentals of our business. Especially, this will be the opportunity to come back to some capital allocation topic and all of that. No big change or downturn in strategy to be expected. The keyword is continuity and continuity for value creation for the company, our employees, and the shareholders. About Q2 volume trend by region, it's quite similar to what we had in Q1, I would say. In Europe, what we had is a low single-digit organic growth, obviously boosted with our Corsico acquisition in H2 last year. All in, it's much more mid-single-digit growth, I would say. In Lat Am, we have high single-digit increase. Again, as we commented during Q1, this is why we see a positive momentum. For 2026 pricing, a little bit early to comment on that. This is obviously what we are going to begin after the summer break, preparing 2026. We are going to see what are the markets, update market trends, update the businesses to come, and all of that, with obviously a first objective on our cost situation. About Argentina, as we said as well, nothing new here. We were solicited to do all this business. We said day one that could be, we could sell if it was a value creation again and if it was for a good financial deal. After weeks of discussions, finally, we concluded that the proposal or the offer was not at the level we were expected. For us, Argentina is a good business. No need to bargain and to give for a nice price this nice business. This is why we decided to keep it. This is clearly something we are going to enjoy. This is a relative for the business for our profitability. This is why we decided to keep it. I think I've answered the questions. Absolutely. Thanks a lot, Patrice. We have one last question from Sophie Bauman, which is, can you please elaborate on current capacity utilization levels in Europe? In Europe, to make it simple, France, Iberia, let's say this is what we said in French. Except U.K. and Germany, we are running as standard, meaning that we are running full speed, except the planned maintenance that we have to do, which is the standard for this business. We are running full speed compared to last year where we were much more around 90%. In H2, we are going to. In the U.K. and in Germany, we are below that, much below that. As I explained, we have put some temporary measures to cold stop some furnaces. We are not back to normal, to make it simple. We are still in the phase where we left. The good news, and what I do see positive, is we are back to normal, a big part of our business, and waiting for better days, adapting, taking with responsibility the measures we have to take where it is necessary. Great. Thank you, Patrice. Thank you, Nathalie. I think this is it from my end. Thank you to you all. Okay, thanks a lot. Thank you very much. Thanks a lot to all of you. I hope that most of us, most of you, but us as well, will take the benefit of a summer break to be fully energized to face the second semester and prepare on 2026. If it's the case, I wish you a good summer break. Please. Thank you. Bye-bye. Bye-bye. Thank you. This concludes today's call. Thank you for your participation. You may now disconnect.