Good day. Thank you for standing by. Welcome to the VusionGroup H1 2026 Revenue Webcast and Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Olivier Garand, Head Investor Relations Officer. Please go ahead. Thank you very much, Sharon. Good afternoon, ladies and gentlemen. Welcome to our first half 2026 sales presentation. With me today are Thierry Gadou, our Chairman and Chief Executive Officer, as well as Thierry Lemaitre, our Deputy CEO, corporate and finance. Thierry Gadou will make some comments on the group's business and financial highlights, including the recent acquisition of In-Store Media, which we announced earlier this week. Both Thierrys will conclude our presentation with some remarks on our full year outlook. After these remarks, we will be happy to take your questions. As a reminder, some of the information to be discussed on our call today is forward-looking and subject to important risks and uncertainties that could cause actual results to differ materially. For these, I refer you to the safe harbor statement included in our press release and on slide three of this presentation. This evening's release was issued a short while ago and is now available in French and English on VusionGroup's website, vusion.com. The slides of this presentation can also be found on our website in the Regulated Information section. A replay and a transcript will also be available on our website after the call. With that, it's my pleasure to hand you over to Thierry Gadou for his opening remarks. Merci, Olivier. Good afternoon. Good morning, everyone. Thanks for joining our conference call. I'm pleased to present, along with Thierry Lemaitre, our commercial performance for the first half of the year. In summary, we delivered strong growth, 29% organic growth in H1, reaching EUR 839 million in adjusted revenue. Order intakes were strong at EUR 681 million, returning to growth in Q2. VAS revenues, which are revenues from software services and non-ESL solutions, grew by 39% at EUR 125 million, with recurring VAS up 73% at EUR 61 million during H1. We reiterate our full year 2026 guidance of continued profitable growth. We just, as you know, announced a strategic acquisition in retail media to broaden our connected store platform. Let's review the semester's key highlights now. Thanks to a very strong second quarter, actually our best historic quarter, the first half was in line with our guidance, delivering strong organic growth. Both main regions were growing in H1. In the EMEA region, revenues amounted to EUR 209 million, up 6% compared with 2025. Business activity remained solid, evenly distributed across regions, particularly France, DACH, U.K., Scandinavia, Spain, and Turkey. While strong order intake growth in the first half bodes well for the remainder of the year. The first half of the year was marked, as you know, by the signing of a strategic partnership with Carrefour Group, covering the deployment of Edge Sense, VusionCloud, Captana in hypermarkets and supermarkets in France and with a three-year exclusivity in Europe. Other contracts were announced during the first half in the EMEA region, including JYSK, Decathlon, and Gratis in Turkey. The commercial momentum is good and more wins are expected in the second half, both in the grocery sector and other verticals. The group expects revenue growth of 15%-20% in the EMEA region for the full year. In the rest of the world, adjusted revenues reached EUR 630 million, up 39% year-on-year. In the Americas, Vusion continues to demonstrate strong commercial momentum, driven in particular by the successful deployment of Edge Sense at Walmart in the U.S. As you know, completion of this phase of the partnership is expected by the end of the year. However, other projects involving new solutions, new geographies are underway and will continue driving the activity. In March, Walmart expanded its strategic partnership with Vusion to deploy the Edge Sense platform in Mexico, which is Walmart's first market outside the U.S., across Walmex Express stores and supercenters. This expansion reinforces the global strategic partnership between Walmart and Vusion, which expands now on several geographies, solutions, and innovation projects. In addition, the group has significant pipeline of commercial opportunities with major U.S. retailers and anticipates strong adoption momentum in the U.S. over the coming years. Order entries in the second quarter of 2026 increased by 7% compared with Q2 2025 and plus 16% compared to the Q1 of this year. Global order entries reached EUR 681 million in H1. They're down 22%, but in line with the group expectation, the expected decrease being primarily due to an unfavorable comparison base following the significant orders placed by Walmart in 2025. With a strong commercial pipeline, we're expecting a positive momentum in H2 and a growth of order intake for the full year of 2026. Coming to VAS activity, software services and non-ESL solutions revenues reached EUR 125 million in the first semester, representing a strong growth of 39%. Recurring VAS revenue reached EUR 61 million, up sharply 73%, compared to the first semester of 2025, particularly driven by strong momentum in VusionCloud. A word about VusionCloud. The install base grew strongly in the first semester, reaching over 500 million connected ESL. That's a very important milestone, reaching half a billion connected device managed in the cloud. Strong momentum is expected to continue throughout 2026. For reference, as of the end of June 2025, a year ago, the cloud installed base stood at 220 million connected ESLs. It's growing very fast. On an annualized basis, recurring VAS revenue reached EUR 133 million in Q2, up 83% year-on-year. Another example of VAS momentum was the sharp increase in Captana orders intake, reaching several tens of millions of EUR for the first time in H1. Finally, we announced recently, actually just a few days ago, having signed an acquisition which will accelerate one of the main pillars of our VAS strategy and our connected store vision, which is retail media. We have, as you know, a strong conviction that the next big digital media will be physical stores, and that's a fantastic opportunity for retailers and brands. We know our technology can contribute to enable and accelerate this opportunity for our customers. We have been developing over the past years our Engage and Vusion Ads solution set developing partnerships in that field, which will continue. The agreement signed with In-Store Media is a major new milestone in our strategy, which positions us as a major player in many countries. Just a quick word about In-Store Media. They are headquartered in Barcelona, Spain. They are a well-established in-store retail media company, which brings, one, deep expertise in designing in-store retail media networks. Two, proven execution over many years. Three, long-standing relationships with 90 retail banners and more than 1,600 brands, as well as strong international track record in nine countries across EMEA, Americas and APAC. In 2025, the company generated revenue of approximately 120 million EUR with a robust profitability. Together, Vusion and In-Store Media aim to build a new platform for digital in-store retail media, connecting retailers, brands, shoppers through personalized, measurable and real-time in-store activation. The proposed transaction has been approved by both board of directors. Completion remains subject to customary regulatory approvals and other customary closing conditions, and the transaction is expected to be financed with debt and closed towards the end of this year. Now, if we come to our 2026 guidance, we confirm it. So a growth and profitability target was announced during the publication of our annual results in February 2026. We confirm an annual adjusted revenue growth expected between 15%-20% at constant exchange rates and tariffs. I will pause here just to let Thierry Lemaitre comment a paragraph that we have added on tariff and Forex following a number of questions during the quarter. We wanted to be a bit specific on this. You've seen already, as Thierry will explain, that there is a difference already in H1, between our growth at constant foreign exchange and tariff. Thierry, maybe you want to- Yes, sure. Thank you, Thierry. I think it is important to remind that our full-year sales guidance is at constant exchange rates and tariffs conditions. This is important because there is high volatility on the euro-dollar exchange rate, and you know that tariffs have been impacted by several decisions in the U.S. Notably, a few months ago, the decision from the Supreme Court to invalidate the tariffs that had previously been imposed on certain products imported into the U.S. At the beginning of the second half of the year, the group started receiving refunds of tariffs, and over the full year, the total amount of refunds could reach approximately $80 million. As previously indicated, the group passed through a significant portion of these tariffs to customers in 2025 and early 2026, where contractual arrangements allowed it. In such cases, the refund of the tariffs by the U.S. administration and their subsequent refund to the group customers will be accounted for as credit notes, both in cost of goods sold and in revenues. These two items will then be reduced retrospectively into 2026 financial statements with no impact on gross margin, no impact on EBITDA, no impact on cash position. The group's 2026 guidance was established at constant exchange rate and tariffs compared with 2025. The group confirms its guidance. However, it should be noted that reported IFRS and adjusted revenue growth are likely to come in below the 15%-20% range, reflecting the revenue credit notes to be recognized in respect of tariffs that were primarily charged to customers in 2025. Thank you, Thierry. I think that was an important aspect. The situation on tariffs keeps moving permanently. Yeah Even in the few last days, there was a change again in tariffs in Vietnam. It's a very moving target. Anyway, that's why it's important to say that our guidance has been neutralized in terms of the exchange rate and tariffs. Back to the guidance. Top line growth guidance confirmed, as we just said. VAS revenue is expected to increase by around 40%, driven by strong momentum in both recurring and non-recurring VAS. We've just talked about a number of the drivers. The group also targets improved profitability with adjusted EBITDA margin expected to increase by more than 100 basis points during the year. The improvement in profitability will be accompanied by positive operating free cash flow generation compared to 2025, while maintaining a strong balance sheet with a positive net cash position, excluding the impact of acquisition, in this instance, the impact of the In-Store Media acquisition. The currently anticipated, by the way, timing for the completion of the In-Store Media, as I said, acquisition, is expected to have only a very limited impact on the group's revenue because it's going to happen towards the end of the year. That's it for today, and if there are questions, we'll be happy to take them. Thank you. To ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Thank you. We will now go to our first question. One moment, please. Our first question today comes from the line of Aurélien Savignon from Oddo BHF. Please go ahead. Hi. Thanks for taking my question. First, on order entries, if I understood correctly, you now expect full year 2026 order intake to be higher than in 2025. I believe that will imply H2 order growth of at least 20% year-on-year above EUR 1 billion on H2 standalone, which is quite an acceleration versus H1. Is it the right way to think about it? If so, could you give some color on the underlying pipeline conversion? Should we think about this acceleration to be driven mainly by a few large contracts or by a broader base increase in customer wins? Second question was about this acquisition. In-Store Media. Can you elaborate on the strategic rationale behind the acquisition? If possible, if you could provide some color on the profitability profile and the valuation with people paid for it. Thank you. To start with your multiple questions. You read correctly what we said regarding order entries. We have a pipeline that has a certain timing, and it's true that we expect H2 to be, and we expected already in the beginning of the year, H2 to be stronger than H1. The reason is there are multiple deals in the pipeline and project, which are coming to a conclusion in the cycle during H2, and particularly Q4, but during H2. That's driving it. There are both large pieces here. There are also multiple expansions of existing customers, and small and large deals. It's a mix of them. It's both in Europe, where a number of tier 1s are in this final stage. There are significant players. Also in the U.S. It's a strong growth that we anticipate in H2, and overall growth, I would say, for the full year. That's the right interpretation. Regarding In-Store Media, the strategic rationale, I described it a little bit in my comment. We've always thought that digitization is going to transform the physical stores into an omni-channel asset, a very efficient asset, an omni-channel asset, a data asset, and a media asset. We've always said that. Why is it? Simply because there is enormous traffic in stores. Retailers have been looking for ways to value, to monetize, to realize the value of this traffic. Many people are watching products in stores. You know very well that it's happening the same way online. Online, the fact that there is traffic online is, of course, generating a huge industry in terms of media. It's not happening in-store, because in-store, everything's physical, so it's much more difficult to leverage the traffic. Digitization is an opportunity to make the store interactive, to make the store a media at the shelf, and to create new sources of revenue. It's an opportunity, I said, for retailers, obviously, because it's going to be a new source of revenue. It's an opportunity for brands, because in the store, the impact, the attribution, the measurability, the conversion is way higher than online. There is a big opportunity. Today, the rationale is very simple. We digitize stores. We create personalized and localized interactions with shoppers. That business we were doing. We've been developing a whole solution set, the Engage. If you look at our website, we're developing some digital touchpoints. We've been selling them to a number of players. We've been developing software solutions, CMS, et cetera, and developing partnership, like Médiaperformances, for instance, to learn and develop some clients. We've been really discovering, understanding very deeply that business over the past few years. We realized we wanted to be really fully in that space. With In-Store Media, we are now. We'll talk a little bit more about the details of the financials later, because we'll talk about that at closing. Right now, as I said, there are still a number of filings, antitrust filings in a number of countries, et cetera. The closing will be towards the end of the year, and a number of additional information will be given then. The rationale is very strong. It's a very strong milestone. It's a company we've known for some time. It was not a partner. We've known them because they are very well-known in that space. Together, we are assembling the two expertise and aspects of the business we want to build. It's a great news for our retailers, and a lot of them have been calling us and saying, "Well, that's an interesting thing to do. Just on a bit ahead. Yeah, maybe you want to talk about the profitability. On the profitability. We don't disclose the profitability of the company. We just say that it has a strong profitability, so we are really very happy with that. Even a bit more to say that it will not be dilutive for the group. Regarding the price, we will be happy to share with you the final details of the acquisition price at the closing of the transactions. So far, what we can tell you is that the price paid is a fair one, in line with comparable valuation multiples in the tech companies for companies showing such a significant revenue growth rate. Okay. Thank you for the clarity. That's all for me. Thank you. We will now take the next question. The next question comes from the line of Loko Dusa from Berenberg. Please go ahead. Hi. Thank you for taking my question. Quick question, if I may. Some investors have been asking me about two things recently. First, could you please quantify the amount of free cash flow that has been generated by the group since the beginning of the Walmart rollouts in the U.S.? Second, could you please confirm that you have no intention of paying the rest of the Walmart's rollouts in cash? The third one, coming back on the order entries. Given the current phase of order intake and what you expect in the H2, how confident are you in reaching the 2027 targets? I will start on the free cash flow. Just on the free cash flow, I think that if you just refer to publicly available information, I mean, universal registration documents for the year 2022, 2023, 2024, 2025. At the end of 2022, the net debt was -€40.5 million. At the end of 2025, it was a net cash of €439 million. If you restate this €439 million for the €400 million reversal of the Walmart down payment, you end up with a net cash position of €39 million. Between the -40 to +39, you already have €79 million net cash generation. Within this amount, we did some M&A for EUR 105 million. We did some share buyback for EUR 40 million. We collected EUR 73 million from the warrants of Walmart, we paid EUR 15 million of dividends. The cash generated over this period, once you strip out this M&A, the share buyback, the warrants by Walmart, the dividend, is EUR 167 million. Between the end of 2022 and the end of 2025, we generated EUR 167 million. On top of that, of course, we are going to still generate cash in 2026 on the Walmart contracts and all the other contracts. Yes, we generated a very significant amount of cash over three years. Second topic, which is about the warrants. Of course, we have no intention to buy back the shares on the market to deliver them to Walmart when they decide they want. That would make absolutely no sense. What we are targeting is to be able to deliver existing treasury shares to Walmart instead of generated dilution. The treasury shares that we are referring to are those that we acquired through current and past share buybacks. We do not intend to buy back further shares on the market to deliver them to Walmart at a high price. That would make no sense. The purpose is to have the flexibility to use part of the existing treasury shares to give them to Walmart. The last point is on the order entries. Sorry, could you just repeat your question. I said, given the current pace, because I think we have EUR 681 million in H2, and what you expect having in H1 and what you expect having in H2, how confident are you in reaching the 2027 targets of EUR 2.2 billion? Well, I think when we look at the momentum of the business today, you can ask literally every retailer or look at their earnings call at the moment, you will see digitization becoming more and more at the top of the agenda. Digitization of stores, I mean. It's more and more at the core of their omnichannel strategy, which means they intend more and more to win on e-commerce, leveraging their stores and the digitization of their stores. There is a positive momentum, which is simply the demand, the increasing demand, because it's really a moment for the type of things we do. We have a pipeline, as I already mentioned, with a strong momentum, not only in H2, but also in H1 2027. We consider this ambition that we set ourselves three and a half years ago, at the end of 2022 when we announced the Vusion '27 plan. This ambition, we consider it absolutely achievable, and we're still committed to achieving this ambition. We will obviously make an update on our near and long-term targets during our capital market day, which is, as you may know, at least it's written in the press release today on November 18th. Obviously it will be the occasion to talk about the near term, which 2027 will be at that moment, and the longer-term ambition again. We'll talk about it more, but right now it's our ambition. Thank you. We will now take the next question. The next question comes from the line of Hugo Paternoster from Kepler Cheuvreux. Please go ahead. Good evening, Jean, Clément. Thank you for taking my question, thank you for the presentation. I have a few question. The first one is a follow-up on Aurélien question. You mentioned during this call that you have a nice pipeline in the U.S. to be materialized in the coming years. The first question is, should we expect something significant in the U.S. at short term, or will it be mainly a call for 2027? It was the follow-up. Another question I have is regarding the recurring VAS momentum, which has been pretty nice in Q2. If you could give us a little bit of color on what has driven this improvement in growth for the recurring VAS. Another question, which is on the EMEA sales. We are still waiting, or at least I'm still waiting the takeoff there. The last quarter you were flagged that you should expect an acceleration. It seems it's not still there. What do you expect there for the H2 in term of EMEA? What's currently in the pipe? If you could give us more color on that, it would be helpful. Yes. Absolutely. I mentioned that we have this objective to be growing in terms of order entries for the full year. I think I did answer Aurélien's question and confirmed that it meant that this pipeline is going to convert. At least this is really what we are planning in H2, and that will be a substantial growth. I also added, I think that in H1 2027, it will continue. What matters really for 2027 is H1, because given the cycle of conversion. Now, that pipeline, which is very significant, is roughly split, very relatively balanced between Europe and Americas. It means that in both regions, we have significant targets in sight. Okay? Yes, there will be significant deals in both areas. I'll come back to EMEA because that was your complementary question. Yes, in the U.S., there is at least half, if not more, of our pipeline right now. Okay. Clearly. Recurring VAS driver is, well, you see, I mentioned one of the main driver is VusionCloud. In VusionCloud, you have a number of SaaS products. Basically, they all come under the product umbrella of VusionCloud. The driver is simple. It is the main driver of that, and you can see the underlying driver, because it is simply the incredible growth of the number of our connected devices, our devices that are managed in the cloud. If you look at the ambition we set ourselves again 3 and a half years ago, we really deliver on this ambition. We are not only acquiring all our new customers on the cloud, but also migrating a lot of the legacy customers, the existing customer base, who were initially, obviously, on-premise in the cloud. That translates into a growth where you see that there has been more than two times today, I think, past 500 million or 520 million devices in the cloud versus last year at the end of June in 2025. It's a tremendous growth, and that is the biggest leverage. Now, I mentioned a few other levers in other parts, but if you're looking at the recurring VAS, this is the main driver. Finally, your question, we're back on top line topics in EMEA. I understand your point. I would say I share it because the reality is we have significant growth in order entries in Europe. The momentum is really good. We just had a few delays in the ramp-up of project that are signed, but which in terms of implementation, supply chains, there have been a bit of delays. The second thing is there are a number of projects which were converted from Vusion tags, so classical, I would say, ESL to EdgeSense. That, of course, delays a little bit the projects because they start on the new technology. They're changing infrastructure from HF to Bluetooth. A lot of people are attracted now to EdgeSense, and they say, "Well, should I start now the rollout as was planned, or should I go on this technology that seems to deliver great results, that seem to have convinced Carrefour?" Which is a very, very experienced user of ESL, because I think they've been the first, the pioneers in Europe. Those conversion make it. However, looking ahead and in H2, we see that acceleration and that momentum coming. This is why we mentioned our target is still 20% growth in EMEA this year. We said the range is maybe 15%-20%, our target is still 20%. It's no change. The momentum is good. People need to digitize their stores, and they increasingly realize it. Okay, thank you. Perhaps the last one on the tariff. Would you have already in mind what could be the impact on your top line of the tariff? I mean, the refund that you have to give to your client? Yes, that's what we previously mentioned. We expect to receive approximately $80 million on the full year to be refunded to the customers. That would come in deduction of the revenues. All right. Thanks a lot. Thank you. Your next question comes from the line of Laurent Daure from BNP Paribas. Please go ahead. Yes. Good evening, Thierry. Just one question regarding In-Store Media. Could you share with us or give us more granularity on the revenue split of In-Store Media? When I mention revenue granularity is, for instance, top 10 clients is 10% of sales or stuff like that to see how the turnover is being split between the customer base. Yes. I would give you just at least not the numbers, but at least the key. I think what matters in terms of the color, it's a quite balanced portfolio. As we said, they have several tens of customers who are very often long-lasting customers, repeat multi-year contracts. There is a momentum in gaining new customers every year. The customer base is very balanced. There are multiple large customers. No customer is very strong. There is no customer representing 30% of the revenue. It's not like that. It's very balanced. First, geography-wise, because they have nine countries, and they are very good position in each of the countries. It's a balanced portfolio. I say that, I think it's a very good question because we looked at other opportunities where precisely the portfolio was a bit too focused on two, three clients. We considered it as a risk. It's balanced geographically, balanced also in terms of top customers. We'll give, again, we'll give more granularity as we close the transaction. Maybe another one, Thierry. How are you going to articulate this acquisition with your deal with Médiaperformances? Médiaperformances is an important partner, is a strategic partner. It will continue, definitely. There are lots of complementarities between the two, geography-wise and also product-wise. We still are going to push these two assets because there are complementarities, and so we will continue with Médiaperformances. Thank you. Thank you. As a reminder, if you would like to ask a question, please press star 1 and 1 on your telephone. That is star 1 and 1 to ask a question. We'll now go to our next question. One moment, please. Our next question comes from the line of Valentin-Paul Jahan from Stifel. Please go ahead. Good evening, everybody. Do you hear me well? Yep. Yes. Perfect. Thank you. Just to follow up on In-Store Media, you mentioned significant growth rate. Could you please give us more color on the revenue growth pace of ISM? Also more color on the commercial synergy on both sides, on the Vusion retail media offering and on the In-Store Media offering? Do you think that you can significantly allocate more of marketing budgets managed by ISM to our marketing campaign, leveraging your hardware and your platform? How fast you think it can go from your perspective? How your portfolio of retailer customers can be leveraged to accelerate ISM growth? First, we've already experimented those synergies because as Laurent Daure was mentioning earlier, we had already established a number of partnerships. We have one number of projects at our clients with them internationally. There is absolutely logic of cross-sell between the two. The reality is today, the retail media, let's say, exists in store through a number of type of inventories, media inventories in the store. They are very analog and a lot paper-based, a little bit of digital screens. As a matter of fact, In-Store Media is quite advanced in the digitalization. The reality is the more you digitize, the more you create revenues for the stores. Because brands are very eager to create in-store activation, real-time, personalized, and localized. It's exactly the same as on the mobile. It's a point of purchase. If you touch the right person at the right moment in front of the right shelf, you increase conversion. It is a very efficient way of selling. The thing is, it's more difficult in a physical store as it is on mobile. 85% of retail sales are in retail stores. It is very important, 85% or 80%, it depends on the type of categories of products, of course, but let's say at least in grocery, it is more around 85. There is a strong connection between digitizing your shelf edge and opening this opportunity to create real-time activations for shoppers. There is a know-how that we didn't have. This is why we were building partnership. There is also technology that we have. There is both a synergy on the technology and there is also a synergy, of course, on the know-how to be able to deliver not only, let's say, a capability, but simply to deliver revenue to our retailers. We see multiple levels of synergies enabling ISM and our other partners to expand by being able to offer more digital inventories in stores, so more touchpoints and more very targeted and personalized opportunities of contacts with shoppers. At the same time, we are stepping into a fast-growing segment of the market, because I can tell you, retail media, and particularly in-store retail media, will be the fastest-growing segment in that whole media space in a few years. There are many studies who say that. When you look at the importance that is given to that subject by our clients and by retailers, you understand why it's very important to be there. It's not a new topic. We've been discussing it, we needed to make a significant step in. We had already experimented it with our strategic partner, Médiaperformances, we are going further. We're not going to stop there. About the growth pace, please. Sorry, the growth of. The revenue growth. Of- In-Store Media of ISM. Yeah, it's double-digit growth, but it's a company that has a sort of long-lasting growth. It's double-digit growth. We'll give again more, but it's a growing company which has won a number of new logos this year in very important geographies for us, including in Mexico, for instance. They're obviously strong in some European countries too. It's a growing company. Okay. Lastly, if I may, on the manufacturing part- Yes. Sorry, you said? No, I just said, we are going to accelerate that growth because the reality is the growth in this business is your ability to deliver more solutions for the brands to communicate in stores. Bear in mind, brands want to communicate at the point of purchase. That's the holy grail of media, is communicate at the point of purchase, at the moment of truth. Today, the biggest point of purchase from a media standpoint is the online, is the mobile. Tomorrow it will be more and more in stores and in aisles because there are more eyes on shelves than online. It's simply the traffic that is driving this. If you are a company like In-Store Media and you have the ability to deliver more solutions for digital in-store retail media, you can accelerate growth because simply you can accelerate the spend of the brands who are very happy to shift dollars from very expensive online media large players, I will not name them, and with very high CPM to at the shelf advertising. Sorry. You had another question about manufacturing. Yes. If you could provide us with some indications regarding your production capacities of your EMS partner dedicated to camera. I assume that the current capacity is kind of low and that a ramp-up is more or less planned already with your partners in an event of a surge in demand if it happens, as you are in pilot with a large retailer. I am very curious on how fast you can scale the delivery of camera over the next months, and if upfront payments agreements will be implemented such as with your ESL business in the past. Yes, we are implementing a capacity and a ramp-up of capacity in cameras and in, let's say, generally speaking, solutions that are for computer vision. Because we embed cameras also in devices like EdgeSense, et cetera. We are clearly working on the ramp-up of this capacity, expecting, as was already mentioned earlier, a surge in the demand and in the actual deliveries next year in terms of cameras or computer vision devices. Let's say it this way, because as you know, part of our strategy is to embed Vision AI inside existing devices that we have. Yes, the capacity is. We are working very hard at the moment on this topic. It will be with the same EMS that we have, because we have the largest EMS, so we have established relationship, very strategic relationship with the three of them. It will be with the same EMS. We are already in the ramp-up to a certain extent because some of the pilots or some of the very expanded pilots or the roll-outs, because don't forget, we have not only pilots, we sold the rollout to Carrefour of Captana. We need to deliver it in the coming quarters. Yes, it's an industrial ramp-up that we are working on. Fortunately, we are being able to leverage a number of the existing infrastructure. It's working well. Okay, lastly, assuming no capacity constraint, could you please remind us the average lead time between customer order placement and product delivery for cameras? Well, for this kind of solutions, yes, there is delay. Capacity does not mean instant capacity. Those are very complex products, and we are also in an intense innovation phase, where what we are going to roll out are very innovative, leading edge, cutting-edge technology that does not exist. There is a lead time. For sure, there is a lead time of probably six to 10 months. I'm talking about significant capacity. If you want, I think I mentioned the number, which was last quarter, that this year we would install probably north of 100 or 150,000 devices. It is not that kind of capacity I'm talking about, right? If you really want to make a very fast and significant rollout, by the way, like for a chance or like for anything, you need six to 10 months capacity. The good news is that right now there is no such thing as setting up a whole factory or this kind of thing. It is really about adapting equipment and ramping up. I give you a sense of the lead times, yes. Basically, if we sign a big contract or a big rollout in this scale, at the end of the year, it means it will be back to more the second half of 2027, for instance. I guess that is the type of questions you had in mind. Yeah. Understood. Okay. Just a very small last one, maybe. You mentioned in your press release continued positive operating free cash flows, EBITDA less CapEx. Could you see, you mentioned increased operating free cash flow, EBITDA less CapEx compared to 2025. Is it- There is no change. We confirm that. Okay. Perfect. EBITDA less CapEx will increase. Yes. Okay, perfect. Thank you. Thank you. That was our final question for today. I will now hand the call over to Thierry Gadou for closing remarks. Well, thank you very much for the conversation, the questions. Our full financial H1 results will be disclosed, presented, and discussed on September 21st. In the meantime, I wish you all a great summer. Thank you very much. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.