Good day, and thank you for standing by. Welcome to the Banerjee Group Half Year twenty twenty five Results. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. To ask a question, you will need to press 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press 11 again. If you wish to ask a question via the webcast, please use the Q and A box available on the webcast link anytime during the conference. Please advised that today's conference is being recorded. I would now like to hand the conference over to Marion Oud, Investor Relations. Marion, please go ahead. Good evening, and welcome to Bene G Corp twenty twenty five H1 results webcast. This is Marion Hood, Investor Relations. Before we start, let me draw your attention to the disclaimer on Slide two. I also want to remind you that this presentation is now available on the company's website, and the recording of this call will be accessible in the coming days. Your speakers today are Francois Herriot, our CEO and Sophie Turin Ceclerc, our CFO. First, Francois will present our key financials and business highlights for H1. Sophie will then cover the results in more detail before Francois provides some concluding remarks and commentary on our 2025 outlook. We will then open the call for questions. Over to you, Francois. Thank you, Marion. Good evening, everyone, and thank you for joining us on this last day of July. In our first set of results since the Capital Markets Day last May, with adjusted EBITDA growth in the mid teens, it is very encouraging to see the key drivers of growth we presented coming through in our performance. In content production and distribution performance, there was steady growth driven mainly by further penetration with global streaming platform and live events. As usual, we expect to benefit from standard seasonality as the year progresses, with show deliveries wait towards the second half of the year. Live Experiences enjoyed a strong growth in revenue as we scaled up IP across our global network and continued to consolidate the market, particularly through three new bolt on acquisitions at ZYN Netherlands. And online sports betting and gaming results delivered continued very strong performance even when considering the very high comparison base from 2024 as there were no major international competitions in the 2025. As a result, we are well on track to deliver our 2025 performance. Looking now at our key figures for the first half of the year. Group revenue reached EUR2.2 billion, up 6.1% year on year. Adjusted EBITDA reached EUR424 million, up 15.8%, while adjusted net income was up 8.1% at $2.00 €6,000,000 All our activities are growing and all are improving their profitability. This is indeed a very satisfactory set of numbers. We also maintained a high level of cash conversion at 81% and our leverage is stable versus the 2024 at under three times given the dividend payment and the seasonality of working cap. Let's move to business highlights now, starting with Panigi Entertainment, our content production and distribution business. During our Capital Market Day, we highlighted four key growth factors in content production for the years to come. Increased penetration with streamers, development of live events, digital and AI led initiatives, and finally, sport initiatives. Hence, in my quarterly presentations, from now, I will naturally focus on these growth drivers even though our business with broadcast stuff is also performing quite well. So today, I will focus on the first two key growth drivers, development with streamers and live event to explain our good performance in H1 twenty twenty five, and I will have the opportunity to update you on our developments in the two other key drivers, digital and sports, on which we are currently working in coming quarters. As explained in our Capital Markets Day, our share of production and distribution revenues from streamers is constantly increasing, and this increase fuels our growth. During H1 twenty twenty five, it stood at 20%, up from 17% last year. And our business with these platforms has been both in scripted and in non scripted areas. On the scripted side, we have delivered several important shows during this first half of the year. Spanish Freezer and Jardinero spent two consecutive weeks as the top global non English series on Netflix. It was the number one show in 50 territories and in the top 10 in 84 territories with over 33,000,000 views since release. Series seven of Black Mirror also achieved outstanding success, topping the chart as the number one English language series and number two overall, spending five weeks in the global top 10 and receiving over 30,000,000 views since release. And season two of British period dramas, Buccaneers on Apple TV plus was also hugely successful with audiences. But we are also the partner of choice for streamers non scripted offering. H one saw the international rollout of local successes, such as new adaptation of last one laughing in The UK and the summit in Germany for Amazon Prime and new formats, including beating the band for Netflix, the first ever singing show on this platform. Production of live events is another key driver of growth for the group and the creator of powerful cultural moments. On average, we now produce over five live events per day, which is the double of last year's figures. Back in Toronto studio produced some of the period's biggest global sports ceremonies, including the UEFA Champions League final kickoff show in Munich in May, which is a very good memory for all PSG fans, including me, as well as the opening and closing ceremonies of the FIFA Club World Cup in The US, which is less the case. It was also the producer of the women's Euro two thousand twenty five opening ceremony in Basel in July. This is very telling on how Bally's team know how in this field are acknowledged by the sports institutions. Lochi, the French producer of immersive experiences we acquired in January, continued to roll out its show Luminaissance across our global network with new adaptations in 12 cities across France, Spain, and Germany. Finally, the independents further consolidated their leadership in the events and communication market for the global fashion and luxury industry. Three new bolt on acquisition expanded its global network to 20 agencies across 16 geographies, and it is now even better positioned to support global luxury and fashion brands in their events and experiential marketing. As you know, the independents performance is not yet included in our figures, and we have the option to become the majority shareholder next year. This also means that our figure on content production and live events for h one two thousand twenty five is purely organic. Moving now to online sports betting and gaming. We saw a very strong increase in unique active player. I say every quarter that unique active player is the most important KPI for this business, and has it it measures the commercial performance of the platform. This UAP UAP increase is thanks to our proven proactive acquisition and retention strategy followed by our best in class tech platform with seamless user experience. This has allowed our sports betting business to increase player numbers even during quieter sports calendar periods like this one. So UI AP has grown 25% year on year with a significant 400,000 new players in the last six months. I would like to emphasize performance in this first half. And last year, our revenues for the first half, if you remember, were up by 42%, and our EBITDA was up by 34%. On a busy calendar with the African Cup of Nations and the Euro twenty twenty four in addition to all the yearly sports events. Some of you even questions at that time where we would grow in 2025. And on this very base, in H1 twenty twenty five, our revenues grew by over 12% and our EBITDA by over 25%. So when we put figures in perspective, I think we can say it is a very strong performance. This performance has been reached thanks to strong user engagement across all products and geographies and good levels of cross selling during the first half. Despite a tough comparison basis that I already mentioned, online sportsbook grew two digits and saw high engagement driven by the new Champions League format. Our new poker platform, launched in Q4 twenty twenty four, saw strong momentum, thanks to its revamped user experience, which engages both casual and experienced players. We told last time that we believe it would be a growth engine for 02/2025. It is the case. In just the first three months since the Poker platform launched, both daily unique active players and average revenue car users were up by 187% respectively, with player satisfaction also rising between Q1 and Q2. Finally, online casino experienced solid performance and strong player acquisition, bolstered by effective cross selling between Sportsbook and Casino and the launch of this activity in Ivory Coast. So we can say that all our products and all our geographies have contributed to this strong performance, which is quite satisfactory. That's all from me for now. I'll be back at the end with some closing remarks before we open the line for questions. Over to you, Sophie. Thank you, Francois. So let's start with group revenue for the first half, where we delivered 6.1% growth at constant exchange rates to reach EUR2.2 billion. Q2 revenue was EUR1.1 billion, up 4.5% at constant exchange rates. Thanks to this growth in revenues and thanks also to our effective cost control, adjusted EBITDA grew 15.8% at constant exchange rates. We also saw a 160 basis point improvement in our adjusted EBITDA margin to 19.2%, mainly driven by the greater contribution from Bene Gidemi, which has a higher margin. At a group level, total external and personnel expense rose by 3.5%, driven by effective cost management across all activities. Energy and Entertainment first benefited from a favorable mix with greater weighting towards higher margin activities combined with cost optimization. Then at Vanity Gaming, staff cost and external expense grew at a slower pace compared to revenue. This was mainly explained by lower marketing expense as a percentage of revenue compared to the significant marketing efforts that have been made in H1 twenty twenty four to support the intense sports calendar at this period. Looking next at our P and L. Exit expense were down as anticipated, reflecting the expected trajectory of the listing plan. The increase in depreciation and amortization is driven by greater recruitment of third party distribution events in our content production and distribution business. The other finance costs mainly include the change in the fair value of financial instruments, including hedging or mainly put and earn and debt and also the currency losses and gains. Income tax expense increased in line with activity growth. But looking at the effective tax rate, it improved slightly from 31.1% in H1 twenty twenty four to 29.8% in H1 twenty twenty five. Adjusted net income was up 8.1% at EUR206 million. Let's go now to results by business, starting with Content Production Distribution and Live Events. These revenues were up 3% to 1,400,000,000 at constant exchange rate, which is a solid performance. As usual, there is an expected seasonality effect visible with an amplified volume of show deliveries and production of events weighted towards the second half. Looking at revenue by activity, there was a 2% rise in content production, thanks to a strong slate of scripted show delivery and further penetration with streamers in the period, as already mentioned by Francois. Distribution was up 1%, driven mainly by superbrand format sales. H1 was also a strong period for live events and other revenue, with 15% growth reflecting the production of major sports ceremonies, the successful rollout of logistics shows across our network, and robust growth from commercial activity. As you know, there is also a similar seasonality effect at Bali, with increased show deliveries skewed towards H2. Let's look at content production and distribution earnings and cash flow next. Adjusted EBITDA was up 6.6% at constant exchange rates, a very good result supported by revenue growth and a positive mix with a greater share of higher margin activity. Higher CapEx mainly reflects higher distribution advances at Benningerides and, to a lesser extent, additional investments in cloud and digital development. The change in working capital reflects the traditional seasonality, with major deliveries expected in the second half of the year and the one off phasing effects explained by the different time of cash collection between H1 twenty twenty four and H1 twenty twenty five. In fact, we can see here that we are returning to more normal seasonality compared to 2024 as we are in line with what we experienced in 2022 and 2023. Adjusted free cash flow conversion was 68%. Next, let's look at online sports betting and gaming, where we saw double digit growth in the period even when taking into consideration the high comparison basis with H1 twenty twenty four. Revenue was up 12.3% at constant exchange rates, with solid growth across all divisions despite, as mentioned by Francois, a very high comparison basis due to the busy stock calendar in H1 twenty twenty four when we experienced a growth by 42% of revenue and by 37% of unique active players. Scott's book performance was driven by continued unique active player growth as well as high engagement with the new format of the charts and three. Even during quieter periods of major sporting events, we are demonstrating a successful strategy of acquiring and retaining players. In online casino, poker and turf, there was also strong momentum in all geographies, thanks to effective cross selling between sportsbook and other products, as well as the successful rollout of the new poker platform. Bionic Games continues to deliver very high profitability and free cash flow. Adjusted EBITDA was up 25.2% at constant exchange rate, and adjusted free cash flow conversion remained high at 93%. The adjusted EBITDA margin was up 3%, thanks to cost discipline, including lower marketing costs and the percentage of revenues as already mentioned. The change in working capital comes from a cutoff effect in betting taxes and other taxes, excluding CIT, resulting from high levels of activity in 24, thanks to the busy stock calendar. As debt in taxes are paid one month after results, this timing effect impacted H1 twenty twenty five. The increase in income tax is mostly explained by activity growth and the one off cash out of EUR 27,000,000 related to the income tax catch up on 2020 for strong results at Benetier Gaming. Looking at cash flow generation now. Adjusted free cash flow reached EUR344 million. This resulted in a cash conversion rate after CapEx and lease payments of 81%, in line with our guidance for the year. Adjusted operating free cash flow was EUR176 million. Given the normal seasonality effect, we expect a strong cash collection in H2. The group's net debt stands at just under 2,800,000,000.0, and the increase in this net debt mainly reflects the seasonality of the activity and cash payments as well as the payment of the dividend during the period. This is why at the June, we are at the peak of the net debt that we expect it to decrease during the second half of the period. Overall, we continue to have a strong cash position and a significant undrawn secured credit line. That's all from me. I will now hand back to Francois for some concluding remarks. Thank you, Sophie. I will now briefly summarize our excellent performance this half year before talking about our guidance and outlook for 2025. So as a reminder of our key achievements. Overall, it was a very strong first half year performance for the group with mid teens earning growth and a strong contribution from all activities. All activities have seen growth in revenues and earnings growth higher than revenues, so very good performance overall. App content business grew solidly and we expect normal seasonality of a higher weighting of major show deliveries towards the second half of the year, meaning a higher level of growth in the second part of the year. This positive momentum in Live Events production is also expected to increase in the second half of the year, thanks to major shows in the pipeline at Vanished from the studio. Overall, Live Events showed its standing as a growth factor as a group. On the Online Sports Betting and Gaming side, our H1 performance is a strong achievement with double digit growth and high level of EBITDA growth compared to a very high comparison base. Thanks to this performance and the positive outlook across all activities, we are well on track to deliver on our full year guidance. As a reminder, we expect mid single digit organic revenue growth in content production and distribution and life experiences. And we and we expect also a mid teens growth on online sports betting and gaming with the resumption of National Football Leagues and the UEFA Champions League and sustained performance in Casino Poker Inter. At the group level, we also confirmed mid to high single digit adjusted EBITA growth, which includes the six months impact of the new betting tax increase in France, which started at the July and we expect adjusted free cash flow conversion to remain around 80%. As highlighted at our Capital Markets Day, Manager Group has entered a new phase of accelerated growth and our trajectory in 2025 demonstrates that. That's all from me. Thank you for your attention and back to you Maio. Thank you, Francois. It is now time for questions. So please state your name and company. Thank you. Thank So my first question is on content production. I know that you are second half weighted, but I kind of would have expected in the second quarter a slightly better performance, particularly given your comparative was relatively easy. So if you could just come back to the second quarter in content production distribution, give us a bit more detail around it. My second question is other media companies that are dealing with luxury clients have suggested some weakness from that end. So with regards to the independents, can you comment on how their trading has been going? And then the obvious one still, if we have any news on the liquidity or potential to raise the liquidity. Thank you, Anik. On your first question, I think on the content production business, there some volatility across quarters. You have shows that can slip from one quarter to another. And so the most important element is really the guidance we give on the revenues growth for year, And we are confident on the guidance we gave, which is mid single digit for the full year. It's it's very difficult to qualify just a quarter because it's a it's a it's a business where if a big show slips from one to another quarter, it it can make a difference. We have a very good visibility on the full year. We have less visibility quarter by quarter. But we we we are happy with the with the demand we we get, and we are fully in line with what we expected to do this year. On your question on the independents, I'm not going going to give figures because we are not consolidating and we are a minority shareholder. But they they they have a very good performance here, which which is a a very good demonstration of their model. They have a unique setup for luxury brands and and and the type of marketing and communication and live events they are working on are very key for the luxury brands. So very, very, very resilient business and and a very good performance for them too. On the liquidity, I I I hear your impatience, and we we share it. Of course, it's a top priority for us to increase the liquidity of the stock, and and we are working on it. And we we we hope to be able to to do it as soon as possible. Okay. Thank you very much. The next question comes from Nizla Nayza at Deutsche Bank. Your line is open. Please go ahead. Great. Thank you. I have two questions, if I may. The first is you've previously discussed the importance of M and A in your growth strategy. So could you kindly provide us an update on your current pipeline of potential acquisition targets? Or what's the key criteria you think about when evaluating opportunities? Is it more focused on geographic expansion, strengthening your existing genres or entering new areas of content production? Some color there would be great. And my second question is, you mentioned that you do have visibility for the year when it comes to content production. But are there shifts that you're seeing with your customers preferring more scripted production over unscripted this year in particular or in the second half in particular that gives you more visibility? Some color maybe on how your customers are thinking about content would be great. Thank you. Thank you. I'll take the first question. Maybe, Sophie, you can take the second one. On m and a, you know, by definition, we are not going to say anything about our pipeline. You will understand why. But I I I say again what we are looking for in our different activity. On content production and distribution, we are not in not we are not anymore in in the strategy to expand our capabilities in new geographies or in new areas because we have a very extensive set of capabilities in in all the countries where we wanted to to be or or even old. And so we could do if it's we are talking about bolt on acquisition, what we can consider and we have done last year is buying some IP. That's what we did when we bought the part of PT Blinders IP we didn't have. Or we bought also an IP in the kids business once upon a time. And when we think we can exploit it as a catalog and also in live events. That's what we are doing with this IP. So it's it's very focused. And on on this in this business, what is the I would say, more the name of the game is consolidation. So consolidation, of course, and also being as large as possible because, in fact, the bigger you are today in the market and the the better. And I think that's what we see as we are over performing the market. That's what we we want to consider. On sports betting, it's more about geographical expansion. We are already strong on our core market, but we could we could add some some some new core markets. So that's really what drives us in terms of m and a. Sophie, you want to take the second question? Yeah. So if I understood well your question, we we we have what we what we can see is that we have the same kind of a pressure from our customer than, for example, last year. What Francois mentioned is that quarter by quarter, it's quite difficult to anticipate the slippage the slippage you can you can have. But what you can expect for the end, it's easier to have a good visibility by the end of the year because, as you know, we have a strong seasonality, and we used to deliver shows in Q3 and Q4. And being in production in Q1 and Q2, that's why we it's more difficult to anticipate this key page right now. What we can see in terms of proportion of our revenues coming from non scripted, first, we should keep the same kind of Breakdown. Breakdown, yes, thank you, between scripted and non scripted. I remind you that we well, we don't want to be a lot more than 25% coming from scripted in our revenues and then 75% coming from non scripted. So we will keep the same proportion. And what we can see, however, is a growth of the part of streamers in our revenue compared to the previous year. And this is what this was clearly explained during our Capital Market Day, and this is it is a strong lever of growth for our business. Super helpful. Thank you both. Box to submit a question. Your next telephone question is from Anna Patrice at Berenberg. Your line is open. Please go ahead. Yes. Hello. Thank you very much, and congratulations on good results. There are couple of questions from my side, please. So I know that you do have some big hits, like Big Brother, Survivor, MasterChef, etcetera. I just wanted to double check how how much do they contribute overall to the group sorry, to the entertainment part of the business. And then if you can share any any specifics in terms of the revenues of yours, if you see that those businesses are stable or if you think that they are declining given that they are already running for the long term? And on the other hand, you mentioned quite new interesting launches. So, how do you think it will affect, again, your, like, recurring revenues? Do you think that those that you mentioned, they will be recurring as we also will see them in the coming years for for some time, or what are the risks for your pipeline in the in the payment section? That's first question. Second question is on the operating expenses. I saw that your personal expenses had declined. So I was just wondering how could you explain this. Is it just half year thing? Were there many some maybe one offs last year, or how do you manage to grow your business, but still have declining personal expenses? And then, last question. Apologies. It's not related to the h one result. I was just looking at your annual report, and I saw that you have the presidential sorry. You have the the teeth. And I just wanted to understand the structure of the of the remuneration actually, with those with those fees. Thank you. Sorry, Anna. Your line was not so good. So I I I'm not sure I understood the second question. Maybe Sophie, you have Second. Yes. So I have the one the first one. The first one. So, yes, of course, our big hits are very important to us. You mentioned some of them, MasterChef, Big Brother, Survivor. We also have Lego Masters. We also have Temptation Island. Well, you know, a lot of them. What is very important to have in mind is that no single contract in our revenues account for more than 2% of our revenues. We have very granular revenues. And and so it's because we have a lot of geographies. We have a lot of clients. We have a lot of formats. It's it's when I say that the sign in this industry is a very big advantage today, this granularity is clearly is clearly the case. And it's very important also to have in mind that recently, in the past years, some formats that were not active anymore in one country have come back. It's the case for Star Academy and secret story. So there's a big browser in France. It's a case for big browser and Survivor in The UK. It's a case so it's in in fact, you can have in one country one of these formats stopping, but in another country, it's it's starting again. So it's very strong and resilient formats, And we have no we are very I would say, we are not worried at all in the capacity to sustain their revenues in the past year. And I think during during our Capital Markets Day, we gave some numbers about the fact that, in fact, the revenues have been growing in the past years on this type of of format. So, yes, it's a old format, but we are working very well. And and and they are active in a lot of of geographies. Maybe, Sophie, on the second question, I'm gonna say I didn't I'm not sure I understood. If I understood well, you asked why your personal expense decreased. But but what we are looking at is more the total amount of external and personal expense because you may have from quarter to another some small reclassification. So that's why we analyze this in the line. It's total external and personal expense. The kind of reclassification you could have is between the freelancers. Because as you know, on content production and distribution, we used to work a lot with freelancers, and sometimes can appear in personal experience and sometimes in external. So that's why what I explained during the presentation. In fact, what we can see is that the total external and personal expense increased by 3.5%, which is less than the increase of the revenue. And it's mainly due to a favorable mix of activity on vanity entertainment plus some cost optimizations that have been done in the structure and less marketing cost on vanity gaming because we had a less PC stock Canada in h one twenty five compared to h one twenty four. The third question, I didn't understand it. If you can ask it again. Sorry. The line is not good. Sorry. Sorry. So there are some sorry. Can you hear me? Yes. Yes. Yeah. So my understanding is that there are the fees to to the senior loan, that the company is paying. So I just wanted to understand better the structure and how to model those fees going forward. Okay. So these fees there are fees that are part of the of the cost and reported in the EBITDA. And and you have information on this in the URD. It's it's based on the on the profit of of the company. Okay. Understood. Thank you. And can I another follow-up question, please? The on the betting market, so during the Capital Markets Day, you said that the possible regulation or appearance of online casino in France, it's not the question of if, but the question of when. So I just want to know if you have any any thoughts here when that could happen, etcetera. But, Egule, I would like to understand if you think that that could also be then the risk that many other online casino players will come to France and if it will actually disturb a little bit the sport betting market because they can then also enter the sport betting market. So I see that there's huge opportunity for you, but there's also maybe some some risks to consider if their online casino works in in France. Thank you. We are, you know, very ready to to to to take the risk because we believe that there's no comparison between the opportunity and the risk. We, you know, we we have we are number one on online sports betting. We have the experience of managing cross selling between sports betting and online casino in Portugal and now in Ivory Coast. And and so we strongly believe that we have all the tools to to be also leader in this market if it's opened up. On on the on this topic, unfortunately, there's no there are no news, and it has not been expressed as an option by the government for the next budget. So maybe it can come from the parliament. But so far, nothing has changed, and there's no good news to report on this this topic, unfortunately. But if it happens, I I would not be worried at all. We we have we are used to to compete. We have competitors everywhere, good competitors, and and we managed to to perform and to have gains of market share. So, we believe we are ready to compete. Thank you very much. There are no further telephone questions, so I shall hand back to you for web questions. Okay. So let's move to a webcast question. So the first one is, please, could you reiterate your comment on the organic growth in the live experience segment within Benigneur payment? Sorry. Can you say it again? Sorry. Patrick. Please, could you reiterate your comment on the organic growth in the live experiences segment within Benigene Entertainment? What Francois mentioned during the presentation is that all the growth that is presented here is coming from organic growth. Yeah. All is organic. There's there's no acquisition at all in the initial months, including live because we are not consolidating the independents. The second one is for. I appreciate the CEO is not present, but we are able to are you able to provide any updates on the best in the pipeline? At the recent Capital Markets Day, the best CEO gave it to exploring acquisition particularly in South America. Is this still the case? What? If so, what site players are being looked at, and what would be the timeline on this? And is that €20,000,000 cash out in income tax paid related to a partial pay down on the €103,000,000 missed VAT payments? So I take the the first question, and I leave the second one for Sophie. So on on the M and A, again, we cannot comment on the pipeline for obvious reasons. We hope to update on real achievements later. So what if we think what which was say that the Capital Markets Day is, of course, very much what we what what we we do. The Capital Markets Day was only two months ago, so it's still very updated. And, yes, South America is part of the of the regions of the world where we we consider there could be opportunities to grow. And and but we have no timeline, and we have no no. It's just we indicated during our Capital Markets Day where we believe we could find opportunities. And when we find opportunities, we'll report it to you. On the second question, Sophie? Yes. The EUR 27,000,000 cash out that I mentioned is a one off catch up of the income tax due related to 2024 results from Bainigi Gaming, and this is a one off catch up due to the very strong results booked by Bainigi Gaming at the 2024. It should have been paid in 2024, and it has been paid at the 2025, so that's why we use Next question is on the liquidity. In order to improve liquidity of the shares, should not it be considered to strive for two separate listing entities as entertainment and gaming have quite different business models. The present combined entities within Belige Group increasingly suffer from the so called conglomerate discount. No. I think as unfortunately, I think the liquidity in our shares is preventing from seeing from, you know, having the capacity to interpret really, our stock price and see any anything like that. So, I think, you know, the priority for us is to, improve the liquidity of the shares, and, and we are working hard, on that. The Capital Markets Day was the first step, and, and we're working on the next steps. And the last question, can you help us think through live experience in growth in h two twenty twenty five? Well, in fact, we gave global guidance for for the content collection and distribution and live events regarding the revenue growth, mid single digit organic revenue growth for 2025. So let's see what we we can help you with just this guidance. And and today, life the life business is still small in our content production and distribution business. You can see that it brings the growth from 2% to 3% on the on the first half with a 15% increase. So we expect still a strong growth in h two in live experiences, but it will contribute to the growth that Sophie just mentioned. Okay. Thank you. Francis, if you want to say well before we close the call? Yes. Sure. Thank you very much, and have a a very good summer break for those who are going to take it as we are going to take it now. So thank you very much. Thank you. Thank you. Bye bye. Bye. Bye. That concludes today's presentation. Thank you for participating. You may now disconnect. Speakers, please stand by. Evening, and welcome to Belly Jeet Co. Twenty twenty five H1 results webcast. This is Marion Hood, Investor Relations. Before we start, let me draw your attention to the disclaimer on Slide two. I also want to remind you that this presentation is now available on the company's website, and the recording of this call will be accessible in the coming days. Your speakers today are Francois Herrari, our CEO and Sophie Turin Ceclair, our CFO. First, Francois will present our key financial and business highlights for H1. Sophie will then cover the results in more detail before Francois provides some concluding remarks and commentary on our 2025 outlook. We will then open the call for questions. Over to you, Francois. Thank you, Marion. Good evening, everyone, and thank you for joining us on this July. In our first set of results since the Capital Markets Day last May, with adjusted EBITDA growth in the mid teens, it is very encouraging to see the key drivers of growth we presented coming through in our performance. In content production and distribution performance, there was steady growth driven mainly by further penetration with global streaming platform and live events. As usual, we expect to benefit from standard seasonality as the year progresses, with show deliveries wait towards the second half of the year. Live Experiences enjoyed a strong growth in revenue as we scaled up key IP across our global network and continued to consolidate the market, particularly through three new bolt on acquisitions at ZYNDEBENEZ. And online sports betting and gaming results delivered continued very strong performance even when considering the very high comparison base from 2024 as there were no major international competitions in the 2025. As a result, we are well on track to deliver our 2025 performance. Looking now at our key figures for the first half of the year. Group revenue reached EUR2.2 billion, up 6.1% year on year. Adjusted EBITDA reached EUR424 million, up 15.8%, while adjusted net income was up 8.1% at $2.00 €6,000,000 All our activities are growing and all are improving their profitability. This is indeed a very satisfactory set of numbers. We also maintained a high level of cash conversion at 81% and our leverage is stable versus the 2024 at under three times given the dividend payment and the seasonality of working cap. Let's move to business highlights now, starting with Panigi Entertainment, our content production and distribution business. During our Capital Market Day, we highlighted four key growth factors in content production for the years to come. Increased penetration with streamers, development of live events, digital and AI led initiatives, and finally, sport initiatives. Hence, in my quarterly presentations, from now, I will naturally focus on these growth drivers even though our business with broadcast serve is also performing quite well. So today, I will focus on the first two key growth drivers, development with streamers and live events to explain our good performance in H1 twenty twenty five, and I will have the opportunity to update you on our developments in the two other key drivers, digital and sports, on which we are currently working in coming quarters. As explained in our Capital Markets Day, our share of production and distribution revenues from streamers is constantly increasing, and this increase fuels our growth. During H1 twenty twenty five, it stood at 20%, up from 17% last year. And our business with these platforms has been both in scripted and in non scripted areas. On the scripted side, we have delivered several important shows during this first half of the year. Spamy Streeter and Jardinero spent two consecutive weeks as the top global non English series on Netflix. It was the number one show in 50 territories and in the top 10 in 84 territories with over 33,000,000 views since release. Series seven of Black Mirror also achieved outstanding success, topping the chart as the number one English language series and number two overall, spending five weeks in the global top 10 and receiving over 30,000,000 views since release. And season two of British period dramas, Buccaneers on Apple TV plus was also hugely successful with audiences. But we are also the partner of choice for streamers non scripted offering. H one saw the international rollout of local successes, such as new adaptation of Last One Laughing in The UK and the summit in Germany for Amazon Prime, and new formats, including beating the band for Netflix, the first ever singing show on this platform. Production of live events is another key driver of growth for the group and the creator of powerful cultural moments. On average, we now produce over five live events per day, which is the double of last year's figures. Bank of Toronto studio produced some of the period's biggest global sports ceremonies, including the UEFA Champions League final kickoff show in Munich in May, which is a very good memory for all PSG fans, including me, as well as the opening and closing ceremonies of the FIFA Club World Cup in The US, which is less the case. It was also the producer of the women's Euro two thousand twenty five opening ceremony in Basel in July. This is very telling on how by this team know how in this field are acknowledged by the sports institutions. Luchi, the French producer of female supply experiences we acquired in January, continued to roll out its show luminaissance across our global network with new adaptations in 12 cities across France, Spain, and Germany. Finally, the independents further consolidated their leadership in the events and communication market for the global fashion and luxury industry. Three new bolt on acquisition expanded global network to 20 agencies across 16 geographies, and it is now even better positioned to support global luxury and fashion brands in their events and experiential marketing. As you know, the independents performance is not yet included in our figures, and we have the option to become the majority shareholder next year. This also means that our figure on content production and live events for H1 twenty twenty five is purely organic. Moving now to online sports betting and gaming, which saw a very strong increase in unique active player. I say every quarter that unique active player is the most important KPI for this business, and it measures the commercial performance of the platform. This UAP UAP increase is thanks to our proven proactive acquisition and retention strategy, followed by our best in class tech platform with seamless user experience. This has allowed our sports betting business to increase player numbers even during quieter sports calendar periods like this one. So UI AP has grown 25% year on year with a significant 400,000 new players in the last six months. I would like to emphasize our performance in this first half. And last year, our revenues for the first half, if you remember, were up by 42% and our EBITDA was up by 34%. On a busy calendar with the African Cup of Nations and the Euro two thousand twenty four in addition to all the yearly sports events. Some of you even questioned at that time where we would grow in 2025. And on this very base, in H1 twenty twenty five, our revenues grew by over 12% and our EBITDA by over 25. So when we put figures in perspective, I think we can say it is a very strong performance. This performance has been reached thanks to strong user engagement across all products and geographies, and good levels of cross selling during the first half. Despite a tough comparison basis that I already mentioned, online sportsbook grew two digits and saw high engagement driven by the new Champions League format. Our new poker platform launched in q four two thousand twenty four saw strong momentum, thanks to its revamped user experience, which engages both casual and experienced players. We thought last time that we believe it would be a growth engine for 2025. It is the case. In just the first three months since the Poker platform launched, both daily unique active players and average revenue car user were up by 187% respectively, with player satisfaction also rising between Q1 and Q2. Finally, Online Casino experienced solid performance and strong player acquisition, bolstered by effective cross selling between Sportsbook and Casino and the launch of this activity in Ivory Coast. So we can say that all our products and all our geographies have contributed to this strong performance, which is quite satisfactory. That's all from me for now. I'll be back at the end with some closing remarks before we open the line for questions. Over to you, Sophie. Thank you, Francois. So let's start with group revenue for the first half, where we delivered 6.1% growth at constant exchange rates to reach EUR2.2 billion. Q2 revenue was EUR1.1 billion, up 4.5% at constant exchange rates. Thanks to this growth in revenues and thanks also to our effective cost control, adjusted EBITDA 15.8% at constant exchange rates. We also saw a 160 basis point improvement in our adjusted EBITA margin to 19.2%, mainly driven by the greater contribution from Bainajig Illini, which has a higher margin. At a group level, total external and personal expense rose by 3.5, driven by effective cost management across all activities. Benegy Entertainment first benefited from a favorable mix with greater weighting towards higher margin activities combined with cost optimization. Then at Energy Gaming, staff cost and external expense grew at a slower pace compared to revenue. This was mainly explained by lower marketing expense as a percentage of revenue compared to the significant marketing efforts that have been made in H1 twenty twenty four to support the intense sports calendar at this time. Looking next at our P and L. Exit expense were down as anticipated, reflecting the expected trajectory of the listing plan. The increase in depreciation and amortization is driven by greater recruitment of third party distribution events in our content production and distribution business. The other finance costs mainly include the change in the fair value of financial instruments, including hedging, or mainly put and earn out debt and also the currency losses and gains. Income tax expense increased in line with activity growth. But looking at the effective tax rate, it improved slightly from 31.1% in H1 twenty twenty four to 29.8% in H1 twenty twenty five. Adjusted net income was up 8.1% at EUR206 million. Let's go now to results by business, starting with content production distribution and live events. These revenues were at 3% to EUR1.4 billion at constant exchange rates, which is a solid performance. As usual, there is an expected seasonality effect visible with an amplified volume of show deliveries and production of events weighted towards the second half. Looking at revenue by activity, there was a 2% rise in content production, thanks to a strong slate of scripted show delivery and further penetration with streamers in the period, as already mentioned by Francois. Distribution was up 1%, driven mainly by super brand format sales. H one was also a strong period for live events and other revenue with 15% growth reflecting the production of major sports ceremonies, the successful rollout of Logic shows across our network and robust growth from commercial activity. As you know, there is also a similar seasonality effect at Bali's with increased show deliveries skewed towards H2. Let's look at content production and distribution earnings and cash flow next. Adjusted EBITDA was up 6.6% at constant exchange rate, a very good result supported by revenue growth and a positive mix with a greater share of higher margin activity. Higher CapEx mainly reflects higher distribution advances at Benninger rights and, to a lesser extent, additional investments in cloud and digital development. The change in working capital reflects the traditional seasonality with major deliveries expected in the second half of the year and the one off phasing effects explained by the different time of cash collection between H1 twenty twenty four and H1 twenty twenty five. In fact, we can see here that we are returning to more normal seasonality compared to 2024 as we are in line with what we experienced in 2022 and 2023. Adjusted free cash flow conversion was 68%. Next, let's look at Online Sports Betting and Gaming, where we saw double digit growth in the period even when taking into consideration the high comparison basis with H1 twenty twenty four. Revenue was up 12.3% at constant exchange rates with solid growth across all divisions despite, as mentioned by Francois, a very high comparison basis due to the busy stock calendar in H1 twenty twenty four when we experienced a growth by 42% of revenue and by 37% of unique active players. Sportsbook performance was driven by continued unique active player growth as well as high engagement with the new format of the Champions League. Even during quite a period of major events, we are demonstrating a successful strategy of acquiring and retaining players. In online casino, poker and turf, there was also strong momentum in all geographies, thanks to effective cross selling between sportsbook and other products, as well as the successful rollout of the new soccer platform. Bionic Games continues to deliver very high profitability and free cash flow. Adjusted EBITDA was up 25.2% at constant exchange rate, and adjusted free cash flow conversion remained high at 93%. The adjusted EBITDA margin was up 3%, thanks to cost discipline, including lower marketing costs and the percentage of revenues as already mentioned. The change in working capital comes from a cutoff effect in betting taxes and other taxes, excluding CIT, resulting from high levels of activity in 2024, thanks to the busy stock calendar. As debt in taxes are paid one month after results, this timing effect impacted H1 twenty twenty five. The increase in income tax is mostly explained by activity growth and the one off cash out of EUR 27,000,000 related to the income tax catch up on 2020 for strong results at Benigi Gaming. Looking at cash flow generation now. Adjusted free cash flow reached EUR444 million. This resulted in a cash conversion rate after CapEx and lease payments of 81%, in line with our guidance for the year. Adjusted operating free cash flow was EUR176 million. Given the normal seasonality effect, we expect a strong cash collection in H2. The group's net debt stands at just under 2,800,000,000.0, and the increase in this net debt mainly reflects the seasonality of the activity and cash payments as well as the payment of the dividend during the period. This is why at the June, we are at the peak of the net debt that we expect it to decrease during the second half of the period. Overall, we continue to have a strong cash position and a significant undrawn secured credit line. That's all from me. I will now hand back to Francois for some concluding remarks. Thank you, Sophie. I will now briefly summarize our excellent performance this half year before talking about our guidance and outlook for 2025. So as a reminder of our key achievements, Overall, it was a very strong first half year performance for the group with mid teens earning growth and a strong contribution from all activities. All activities have seen growth in revenues and earnings growth higher than revenues, so very good performance overall. App content business grew solidly and we expect normal seasonality of a higher weighting of major show deliveries towards the second half of year, meaning a higher level of growth in the second part of the year. This positive momentum in Live Events production is also expected to increase in the second half of the year, thanks to major shows in the pipeline at Vanished from the studio. Overall, Live Events showed its standing as a growth factor as a group. On the Online Sports Betting and Gaming side, our H1 performance is a strong achievement with double digit growth and high level of EBITDA growth compared to a very high comparison base. Thanks to this performance and the positive outlook across all activities, we are well on track to deliver on our full year guidance. As a reminder, we expect mid single digit organic revenue growth in content production and distribution and live experiences. And we and we expect also a mid teens growth on online sports betting and gaming with the resumption of National Football Leagues and the UEFA Champions League and sustained performance in Casino Poker Inter. At the group level, we also confirm mid to high single digit adjusted EBITA growth, which includes the six months impact of the new betting tax increase in France, which started at the July, and we expect adjusted free cash flow conversion to remain around 80%. As highlighted at our Capital Markets Day, Manigae Group has entered a new phase of accelerated growth and our trajectory in 2025 demonstrates that. That's all from me. Thank you for your attention and back to you, Maio. Thank you, Francois. It is now time for questions. So please state your name and company. Thank you. Thank So my first question is on content production. I know that you are second half weighted, but I kind of would have expected in the second quarter a slightly better performance, particularly given your comparative was relatively easy. So if you could just come back to the second quarter in content production distribution, give us a bit more detail around it. My second question is other media companies that are dealing with luxury clients have suggested some weakness from that end. So with regards to the independents, can you comment on how their trading has been going? And then the obvious one still, if we have any news on the liquidity or potential to raise the liquidity. Thank Thank you, Annick. On on your first question, I think on on the content production business, there are, you know, some volatility across quarters. You have shows that can slip from one quarter to another. And so the most important element is really the guidance we give on the revenues growth for year. And we are confident on the guidance we gave, which is mid single digit for the full year. It's it's very difficult to qualify just a quarter because it's a it's a it's a business where if a big show slips from one to another quarter, it it can make a difference. We have a very good visibility on the full year. We have less visibility quarter by quarter. But we we we are happy with the with the demand we we get, and we are fully in line with what we expected to do this year. On your question on the independents, I'm not going to give figures because we are not consolidating, and we are a minority shareholder. But they they they have a very good performance here, which which is a a very good demonstration of their model. They have a unique setup for luxury brands and and and type of marketing and communication and live events we are working on are very key for the luxury brands. So very, very, very resilient business and and a very good performance for them too. On the liquidity, I I I hear your impatience, and we we share it. Of course, it's a top priority for us to increase the liquidity of the stock, and we are working on it. And we hope to be able to do it as soon as possible. Okay. Thank you very much. The next question comes from Nizla Nayza at Deutsche Bank. I have two questions, if I may. The first is you've previously discussed the importance of M and A in your growth strategy. So could you kindly provide us an update on your current pipeline of potential acquisition targets? Or what's the key criteria you think about when evaluating opportunities? Is it more focused on geographic expansion, strengthening your existing genres or entering new areas of content production? Some color there would be great. And my second question is, you mentioned that you do have visibility for the year when it comes to content production. But are there shifts that you're seeing with your customers preferring more scripted production over unscripted this year in particular or in the second half in particular that gives you more visibility? Some color maybe on how your customers are thinking about content would be great. Thank you. Thank you. I'll take the first question. Maybe, Sophie, you can take the second one. On m and a, you know, by definition, we are not going to say anything about our pipeline. You will understand why. But I I I say again what we are looking for in our different activity. On content production and distribution, we are not in not we are not anymore in in the strategy to expand our capabilities in new geographies or in new areas because we have a very extensive set of capabilities in in all the countries where we wanted to to be or or or even old. And so we could do if it's we are talking about bolt on acquisition, what we can consider and we have done last year is buying some IP. That's what we did when we bought as a part of PT Blinders IP we didn't have. Or we bought also an IP in the kit business once upon a time. And when we think we can exploit it as a catalog and also in live events. That's what we are doing with this IP. So it's it's very focused. And on on this in this business, what is the I would say, more the name of the game is consolidation. So consolidation, of course, and also being as large as possible because, in fact, the bigger you are today in the market and the the better. And I think that's what we see as we are over performing the market. That's what we we want to consider. On sports betting, it's more about geographical expansion. We are already strong on our core market, but we could we could add some some some new core markets. So that's really what drives us in terms of m and a. Sophie, you want to take the second question? Yeah. So if I understood well your question, we we we have what we what we can see is that we have the same kind of a pressure from our customer than, for example, last year. What Francois mentioned is that quarter by quarter, it's quite difficult to anticipate the slippage the slippage you can you can have. But what you can expect for the end, it's it's easier to to have a good visibility by the end of the year because, as you know, we have a strong seasonality, and we used to to deliver shows in Q3 and Q4. And being in production in Q1 and Q2, that's why we it's more difficult to anticipate this key page right now. What we can see in terms of proportion of our revenues coming from non scripted. First, we should keep the same kind of Breakdown. Breakdown, yes, thank you, between scripted and non scripted. I remind you that we well, we don't want to be a lot more than 25% coming from scripted in our revenues and then 75% coming from non scripted. So we will keep the same proportion. And what we can see, however, is a growth of the part of streamers in our revenue compared to the previous year. And this is what this was clearly explained during our Capital Market Day, and this is it is a strong lever of growth for our business. Super helpful. Thank you both. Box to submit a question. Your next telephone question is from Anna Patrice at Berenberg. Your line is open. Please go ahead. Yes. Hello. Thank you very much, and congratulations on good results. There are couple of questions from my side, please. So I know that you do have some big kids, like Big Brother, Survivor, MasterChef, etcetera. I just wanted to double check how how much do they contribute overall to the group sorry, to the entertainment part of the business. And then if you can share any any specifics in terms of the revenues of yours, if you see that those businesses are stable or if you think that they are declining given that they're already running for the long term? And on the other hand, you mentioned quite new interesting launches. So, how do you think it will affect, again, your, like, recurring revenues? Do you think that those that you mentioned, that will be recurring as we also will see them in the coming years for for some time, or what are the risk for your pipeline in the in the payment section? That's first question. Second question is on the operating expenses. I saw that your personal expenses have declined. So I was just wondering how could you explain this. Is it just half year thing? Were there many some maybe one offs last year, or how do you manage to grow your business, but still have declining personal expenses? And then, last question. Apologies. It's not related to the h one results. I was just looking at your annual report, and I saw that you had the presidential sorry. You have the, the fees. And I just want to understand the structure of the of the remuneration actually with those with those fees. Thank you. Sorry, Anna. Your line was not so good. So I I I'm not sure I understood the second question. Maybe Sophie has Second. Yes. Sorry. I have the one the first one. The first one. So, yes, of course, our big hits are very important to us. You mentioned some of them, MasterChef, Big Brother, Survivor. We also have Lego Masters. We also have Temptation Island. Well, you know, a lot of them. What is very important to have in mind is that no single contract in our revenues account for more than 2% of our revenues. We have very granular revenues. And and so it's because we have a lot of geographies. We have a lot of clients. We have a lot of formats. It's it's when I say that the sign in this industry is a very big advantage today, this granularity is clearly is clearly the case. And it's very important also to have in mind that recently, in the past years, some formats that were not active anymore in one country have come back. It's the case for Star Academy and secret story. So those are big browser in France. It's a case for big browser and survival in The UK. It's a case so it's in in fact, you can have in one country one of these formats stopping, but in another country, it's it's starting again. So it's very strong and resilient formats, And we have no we are very I would say, we are not worried at all in capacity to sustain their revenues in the past year. And I think during during our Capital Markets Day, we gave some numbers about the fact that, in fact, the revenues have been growing in the past years on this type of of format. So, yes, it's a old format, but we are working very well. And and and they are active in a lot of of geographies. Maybe, Sophie, on the second question, I must say I didn't I'm not sure I understand. If I understood well, you asked why there's no expense decrease. But but what we are looking at is more the total amount of external and personal expense because you may have, from quarter to another, some small reclassification. So that's why we analyze this in the line. It's totally external and personal expense. The kind of reclassification you could have is between the freelancers Because as you know, on content production and distribution, we used to work a lot with freelancers. And sometimes, it can appear in personal experience and sometimes in external. So that's why what I explained during the presentation. In fact, what we can see is that the total external and personal expense increased by 3.5%, which is less than the increase of the revenue. And it's mainly due to a favorable mix of the activity on vanity entertainment plus some cost optimizations that have been done in the structure and less marketing cost on vanity gaming because we had a less busy spot Canada in h one twenty five compared to H 124. The third question, I didn't understand it. If you can ask it again. Sorry. The line is not good. Sorry. Yes. Sorry. So there are some sorry. Can you hear me? Yes. Yes. Yeah. So my understanding is that there are disputes to the that the company is paying. So I just wanted to understand better the structure and how to model those fees going forward. Okay. So these fees there are fees that are part of the of the cost and reported in the EBITDA. And and you have information on this in the URD. It's it's based on the on the profit of of the company. Okay. Understood. Thank you. And can I ask another follow-up question, please? On the on the betting market. So during the Capital Markets Day, you said that the possible regulation or appearance of online casino in France, it's not the question of if, but the question of when. So I just want to know if you have any any thoughts here when that could happen, etcetera. But, equally, I would like to understand if you think that that could also be then the risk that many other online casino players will come to France and if it will actually disturb a little bit the sport betting market because they can then also enter the sport betting market. So I see that there's huge opportunity for you, but there's also maybe some some risk to consider if the online casino works in in France? Thank you. We are, you know, very ready to to to to take the risk because we believe that there's no comparison between the opportunity and the risk. We, you know, we we have we are number one on online sports betting. We have the experience of managing cross selling between sports betting and online casino in Portugal and now in Ivory Coast. And and so we strongly believe that we have all the tools to to be also leader in this market if it opens up. On on the on this topic, unfortunately, there's no there are no news, and it has not been expressed as an option by the government for the next budget. So maybe it can come from the parliament. But so far, has changed, and there's no good news to report on this this topic, unfortunately. But if it happens, I I would not be worried at all. We we have we are used to to compete. We have competitors everywhere, good competitors, and and we managed to to perform and to have gains of market share. So, we believe we are ready to compete. Thank you very much. There are no further telephone questions, so I shall hand back to you for web questions. Okay. So let's move to a webcast question. So the first one is, please, could you reiterate your comments on the organic growth in the live experiences segment within Benigneur Entertainment? Sorry. Can you say it again? Sorry. Patrick. Please, could you reiterate your comment on the organic growth in the live experiences segment within Benigene Entertainment? What Francois mentioned during the presentation is that all the growth that is presented here is coming from organic growth. Yeah. All is organic. There's there's no acquisition at all in the initial months, including live because we are not consolidating as independents. The second one is for Vengue Gaming. I appreciate the CEO is not present, but are able to are you able to provide any updates on the best in the pipeline? At the recent Capital Markets Day, the best CEO gave it to exploring acquisition particularly in South America. Is this still the case? Correct. If so, what site players are being looked at, and what would be the timeline on this? And is that twenty million euros cash out in income tax paid related to a partial paydown on the €103,000,000 missed VAT payments? So I take the the first question, and I leave the second one for Sophie. So on on the M and A, again, we cannot comment on the pipeline for obvious reasons. We hope to update on the real achievements later. So what if we think what which was say that the Capital Markets Day is, of course, very much what we what what we we do. The Capital Markets Day went only two months ago, so it's still very updated. And, yes, South America is part of the of the regions of the world where we we consider there could be opportunities to grow. And and but we have no timeline, and we have no no. It's just we indicated during our Capital Markets Day where we believe we could find opportunities. And when we find opportunities, we'll report it to you. On the second question, Sophie? Yeah. The €27,000,000 cash out that I mentioned is a one off catch up of the income tax due related to twenty twenty four results from Bainigi Gaming, and this is a cat one of catch up due to the very strong results booked by by Bainiji Gaming at the end of 2024. It should have been paid in 02/2024, and it has been paid at the beginning of 02/2025. So that's why we use it. Next question is on the liquidity. In order to improve liquidity of the shares, should not be considered to strive for two separate listing NPTs as entertainment and gaming have quite different business models. The present combined entities within Benigere Group increasingly suffer from a so called conglomerate discount. No. I think as unfortunately, I think the liquidity in our shares is preventing from seeing from, know, having the capacity to interpret really, our stock price and see any anything like that. So, I think, you know, the priority for us is to, improve the liquidity of the shares, and, and we are working hard, on that. The Capital Markets Day was the first step, and, and we're working on the next steps. And the last question, can you help us think through life experiencing growth in h two twenty twenty five? Well, in fact, we gave global guidance for for the content collection and distribution and live events regarding the revenue growth, mid single digit organic revenue growth for 2025. So this is what we we can help you with just this guidance. And and today, life the life business is still small in our content production and distribution business. You can see that it brings the growth from 2% to 3% on the on the first half with a 15% increase. So we expect still a strong growth in h two in live experiences, but so it will contribute to the growth that Sophie just mentioned. Okay. Thank you. Jean Jose, do you want to say well before we close the call? Yes. Sure. Thank you very much, and have a a very good summer break for those who are going to take it as we are going to take it now. So thank you very much. Thank you. Thank you. Bye bye. Bye. Bye. That concludes today's presentation. Thank you for participating. You may now disconnect.