Fire alarm test today. That's a huge relief for all of us. If you do hear the buzzer, out here on the right, the foyer catering area. A couple of my colleagues will have mics on either side. I'll be alternating left to right. Usual protocol, just wait for the mic, state your name and institution, and then your questions. When we're done with questions to the floor, I'll go to the phone operator, who will manage questions from the phone lines, and then back to you for any wrap-up questions. That's it for now. Make yourself comfortable. We are at 9:01, so I think we can start. Great. Guys. Good morning, everyone, and welcome to the Kingfisher plc Half Year 2022/2023 results presentation, hosted by CEO Thierry Garnier and CFO Bernard Bot. At this time, all participants on the phones are in listen-only mode. Later, we'll conduct a question and answer session, and instructions will follow at that time. Without any further ado, I'm now gonna hand over to Thierry to open the presentation. Thank you, Majid. Good morning, and thank you as always to everyone joining us here at the London Stock Exchange and those of you dialing in online. On behalf of our group executive and board, I would like to start by thanking all our colleagues across the group for delivering what has been a resilient performance despite such a challenging environment. Once again, we are extremely proud of the Kingfisher team and are proud to be part of this team. Before we begin, I would like to take a moment to reflect on yesterday's funeral for Her Majesty the Queen, whose life of service was a powerful example to us all. On behalf of all our colleagues, I would like to offer our deepest condolences to the royal family. Our thoughts are with everyone in this country and around the world who has mourned her passing. Turning to slide three and the agenda for today, I will start with an update on our operational and strategic progress. Bernard will then present our financial performance and outlook before we open the meeting for Q&A. To the key messages on slide five, and we have delivered the first half performance that is fully in line with our expectations. Sales are significantly ahead of pre-pandemic levels. Three-year like-for-like sales are up by 16.6%, supported by continued momentum in Market share gains in the U.K., France, and Poland. Sales from both DIY and DIFM trade categories have been resilient, and we are delivering on value for all our customers while effectively managing pressures from the current environment. We remain fully focused on the delivery of our strategic objectives, including our investment to drive growth. These include the growth of our e-commerce marketplace, the development of our trade business, and the expansion of Screwfix and our business in Poland. We also remain on track with our responsible business priorities, including the ambitious commitment we have made around colleagues, customers, climate, and our communities. Finally, we continue to provide attractive shareholder returns through dividends and share buyback, reflecting the confidence in our growth and cash generation opportunities. To slide six, and to quickly cover some of the key financials. Total sales of GBP 6.8 billion are down 2.8% year-on-year on constant currency. This is very resilient given the exceptionally strong comparatives of H1 last year, when Kingfisher sales were up by over 22%. Like-for-like sales are down 4.1% year-over-year, and our three-year like-for-like performance of 16.6% better represents the impact of our Powered by Kingfisher strategy with growth ahead of the market. Like-for-like sales saw a sequential improvement from Q1 to Q2 on a one-year and three-year basis. The total e-commerce sales for the period were down 19% as footfall returned to stores. Again, on a three-year basis, they are up significantly by over 150%. E-commerce penetration of 16% remains much higher than the pre-pandemic level of 7%. We have seen an encouraging start to trading in the first seven weeks of Q3. Like-for-like sales to date are up 15.2% on a three-year basis, down 0.7% year-over-year. Adjusted profit before tax for the half of GBP 472 million is down by 29%, but up by 40% versus the same period in 2019, with a margin improving by 130 basis points over 2019. We have announced our interim dividend at 3.8 Pence Per share, equal to the one of last year. To date, we are roughly one-third of the way through our second GBP 300 million share buyback program. Overall, I am pleased to report that our results for the first half are in line with the full year profit guidance we set out at the start of this year of circa GBP 770 million. All the indications in our current trading to mid-September are consistent with delivering this guidance. For the balance of the year, we have also run several trading scenarios to take into account the potential for a more uncertain macroeconomic environment. These point towards a range of outcomes for full year adjusted PBT of GBP 730 million-GBP 770 million. Turning to slide seven, Kingfisher is well-positioned as a strong and diversified business with proven resilience. The home improvement industry is growing solidly, capitalizing on emerging and enduring trends. We believe the shift in trend to working from home is here to stay, and there is heightened focus on improving our homes, including energy efficiency. We believe these are long-term trends that will continue to support our industry. Our consistent execution against our strategy is driving market share gains across our key banners and markets in the U.K., France and Poland, and we have multiple investment and initiatives in place to continue our progress here. At the full year, we disclosed our exposure to the DIY and DIFM trade markets for the first time. We think this is an important proof point of our diversification, and in H1, we maintain a 50/50 split between these categories. Further to this, as you can see on the slide, we added 2.8 million new customers during the first half of this year, and the growth in our customer base continues to exceed 2019 levels. Our revenue retention rates remain high, meaning customers acquired in previous years are continuing to shop with us. It's worth remembering Kingfisher, and indeed the wider home improvement sector, has proven its resilience in previous challenging environments, including recession. Part of the reason for this is that a significant proportion of our sales are from product that are essential for repairs and maintenance. Consumers continue to spend on repairs, maintenance, and indeed renovations during these times, which is now reinforced by the new industry trends I mentioned earlier. Finally, we have general home improvement, trade, and discounter retail banners across multiple European geographies, and these bring us strengths and diversification. 45% of sales are from our own exclusive brands, which provide us with strong differentiation in terms of affordability and sustainability while also carrying a higher gross margin. Finally, our 1,500 stores are an extraordinary asset to help deliver on our e-commerce ambitions, allowing us to flex up or down to follow demand levels without relying on rigid and costly large fulfillment centers. Moving now to slide eight. As with our previous presentations, we have conducted extensive consumer surveys in our markets over the last few weeks. Overall, the sentiment remains positive, but also more cautious than before, given the strain on personal finance. I mentioned working from home was here to stay, but more broadly, there is a renewed focus on the home, which we believe is enduring. On average, consumers are working from home between two and a half and three and a half days per week. This is over two times more than pre-pandemic levels. More working from home means more wear and tear, and also means more time to look at the home with a critical eye. This is borne out in the figures with average spend on home improvement nearly 40% higher for home workers. We also see consumers putting an increasing focus on energy efficiency, with 9 out of 10 looking to reduce their energy consumption and 6 out of 10 looking to improve the energy efficiency of their homes ahead of the winter. Our banners are well-positioned to make this a reality for our customers, and already 10% of our group sales are from energy and water saving products. There remains robust demand from house moves completed over the last two years and a desire to renovate homes. Our surveys show that recent home movers have spent up to 2x more than average, and 50% are likely to do more improvement in the next 12 months. In addition, protecting the value of our homes is a key driver of home improvement when housing activity slows. Now on the trade front, our surveys show that tradespeople are more concerned than before on the economic outlook and the state of their personal finances. Having said that, they remain extremely busy, with 93% of tradespeople surveyed in the U.K. currently working and 82% having more work in the pipeline, a level equivalent to pre-pandemic. Central to all our insights is that the home nesting trend that has emerged over the last two years remains very apparent. On the next two slides, I want to show you quickly some of the campaigns we have been running across our markets that reinforce how we can deliver value to our customers at a time when they need it most. Here on slide nine, you can see some examples of how we have been promoting value through money back guarantees, price lock, price cuts, and leveraging our own exclusive brands. This comes on top of an already attractive price positioning. We believe this commitment and ability to provide value to customers create a strong point of differentiation in the current environment. On slide 10, we are all aware of the impact of energy prices on people's lives throughout our markets, and particularly in the U.K., housing stock is relatively old and often energy inefficient. This puts us in a privileged position in the context of the current energy crisis and as helping home owners to address energy waste will both help them to save money and be beneficial to wider efforts to tackle climate change. The fact that we can be part of the solution means this is a key area of focus for us. The coming weeks, we will launch energy saving diagnostic tools at B&Q and Brico Dépôt France with similar initiatives at other banners being piloted. More on this later. As you can see on this slide, we have been active in all our markets in promoting our range of energy saving products, including energy saving light bulbs, smart thermostats, electric radiators or insulation. At the same time, we are working hard to develop new innovations to help our customers save money and future-proof their homes. On slide 11, I would like to explain how we are successfully responding to the pressures of the macroeconomic environment. Starting with our customers, we have sharpened our commitment to deliver on value, as I just highlighted. We remain focused on delivering attractive prices and maintaining a price index relative to our peers of 100 or lower. Our own exclusive brands provide customers with savings of 15%-30% versus branded alternatives. We also have some of the industry's best hard discounters in Brico Dépôt France and Iberia, which together are around 20% of group sales. We continue to manage the impact of cost price inflation effectively. More on this on the next slide. Leveraging our scale to deliver cost and operational efficiencies has been a key weapon in mitigating the impact of inflation. Over the last two and a half years, we have identified and implemented hundreds of cost reduction projects covering all our retail banners and group teams. In H1, operating cost reductions fully mitigated operating cost inflation, and Bernard will cover this in more detail shortly. The quality of our supply sourcing and logistics teams has enabled us to manage our supply chain very effectively through the pressures of the last two years. There are not so many businesses we can say today that they have pre-pandemic levels of product availability and no major supply concerns. I'm proud of our teams for achieving this, and this is a key factor supporting our market share gains. To help tackle supply chain issues and inflation, we have been proactive with our inventory management strategy. However, it is not surprising that the principal driver of our inventory increase year on year is inflation, which together with new stores account for 70% of the movement. More on this on the next slide. Finally, we have continued to retain and recruit the talent and capability we need to unlock further growth. As part of our focus on creating new customer propositions, we have recruited in the key areas of marketplace, technology and data. On slide 12, I wanted to focus further on how we are managing against an uncertain and challenging economic backdrop. It's important to address that our group gross margin is down 130 basis points in H1. As highlighted on many occasions last year, this is from an exceptionally strong comparative in 2021. This reflects three principal factors. First, normalized promotional activity versus the prior year at a time when there were COVID restrictions across all our markets. Second, mixed impact due to a lower year-on-year share in H1 of B&Q's higher gross margin revenues, given very strong prior year sales. Category mix was also a factor due to the lower year-on-year share of higher gross margin categories such as surface and decor. Finally, as we built our product availability and invested in buffer stock, we incurred one-off logistics spend in H1 to secure and manage this stock. Against a more normal comparative in H2, we expect gross margin in the second half to be up year-on-year, resulting in a full year gross margin that is in line with our pre-pandemic level of 37%. More generally, we continue to manage cost price inflation and other pressures within gross margin effectively. I would like to highlight the moving parts. Throughout the last two years, we have engaged with our suppliers early in order to manage raw material price increases as effectively as possible. Favorable movements in our year-on-year currency hedging positions have offset some of these increases in H1. For container shipping from Asia, which applies to around 20% of our purchases, we have seen year-on-year price increases in common with the industry. We have contracts in place to protect ourselves from spot price volatility. We have also maintained a disciplined approach to promo and clearance with no abnormal behavior and all activity carefully planned many months in advance. Supply and logistics, our agile operational setup means we have been able to quickly flex down logistics and distribution costs to follow the demand. Looking forward, we believe that several raw material prices, for example, metals and plastics, have peaked. The benefits of this will be seen as we work through the timeline between ordering products and their subsequent sales. We have also seen maritime freight prices to ease since January. As is common practice in Asia, we are proactively negotiating with suppliers on price, given the strengths of the US dollar this year. Finally, we are committed to maintain normal levels of promotional activity. Turning to our active management of operating costs, we continuously plan for a wide range of different trading scenarios to ensure that we can tailor our costs to reflect different demand levels. The pandemic taught us many lessons on adjusting our cost base during times of volatile sales. The key levers we have here include the adjustment of staffing levels and incentives. We also have the ability to flex discretionary spend, including marketing, in-store spend, head office cost, and many components within our circa GBP 1.9 billion of goods not for resale. We can also rephase significant areas of investment, such as range reviews, as needed. Looking to the second half of this year, our revenues are currently in line with our expectation, but we remain vigilant against a more uncertain outlook in H2 and stay ready to act quickly as required. Finally, to our inventory. I've already mentioned that 70% of the year-on-year increase was driven by inflation and new stores. For the balance, we decided in the summer of 2021 to build inventory from Q4 for three reasons. To rebuild availability given the global supply chain issues, to ensure that we had enough stock during our peak trading period, and to purchase ahead of anticipated further cost inflation. These were proactive decisions to ensure customers can buy the product they need at competitive prices, and as you know, we restored availability back to pre-pandemic levels already in Q1. I would also remind you that most of our stock is neither perishable nor seasonal, and therefore we have no pressure to clear. Our inventory remains healthy with our stock provisioning rates below pre-pandemic levels. Looking ahead, we expect to sell through at normal price a large part of our buffer stock in the second half. In summary, you can continue to expect from us effective management of our gross margin and close alignment of our cost and inventories to market conditions. Switching gears now on slide 13. We are on track to complete the final phase of our fixes in France this year. In particular, I would like to highlight four key areas of progress. First, we have extended Castorama's product range through the introduction of more local and international brands. By launching new OEBs, we have added more than 1,200 SKUs over the last six months, bringing the total added over the last two and a half years to more than 8,500. Brico Dépôt has also been adapting its range to differentiate it from Castorama and other general DIY peers. We have reduced some non-core ranges and introduced discounter-specific OEBs, such as our new Evalux brand, as well as more local trade brands. We are now in the final phase of updating Brico Dépôt's SAP platform and expect to complete our work before the end of the financial year. We have reorganized our logistics operation in France to create an optimized network for both banners. We are making significant progress with reducing distribution center space with an expected 8% of space coming out this month alone. This will bring a total space reduction to circa 27% versus two years ago. At the same time, with the fixes now largely complete, we are making excellent progress in areas such as e-commerce, OEB, our store footprint, and new store services. As you can see on this slide, our progress in France continues to drive an improvement in its operational and financial metrics, including high levels of customer satisfaction. This is the last time you will hear me talking about fixing France. We have strengthened our banners in every department and remain focused on driving improvements in profitability going forward. Turning now to slide 14, I would like to spend the rest of my presentation taking you through how we are delivering against our strategic priorities and how we are staying focused on the long-term development of our business, starting with e-commerce on slide 15. E-commerce sales remain significantly ahead of pre-pandemic levels, with penetration of total sales up 8.4 percentage points over the same time period. Digitally enabled sales, which are sales from e-commerce channels and online orders placed in stores, now represent around a quarter of overall group sales. We expect this metric to continue to grow, and we have made further progress in the first half. Many of you who joined our teaching event in July would have heard us talk in detail about how we are leveraging our stores to improve the speed and cost of both click and collect and home delivery. We currently have 54 B&Q stores that we are using as digital hubs for fulfilling home deliveries, and these serve nearly 100% of U.K. postcodes. Similar models have been introduced at Castorama France and Castorama Poland. During H1, we started the development of optimized order management capabilities, leveraging B&Q hub stores to cast a wider net for the availability of products ordered online, thereby lowering the rate of abandonment of online baskets. We have now completed the rollout of click and collect lockers to Castorama Poland stores, and we continue testing lockers at some B&Q stores. Screwfix Sprint, which offers delivery direct to home or site within one hour, is now just over a year old. With more than 300 participating stores, it currently covers around 45% of UK postcodes, with further rollout plan in H2. We are now sharing lessons from the rollout with other retail banners that are testing same-day delivery. Our first e-commerce marketplace on diy.com has been performing ahead of expectations. More on this on the next slide. Looking forward, our focus is on extending the ranges that we offer online and aiming to speed up the delivery time to homes. We'll further improve picking efficiencies, particularly at Castorama France. This will support faster click and collect, as well as new collection options. We'll be completing the implementation of our group technology stack in Poland, which will accelerate our e-commerce capabilities there. Finally, we are preparing for the rollout of marketplaces in Spain and Portugal in the coming weeks, then in France and Poland, leveraging the technology and investment already made by Kingfisher for B&Q. B&Q Marketplace is performing ahead of expectation and now preparing for rollout across France, Poland, and Iberia. Now to B&Q Marketplace on slide 16, which was launched in March this year. As a reminder, the marketplace platform offers Kingfisher an incremental profit opportunity through commissionable sales of third-party products together with other services for third-party vendors. We have built a skilled and experienced team to coordinate our marketplace initiatives and build this technology with scalability in mind alongside the team at Mirakl, Europe's leading marketplace platform. Our early achievements at B&Q give you an idea of the opportunity marketplace presents to the group as we plan for rollout across Iberia, France, and Poland. B&Q successfully reached its target of 100,000 additional home improvement SKUs within 6 months of launch, compared to its previous offer of circa 40,000 products available in-store and online. Our sales growth has been ahead of our expectations, reaching a penetration of 8% of B&Q e-commerce sales in August, less than 6 months from its launch. We are already able to offer returns for items to all B&Q stores, giving customers more convenience. The scale and speed of this growth shows you how rapidly we can scale this platform. Over the medium term, we have ambitions to reach 1 million SKUs across all core categories. We also want to offer additional services for further speed and convenience, such as in-store click and collect. We are already preparing for new market launches, with Iberia aiming to go live next month. Our long-term ambition is for Marketplace to reach 40% e-commerce sales participation for the group, excluding Screwfix. In summary, we are convinced the incremental sales and profit opportunity for Kingfisher in this area is very attractive. Now to slide 17 and Screwfix, where we are accelerating expansion on multiple fronts across the U.K., Ireland, and France. In the U.K. and Ireland, we have opened 31 new stores in the first half of the year, a record for the group, bringing our total to over 820 at the end of H1. We remain on track to open a further 50 stores by the end of the financial year. We are trialing an ultra-compact store format, which has been developed to take the core Screwfix range into catchment areas unable to cater for the full traditional trade counter offering. We have seven of these tests in operation, and they are showing good early results. We have made steps to significantly improve our e-commerce offering with a new app containing innovative new features and integrated capabilities such as Screwfix Sprints. Finally, we have continued to expand our product range, launching over 5,000 new SKUs in the first half, with plans to roll out a further 10,000 by the year end. We are making similar strides to prepare for our launch in France, and we are very excited to open our first store in the coming weeks. Screwfix online business in France has been in operation since April 2021, and has seen very encouraging results with strong web traffic and conversion rates and growing brand awareness across the country. We have now opened our first distribution center with vendors at local and national level already onboarded. We are also on track to deliver a dedicated IT system for Screwfix operations in France and are stepping up our marketing and advertising campaigns in the coming months. All of this puts us in an excellent position ahead of what will be an exciting milestones for the Screwfix banner, and we have decided to make a further GBP 10 million of P&L investment this year to speed up our start in France. Following our first store launch in the coming weeks, we are planning for a meaningful step up in store openings in 2023, and we are excited about the potential of this opportunity. Now moving to slide 18 and the wider Trade customer opportunity across our market. As I mentioned earlier, Do It For Me and Trade already represent 50% of our sales, and we have outperformed the market in this area over the last two years. We know from our banners that Trade customers have a higher visit frequency and average baskets than retail customers, and so we are keenly focused on capturing this opportunity. We have developed five key focus area that we believe will drive our Trade penetration higher. Firstly, we're updating and growing TradePoint presence at our B&Q stores in the U.K. and planning for a launch in Ireland. We are also exploring the rollout of dedicated Trade counters in France, Poland and Iberia. Second, we are considering how we can optimize our pricing and loyalty programs for Trade customers. We have launched a pilot Trade loyalty scheme in Poland and Iberia, now seeing early positive signs. Third, we are continuing to launch new Trade-focused ranges across our banners, including many new and redeveloped Own Exclusive Brands. Fourth, we are enhancing our Trade-focused services proposition. For example, in H1, we launched new Responsible Waste Disposal partnership with AnyJunk and No Junk, which are targeted directly to TradePoint customer. Finally, we'll be launching a dedicated TradePoint app in 2023 to enhance the membership experience and drive loyalty. As you can see from the right-hand side, TradePoint is a blueprint for success of our Trade offer in big boxes. The performance of this business continues to impress with like-for-like sales outperforming the rest of B&Q and also Screwfix in H1. TradePoint customers represent a GBP 50 billion addressable opportunity in the U.K., France and Poland, and we are well-positioned to grow our share within this part of the market. Turning now to slide 19 and our strengthening position in Poland. In H1, we grew our like-for-like sales in Poland by 26%, supported by significant market share gains. Our activity in Poland this year has focused on the further development of our product ranges, our e-commerce proposition, our services offering and testing new store formats. The performance of our OEB kitchen range in Poland has demonstrated our ability to create a new market opportunity, adding the right combination of offer, price and service, delivering over 60% like-for-like sales growth in H1. During the period, we also completed the rollout of click and collect lockers and drive-through collections to all our stores, as well as introducing our NeedHelp services marketplace to the country. We have also now brought self-checkout terminals to nearly half of our estate in Poland, with strong adoption by customers. We opened three new stores in H1, including our third compact store test under the Castorama Spark banner. These smart stores are showing positive results to date, and we believe that this format is a great solution for urban areas of the country where we see significant white space. Poland is a market that has exhibited growth and high return on capital, and we remain focused on delivering on our ambitious expansion plans to build on our number one market position. On to slide 20, and now we are adapting our store footprint to drive higher sales densities and market share across our geographies. We continue to test compact stores in urban catchments, with six new stores opened in H1 and a total of 31 now in operations. These stores span three markets and four banners in locations such as small retail parks and high streets, which are performing well. Last month, we opened our first 500 sq m store in Poland, and Brico Dépôt France will also be testing a 1,000 sq m format in Q1 next year, its first compact store trial. Initial results from the five big box rightsizing we completed. Last year at B&Q and Castorama France are positive, with good sales retention and improved profitability. Further rightsizing are planned for selected stores in H2, consistent with our longer-term goal of up to 40 rightsizing in the U.K. and France over ten years. Finally, on Slide 21, the energy efficiency of our homes. At Kingfisher, we believe there is a huge unmet need for energy efficiency. Last month, we published research which highlights the scale of the problem. Approximately 75% of homes in the U.K. and France have an energy efficiency rating of D or worse. These homes are those which would be most impacted by energy price rises, with 83% of people already feeling the financial impact. However, our research shows the majority of people do not know the option available to them for improving energy efficiency or the possible impact this could have. We consider this a serious problem, but one that Kingfisher is well-positioned to help address. We have a strong and growing offer in this area, which can help customers make a huge difference. Today, we offer more than 11,500 energy-saving SKUs. Across our banners, we have developed partnerships and campaigns, educational initiatives, and customer support systems. These initiatives can all help in a meaningful way, but our customers need more. At B&Q and Brico Dépôt France, we have developed innovative end-to-end solutions to help customers actively improve their homes' energy efficiency. This offers our customers the opportunity to create a detailed and personalized diagnosis and action plan. With this, the service will offer dedicated advice and, ultimately, delivery of the appropriate products and services, including partnership for installation and, in some cases, the finance to fund the changes. This is a topic we care about deeply, something that has a real impact on lives and our climate, and something that we are uniquely positioned to take action on. With my presentation now concluded, I will hand over to Bernard. Thank you, Thierry, and good morning. To Slide 23 and the key financials for the half. Total sales in constant currency were down 2.8% to GBP 6.8 billion. Like-for-like sales were down 4.1%, which was a resilient performance against an exceptionally strong comparative and a more challenging economic backdrop. Like-for-like sales were up 16.6% versus three years ago as we continue to grow sales ahead of the market. We generated a gross profit of GBP 2.5 billion, with gross margin down 130 basis points year-on-year. As explained by Thierry, the movement, which was largely U.K.-driven, was the result of low promotional activity and very favorable banner and category weightings last year. During this H1, we continued to manage the impact of inflation on our gross margin effectively. In constant currency, retail profit decreased by 27.1% to GBP 555 million, with retail profit margin down 270 basis points to 8.2%. As you can see from the comparisons to 2019 on this slide, we have realized a 60 basis points improvement in our retail profit margin in constant currency. The investment of 40 basis points of gross margin was more than offset by operating leverage in the business. Adjusted pre-tax profit decreased by 29.5% to GBP 472 million, which is 40% higher than in 2019. We generated free cash flow of GBP 104 million, absorbing a negative working capital impact in the half. Our cash and liquidity position remains strong, with GBP 479 million of cash and over GBP 1 billion of total liquidity. Our net debt, which includes IFRS 16 leases, is GBP 1.8 billion, with net leverage of 1.3x EBITDA. Moving to Slide 24 and the performance of our major geographies. All year-on-year variances are in constant currency. Starting with the U.K. and Ireland, where total sales decreased by 9.8% to GBP 3.2 billion, reflecting the strong prior year comparative I just mentioned. Like-for-like sales were 11.6% lower, with space growth contributing +1.8% mainly from Screwfix. The like-for-like sales trend in the U.K. improved from -15.8% in Q1 to -7.1% in Q2, supported by sales from both DIY and Do It For Me trade categories. Like-for-like sales at B&Q were down 13% and up 16.7% on a three-year basis. TradePoint outperformed the rest of B&Q, with like-for-like sales down by just 3.1% and up 34% on a three-year basis. All categories at B&Q have seen good growth on a three-year basis, with standout performances in building and joinery and outdoor. Larger ticket categories, like kitchens and bathroom, saw good sales throughout the first half, supported by enhancements to B&Q's range and customer journey. Like-for-like sales at Screwfix were down 8.8% and up by 14.4% on a three-year basis, reflecting resilient demand from trade customers throughout the period. U.K. and Ireland retail profit decreased by 41.3% to GBP 339 million, reflecting the exceptionally high sales and gross margin in H1 last year. Retail profit remains over 20% higher than in 2019. Operating costs were 3.9% higher year-on-year. This was driven by 88 new store openings in the last 12 months, the normalization of COVID related underspend last year and operating cost inflation, including higher utility charges. Turning to France, sales decreased by 2.6%, reflecting resilient sales from both DIY and do it for me trade customers despite strong prior year comparatives. On a like-for-like basis, sales were down 3% and up by 13.6% on a three-year basis as we continue to improve our competitive position in France, led by Castorama. Retail profit increased by 2.4% to GBP 129 million, with a thirty basis points increase in retail profit margin. The gross margin rate in France decreased by 30 basis points, reflecting category mix impacts and normalized promotional activity, which was partially offset by lower logistics cost. Going forward, France's gross margin will be further supported by the removal of an additional 8% of distribution center space this month. Operating costs decreased by 4.5% due to lower staff costs, including the phasing of store staff incentives, lower store property costs and ongoing strategic cost reduction programs. Performance in Poland was very strong with like-for-like sales up 25.9% and space growth adding a further 3.1%. This performance partly reflects the temporary store closures in the prior year, but the business also delivered strong market share gains during the half. Like-for-like sales are up by 23.8% on a three-year basis. Poland's gross margin rate increased by 10 basis points, largely reflecting favorable category and channel mix impacts. Retail profit increased by 66.4% to GBP 94 million, taking the business up to a retail profit margin of 10.3%. Operating cost increases of 18.1% were largely driven by space growth and new store opening costs, higher marketing spend and general operating cost inflation. In Iberia, like-for-like sales increased by 2.3% and by 15.6% on a three-year basis. Retail profit of GBP 6 million was GBP 5 million lower than the prior year as a result of lower gross margin and a 2% increase in operating costs. Romania's like-for-like sales increased 8.9%, despite being impacted by COVID-related trading restrictions in February and early March. Excluding the additional months of business included in the prior year comparative, which is there to align to Kingfisher's reporting calendar last year, the business kept its retail loss flat at GBP 4 million. This represents significant progress from the GBP 12 million loss recorded three years ago. Other consists of the consolidated results of our new businesses, Screwfix International, NeedHelp and franchise agreements. Due to these businesses being in their early investment phase, a combined retail loss of GBP 30 million was realized as they scale up for growth. Our Turkish JV contributed an equity accounted retail profit of GBP 4 million, up GBP 3 million from prior year. To slide 25 and the movement in group retail profit. In constant currency, this was down to GBP 106 million or 27.1%. The lower sales and gross margin rate, as already described, contributed GBP 168 million to the overall decrease. We also had a normalization of COVID-related underspend in the prior year amounting to GBP 17 million. The principal areas where we normalized spend were marketing, advertising and travel. Operating cost inflation was GBP 77 million, largely driven by higher staff and utility costs. We were able to fully offset this increase by flexing our staff costs, and were supported by reductions achieved as part of our strategic cost reduction program. Operating costs associated with net space investments were GBP 20 million, mainly driven by new stores at Screwfix and in Poland. Finally, we spent GBP 8 million more year on year on the development of our new businesses. To slide 26 and the summary of cash flow movements during the period. We generated EBITDA of GBP 811 million in H1. The working capital outflow of GBP 223 million was the result of an increase in inventory of GBP 395 million, partially offset by a net movement in payables and receivables of GBP 172 million. The increase in inventory, as Thierry described, was largely driven by inflation and store expansion. The balance is explained by the group's proactive inventory purchases from Q4 last year. This was done to rebuild product availability, build seasonal and buffer stock ahead of peak trading, and to buy in ahead of forecast cost increases. The net increase in payables largely reflects the timing of inventory purchases and higher VAT creditors. Capital expenditure in the period was GBP 184 million. Free cash flow was GBP 104 million. As previously guided, in February, we paid EUR 40 million or GBP 34 million to the French tax authorities with regards to historic tax liability. The amount was fully provided for in prior periods. Dividends of GBP 172 million were paid in relation to last year's final dividend, and a further GBP 280 million was returned to shareholders via our share buyback programs. Overall, this resulted in a net decrease in cash of GBP 329 million. Moving to slide 27 and our current liquidity and financial position. As of the thirty-first of July, we had over GBP 1 billion of total liquidity available, including GBP 479 million of cash and an undrawn credit facility of GBP 550 million. The facility has been extended by one year to May 2025, and as a reminder, is linked to sustainability and community-based targets. We have no significant financial debt and our net leverage was 1.3x EBITDA as of 21st July. Turning now to slide 28 and an overview of our work to increase productivity. At the start of 2020, we initiated a program to reduce costs through initiatives covering all of our retail banners and group teams. In stores, we have focused on increasing staff productivity, for example, through the use of technology such as self-checkout terminals and through the use of analytics and operating best practices to reduce stock shrinkage. We have also continued to optimize our GBP 1.9 billion goods not for resale purchases with a range of products led by both category managers that operate across banners and local procurement teams. There are 220 such projects currently in train, 70 of which each deliver more than GBP 250,000 of annualized savings. Our teams also continue to work on distribution center and logistics network optimization. Thierry has already mentioned the material space reductions in France over the last two years. We've also realized efficiencies in the U.K. through the opening of a new bulk distribution center for B&Q and the automation of Screwfix operations in Trentham. Across our group and banner head offices, we are seeing savings of overhead expenditure, including through the expanded use of our shared service center in Poland. Finally, we continue to negotiate favorable lease terms at B&Q with 34 lease renegotiations completed in the last 12 months, realizing an average net rent reduction of 19%. Initial results from our five right-side stores to date are positive, with good sales retention and improved profitability, with many more opportunities identified and being planned for. Finally, moving to slide 29 and our outlook and guidance for the full year. Further technical guidance can be found in the appendix on slide 36. We've made an encouraging start to the third quarter across all our markets. Like-for-like sales for Q3 to date are down 0.7%, representing growth of 15.2% on a three-year basis. We have seen resilient trends in our outdoor kitchen and bathroom categories. Overall, our first half performance and current trading are consistent with the full year profit guidance we set out at the start of this year of GBP 770 million. For the balance of the year, we have run several trading scenarios to take into account the potential for a more uncertain macroeconomic environment. These point towards a range of outcomes for the full year, adjusted PBT of between GBP 730 million and GBP 770 million. You can expect from us a continuous focus on execution against our strategic objectives and further market share growth. We expect gross margin in the second half to be up year-over-year, resulting in a full year gross margin that is in line with our pre-pandemic level of 37%. We are also accelerating our investment in Screwfix France and have decided to make a further GBP 10 million of P&L investment this year to speed up the start there. Given the uncertainty levels, we will continue to be active and responsive in the management of the group's operating cost. Regarding inventory, we anticipate our stock levels to reduce in the second half related to the sell-through at normal prices of a large part of buffer stock, which was previously held to predict product availability. With that, let me now hand back to Thierry to summarize. Thank you, Bernard. Thanks, Bernard. To briefly summarize here on slide 31, Kingfisher has delivered a very resilient first half of sales against the backdrop of a strong comparative period and a challenging economic environment. We made further gains in market share in each of our key geographies, supported by demand both from DIY and trade customers. We are delivering on value for our customers at a time where they need it most, and we continue to effectively manage the pressures from the current environment. With the business and our balance sheet in a strong position, we continue to deliver against our strategic priorities and invest in opportunities to drive growth. Our shareholder returns remain attractive as we remain confident in the opportunity for growth and cash generation. Thank you all for listening this morning, and Bernard and I would now be happy to answer any question. Over to you, Majid. Thank you, Thierry. Thank you, Bernard. We're gonna start with Q&A from the audience here. As usual, please wait for the microphones to get to you. State your name and institution, please. Let's start with Anne. Thanks. It's Anne Critchlow from SG. I've got two questions, please. First of all, on inflation, are you seeing inflation roughly in line with the market or have you broadly invested in price? Secondly, on Screwfix France, could you talk a bit about any customer overlap between your current Screwfix France sales and maybe Brico Dépôt and how that's maybe affecting your positioning of the stores there? Thank you, Anne. Starting with the first topic on inflation. You know, for us, we are always starting to look at price index first, and we are happy with the price index. We had already very good price index in January. We continue to have very strong price index while we speak. And at the same time, we consider we have very effectively managed our gross margin, you know, engaging with suppliers, hedging. I would say overall, we are very happy with the H1 management of price index and gross margin. Now, as we mentioned, we start to see early sign of peak for some raw material, like metal, plastic. Clearly the peak is behind us. Freight costs are down. The US dollar is strong, but at the same time, the usual practice in Asia, because we buy many in US dollars in Asia, the usual practice in Asia is when the U.S. dollar versus the RMB in China is strong. In fact, you can discuss and negotiate with suppliers. That's what we see at the moment. Obviously, some other suppliers, more in Europe, we continue to see inflation. Overall, we start to see some prices down for some of our products. Screwfix France, you know, we usually have the same question in the U.K. You know, Screwfix is really focused on electrical, plumbing, relatively small and technical devices. The overlap with our other French banners is relatively small, even with Brico Dépôt. You know, when you go to a Brico Dépôt is a world of building material, of paint, et cetera. At last, you know, I'm not afraid of cannibalization, to be honest. You know, then each time you are afraid of cannibalization, you have a competitor that come. It's better for us to be there. If they are a relatively marginal cannibalization, it's totally acceptable and that's what we are driving in our other markets. You know, we believe in different banners. Sometimes they have small overlap, but that's part of the strategy. You're welcome. Paul, can we go to Pam, please? Pam Liu from Morgan Stanley. three questions, please. First, I'd like to get behind on your sensitivity range of your adjusted PBT for the full year. For 730, what are the exact scenarios you assume to get to that number, and what could that mean for the year even after. Particularly how much of it driven by volume and pricing. Second of all, given the amount of Screwfix you have already completed and the number of flexibilities you have to manage ongoing costs, can you commit that your margin today is largely sustainable, doesn't matter what happens going forward. The third question is with online marketplace, would you be- Yeah. Yes, Pam Liu. Do you mean profit margin or gross margin, to be precise? Both. Both? Okay. Um- Actually that's. With the online marketplace, can I check if you are happy to discuss a full year impact on revenue and profit? Thank you. I think it's more or less three questions for Bernard. Look, on the guidance we've given. On the 770 is and I'll reiterate that. What we're seeing in the trading to date is fully in line with 770. You know, I can rattle off all the positive signs we see. Now, however, there's you know, market-wide expectation around uncertainty, be it consumer and macro. Our objective is to be, you know, transparent to say, you know, what could that do to us? That's the only thing we've done. We've run a couple of scenarios and then said, what's the range of outcomes? That's represented in the GBP 730-GBP 770. Now, exactly what you know, there are elements of trading, cost, other, many things could come into play. It depends on timing and severity, but we're comfortable that those scenarios lead us to the GBP 730-770. Again, I'll reiterate. The current performance also shows we're on track to GBP 770. You know, some of the things that Thierry mentioned, the Q2 sales are up from Q1. We've had an excellent start to Q3, as you could see. Big ticket items are holding up well. The order book is also holding up well. Thierry mentioned a couple of things around net customer growth. That is continuing. You know, also we've got some resilience in the business. If you look at repair, maintenance, non-discretionary, that's a large proportion of what we do. We're very well positioned with our product and brands. Again, Brico Dépôt, hard discounter, OEB being at a price differential. We feel very good and again, tracking towards 770. Now, within the scenarios, let's just go on your second question. As Thierry also explained, we've got levers we can pull should things move less good than we anticipated. We've shown that flexibility in the pandemic. We continue to monitor it, and it will be the levers that we highlighted in terms of what can you do further on your staff costs, what can you do on your discretionary spend. If need be, but that would be the last result, what do we do with investment and ranging? We believe we've got quite a few levers we can pull should things happen. Marketplace impact. The marketplace impact on revenue. I mean, so the marketplace ultimately what we take is the commission revenue. One is GMV, the other is commission revenue. That, you know, as it's scaled up, it will be more. For, you know, for this year in the overall scheme, it will be limited. We're now guiding to an exact number. Maybe allow me just a few minutes to give some colors on the current trading because that's important. The way we look at our business, in fact, we have three kind of categories, so you have seasonal categories, what I will call core categories, you know, like building material, electrical, plumbing, hand tools, paint as well, and we have the big project like kitchen, bathroom, and storage. For us, because obviously we are in depth, we are looking at what's going on around us, what is most critical is to look at the core and kitchen, bathroom, storage categories because, you know, in H2, seasonal won't be there and seasonal is much more volatile. We are really tracking that very carefully. What I can tell you, if I look at the last three weeks, so last three weeks is back to school. You know, people are back, they are not traveling, so probably from August 28 to this week, we are seeing a positive one-year like for like on every category except outdoor, including kitchen, including bathroom, and with a very strong acceleration around electrical, plumbing, heating, insulation. To give you a figure that was even surprise when I checked the past days. When you look at insulation category across the group for the past three weeks, the group is up 70% versus 2019 and 32% versus last year. If you look in the UK at B&Q, B&Q is up 110% versus 2019 and 82% versus 2021. We have dedicated campaign. I could come give you a few example. You know we are the market leader. The key things in insulation is a loft roll. We are tracking the market share. We are gaining share. We are the absolute market leader because we want to be the best. The sales volume increase of loft roll at B&Q is 260% versus 2019 because we are working hard. That's what we see today, you know. When we say, well, we are comfortable with GBP 770 when we look at current trading, there is no sign in our current trading that something is different. We have gone pretty expert at running scenario. You know, we have managed COVID, so we were running scenario all the time. We keep this practice. I think in such a volatile environment, we consider that running scenario is a good practice because if you have scenario, then you can decide the cost base and the inventory base. That's what we are doing, and that's why we are, well, again, fully in line with 7/70. We feel it's reasonable to speak of scenarios. Voilà. Let's go to Simon, please. Simon. Front row. Hi. Simon Irwin from Credit Suisse. Three for you. Firstly, can you just talk a bit about Poland? Yeah. Firstly, can you break down the performance this year between the low base, the benefits you may have seen? Yeah ...from Leroy, and potentially the benefits you may have seen from refugee and population growth? Yeah. Also, how do you see the outlook for next year? Secondly, while we obviously can't expect you to kind of underline margins for next year, can you just talk about how you're thinking about some of the OpEx for next year in terms of, you know, utilities, labor, et cetera. Thirdly, Screwfix was a bit softer than expected in 2Q. Can you give us some thoughts as to why that might have been the case? Yeah. Poland is very encouraging in short because you know we are the number one. We have the best brand image. It is absolutely fair to say, Simon, that last year our stores were closed for several weeks, so we know we have to acknowledge that, and that was indeed in our forecast. You're right as well to say that globally, I think the Polish market is for home improvement relatively strong because we have millions of refugees, and on top of that, we are strongly gaining market share. If you follow the GfK data, we are really gaining a very significant amount of market share. Other thing I would like to mention before discussing the future is we have opened three stores in H1. We have opened two more stores this summer. We already opened five stores. We will open more stores in the second half. While our main competitor, you mentioned, opened one store. You know the impact of what's going on is on sales but as well on your plans for the future. What we see is we are gaining shares, and we have clearly a stronger expansion versus our competitor. The future is difficult to guess. What I've seen in my previous life, including in Asia, you know, when you have such an emotional boycott against somebody, it doesn't disappear overnight. Things can change, but I do believe the brand perception of the customer we have gained for many months will not disappear overnight. We have great price index. Really, we are speeding up our expansion, so we are in good position for the future. I will let Bernard say a few words about a few of the components of 2023. You know, Screwfix, again, we always forget the like for like of last year, so I keep that with me because Screwfix H1 last year, +26.8%. Well, you don't see that very often in retail, so obviously when you do +26.8%, you have a small decrease this year. I know that is not too bad versus our main competitor if you look at the figures, which was not the case before. I see a very good pricing deck in Screwfix. We opened 31 stores in H1. Never did that before. We are in line to open 80 stores this year. Never did that before. It shows how confident we are. No, I think things are moving well with a lot of progress on the digital front, on Sprint, on a lot of progress on the Screwfix side. In 2023. Just to... I mean, obviously, you know, the call out you had was around OpEx. I think there are things that are going down. Freight, as Thierry mentioned, is coming off its peak, which is a good thing. Obviously that will then roll into the cost of inventory and ultimately in the cost of goods sold. There are things that will not change. A large part of what we have are rentals and depreciation. That's fixed, fortunately. Then there are a couple of things which are up. I would say for wages, we're generally in line with the rest of the industry. You know, there's the part of energy which I think has been mentioned by a couple of other retailers. For us, it's a small part of our operating cost in the GBP 77 million, which I highlighted was in the profit bridge inflation. Part of that is increased utility costs. The impact is different by region. It's, you know, the UK versus France, given the different profiles of the business, but also the different way in which energy contracts are contracted. For this year, we're basically hedged, so we've got full visibility as to what it's gonna be. Next year is only partly hedged. What do we do about it? Obviously, we've got a number of longer term initiatives around reducing our scope one, scope two, energy spend. Heat pumps, solar panels. Also more recently, we're taking measures in terms of temperatures in store, lighting, at what time do you put the lights on, lights off, you know, more extensive use of building management and even what time do we charge the forklift batteries to try to mitigate some of those costs. Then we'll see a little bit what the measures that, for example, have been announced here in the U.K. will do. It's still uncertain. I think, you know, within the guidance we've given for this year, we know what it's gonna be. Next year it's still a little bit too early to tell, but we're very much focused on that part. Mm-hmm. Yeah. Richard. Thank you. Richard Chamberlain, RBC. Can I ask a couple of questions, please? One on inventory. You've talked about selling down the buffer stock you've Yeah You've built up. How much stock or what sort of proportion would you say relates to this sort of rebuild? Mm-hmm or stock that you've bought in advance? Are there any particular areas that's concentrated in? The second one, Thierry, I wondered if you could give a bit more color on these new trade OEBs that you brought in new ranges. Is that very much focused on the U.K. Trade Point or is that actually right across the group that you brought in those new Yeah Those new brands and ranges? Thanks. Thank you, Richard. I start with Thierry, but, Bernard, you correct me. What we said is, about 70% of the inventory growth is, inflation and new stores. The answer is about 30% is what I would call buffer stock. And as I think Bernard explained, we decided in summer 2021 to purchase more for the reason of global supply chain issues to be ready for the peak. And as well, we estimated we should buy, looking. We were already expecting some inflation. I would say in this buffer stock you have two kind of things, rather permanent product, that will gradually disappear. Why so? Because for example during COVID, the supplier lead time sometimes was multiplied by two. We renegotiate the supplier lead time. You put that in the system and then you know you decrease your stock. There are multiple parameters in our supply chain system that we increased during COVID that we already moved back to the previous, let's say, parameter. Over time, we're absolutely sure that those products will be sold at normal price. We have a little bit more seasonal product than last year. To be very clear with you, we have decided in this year to have very limited clearance in garden furniture. Could surprise you because we have such a good purchasing price that would be silly to do so. We'd purchase a new garden furniture at a much more expensive price than the one we do. In fact, this year decided to have very limited garden furniture clearance because that's very good product. We have great purchase price, and we'll keep some of this stock for the season 2023. Maybe to- Go ahead, Bernard. Yeah. Yeah. For the complete picture, so as we said, you know, delisted is lower than it's ever been. Provisioning rates are lower than the historic range. We're happy with that. Also our stock is not perishable or is not, you know, subject to fashion. You know, we're very happy. Yes carrying it over, especially if we bought it more cheaply than we would have to pay now for that stock. On TradePoint OEB, clearly that's a group policy. You know, we are ready, everything around OEB is managed by the group. We have consistent ranges across banner. Some usually it starts from one banner. So if you take a brand called Flomasta or LAP, it was started at Screwfix, and gradually you can find those brands at TradePoint, but as well in some of our store in France. So that's. Or Titan, that's another very, very strong power tool, pressure washer, et cetera, are dedicated for some of those banners. So that's a group policy that allow us to have the scale and, yeah. Paul, can we go to Warwick, please, in the second row? Yeah. Adam. Thank you very much. Warwick Okines at BNP Paribas. You gave a very helpful profit bridge year on year in the slides. If we just think about the U.K. profit bridge since COVID, your like-for-like sales are up very strongly and your profit margins are flat. Could you just make some comments about that? What does that tell us about the mix of the different businesses and products within that and your ability to leverage costs? Thank you. Maybe you need to add on that. Yeah. I mean, yeah, I would say it's up 3.9% year-over-year, which obviously and there are 88 new store openings for Screwfix. As we mentioned, the COVID underspend was especially there this year. Obviously we've got inflation, including the utilities inflation, which I mentioned. You know, if I look at the CTS rate compared to 2019/20, we were at 27.6% compared to 28.5% in 2019/20. Reduced the overall cost pressure. Obviously, something we continue to look at and continue to work at. Can we go to Adam, please? Paul. Hey, it's Adam Cochrane at Deutsche Bank. A couple of questions, please. A number of retailers have given us the utility costs either as a percentage of sales or in absolute numbers. Would you be able to provide that just so we can have a view on our sensitivity on what the governments may or may not do? It would just help us a little bit with next year's forecast if we have a starting point for what it would be this year. Secondly, in terms of your consumer and trade surveys where you talk to the- Yeah To your customers, are they saying anything? Are you seeing full order books of the tradespeople? I'm hearing that some consumers are taking longer to make decisions on bathrooms, kitchens, bedrooms, et cetera. Third question, finally, given a slightly tougher economic environment, do you think there's a chance that you'll continue to take share from independents and other smaller players who may find it more difficult than yourselves to secure whether it's hedging on utilities or whether it's better input costs? Thanks. Maybe I start with the second and the third, and we come back to utility cost. I think customer survey, we are running surveys around 6,000 to 7,000 customers, so it's very large samples consistent with the same questions regularly every quarter. In summary, surprisingly positive feedback. Obviously we have some feedback slightly down. Overall, if I summarize it, the sentiment for the future is relatively strong. It seems when we hear those customers, and again, it's a very large sample, they are not cutting home improvement as a priority. They, for different reasons, working from home, you know. You know my speech, so you have great new trends, you know, people working from home. Part of our sales are maintenance and repair. Overall, that's what we see in short. Even the new things I would say is you have a large proportion of people that say, "Well, I don't change my plan." You have a small proportion of people that say, "I delay my plan." But in fact, we have as well a new proportion of people that say, "Well, I want to invest on energy efficiency now." To be honest, that's what we start to see in the last weeks, that we are seeing very strong demand on insulation and new heating system, et cetera. That's pretty consistent UK, France. Poland, slightly different. That's the result. You could say, well, home improvement is more homeowner. You know, when we look at the demographic of B&Q, we have high proportion of homeowners, probably a bit middle upper class. The same in France. People have been moving the past two years a lot. You know that when you move, you spend more. That's what we see. In short, market share is absolutely our priority number one. We believe that in retail you are successful if you drive the top line first. It doesn't mean you are not interested by the rest, but there is another priority, you know, and that's our clear priority. You know, we keep investing for growth. We are opening more Screwfix store. We are opening in France, marketplace investment. We are opening in Poland. We are in a good place for TradePoint. We are really preparing ourselves for growth in the future. We are not slowing down investment. Yes. I mean, on the energy, I'll spare you going to our responsible business report, looking at our energy spend, then multiplying it by the energy rates, but it's around 1%. Be careful in that there is obviously a mix of countries. Countries ... which obviously are subject to different rates and contracting. For example, France is much more a longer term contract. The UK is much more on a six months renewal basis. Also the mix electricity and gas, it's about two thirds electricity and one third gas, and that plays into that equation. Okay. I'm just gonna take a pause for the questions in the room now. Just check with the phone lines to see if there's any, anyone on the lines who wants to ask a question. Can I check with the operator, Christoph, at the back? Yep. Thank you, Marc. Everyone, we will begin questions from the phone line. To ask a question on the phone line, please signal by pressing star one on your telephone keypad. We will pause for a moment to assemble the queue. We take our first question from Georgina Johanan from J.P. Morgan. Please go ahead. Oh, hi, good morning. Thanks for taking my questions. Two quick questions from me, please. One, just on clarification around the energy bills, the 1% that you referenced, was that one percentage point of OpEx bill or 1% of sales, please? Then the second question was the stats you gave around insulation and so on and so forth were very helpful. Can you just clarify what proportion of the sales mix is insulation and other kind of energy, you know, direct energy efficiency products that consumers might buy, sort of roughly what proportion of your mix would that be, please, on a normalized basis? Thank you. Yeah. Great, Donna. Yep. Let me answer the around 1%. It is for the year 2022-2023 with all the hedges and contracts we have in place, and it is a percentage of total sales for this year. Yeah. Second question is we consider we have about 10% of the group sales that are related to energy savings or water savings with a large part is really energy savings. We are working hard for probably one year now to extend those ranges, to bring new services, new partnership, new tools. I described some of these, and you will see more. We are on prices clearly investing on those products to make sure we have a very strong price positioning and to gain shares. Thank you very much. You're welcome. There are no further questions on the conference line, so I will now hand over back to Majid Nazir. Okay. Thanks, Christophe. Just check for any further questions in the room here, please. Okay. I'm gonna take that as a no. We're all done. Thierry, I'm gonna pass back to you for concluding remarks, please. Well, it will be very short. Thank you for being with us this morning. Thank you for your questions. I hope you see our confidence in the current trading, our confidence through the share buyback, the dividends we are giving back to our shareholders, and as well as we are continuing to invest for growth. Very happy to see you very soon, and thank you for being with us this morning. Thank you. Thank you, sir. Thank you.