As said in February 2026, the group has a strategy which is affirmed, borne by the long-term trends, sovereignty of energy, development of new mobilities, necessary adaptation to the climate change facing extreme events that go on one after the other and extend on the whole European territory. Those trends will need investments, public as well as private, remaining powerful drivers for growth in the medium and long term for our group.

Let's move to the highlights of the first half year. It's characterized by results and increasing outcome, as expected.

In the works, operational performance is solid, and visibility remains very good, with an order book, again, in growth over a year and progressing on all of the branches, lines of business. In the concessions, performance is impacted by the decrease of the motorway traffic of the LVs, given the persistence of the oil price, which is high, direct consequence of the Middle East conflict.

These results enable us to confirm the perspectives of the increase of activity and results for the group in 2026. The construction line has is back to growth.

Commercial activity remained dynamic, with some very beautiful operations. You can here see the contract attributed by RTE to the teams, work and services, for the construction over 5 years of 450 modular buildings, industrialized, which are meant to be installed in electrical stations on all of the French territory.

It mobilizes 70 agencies on all over the French territory. At Mantes-la-Jolie, our team secured a new contract in design and build for the construction of a gendarmerie and 58 housing units, with an approach aligning environmental performance and quality of use.

Eiffage Construction supports a transformation of the campus of EDHEC Business School in Roubaix, with a new contract of energy renovation of the building and the construction of an extension for a modernized learning center with better environmental performances. Operation led in occupied site within a campus welcoming over 4,500 students.

In the infrastructures, Eiffage Génie Civil has a stable activity in France and remains supported by major projects. Eiffage Route sees its activity contracting by 5%, impacted mainly by the decrease of public order from the local authorities, which is not offset by private order, which remains still growing, neither with a participation in some major project of the group.

Eiffage Métal France is in strong growth thanks to the wind farm projects for RTE in direct or through the projects of Atlantic. You can see on the screen the contract devoted to Eiffage Génie Civil by SNCF Réseau for the construction of bridges of the line Amiens-Laon on the Canal Seine-Nord Europe, a bridge of 908 m and a viaduct of 77 m span.

Eiffage Métal and Eiffage Rail are also intervening on this project. After a recent collaboration led in success on the Hinkley Point C in the UK, Eiffage Métal signed with Arabelle Solutions, subsidiary of EDF, a long-term partnership, 12 years, for the manufacturing in its in Lauterbourg components for heat exchangers for nuclear plants in France and Europe.

This partnership consolidates the position of Eiffage Métal as a historical player and equipment provider of first line in the nuclear sector. It is on the location of Lauterbourg that is prepared the fabric- manufacture of metallic elements of structure for the EPR2 in Penly.

The Energy Systems branch has an activity in slight growth in France thanks to a second Q more dynamic than the first. The CNES and ESA devoted to a French consortium, Franco-German, under the aegis of Eiffage Énergie Systèmes, the implementation of a new sun farm on the special port European enabling the production of hydrogen, low-carbon hydrogen for Ariane 6.

At the same time, Eiffage Route is revamping ways and roads for the heavy-duty road for the launching pad. Eiffage Énergie Systèmes has been selected by Campus AI for the implementation of the electrical substation, high-voltage infrastructures for its campus Fougères for an amount of €120 million.

Eiffage Génie Civil and Eiffage Route are also mobilized. This starts the project in its operational phase.

As in the past, the group leverages also its compactness to make the difference, mobilizing its different expertise as to win multi line of business contracts. Eiffage Construction has been appointed lead contractor, lead contractor of regroupment of design build with Eiffage Route and Eiffage Énergie Systèmes for the building of a cultural center and green public spaces at the center of Crèvecoeur-le-Grand.

Finally, Eiffage Construction has been selected for the implementation of the first stage of the Convergences project in Angers, a building of 38,400 sq m. Eiffage Énergie Systèmes has been awarded a contract for high and low voltage.

The city of Paris, the Bank of the Territories, and the regroupment Dalkia, Eiffage, [RATP Solutions?] have signed the articles of incorporation of the single-purpose PPP, a holder of the heating concession contract for Greater Paris.

SEMOP, created for the execution of this contract, will make sure that the public service will be continued for a duration of 25 years. It will be in charge of operation, modernization, and decarbonization of the heating system of Paris, urban infrastructure, which is a major one at the city level, which is supplying or above 1 million people in Paris and in the surrounding municipalities.

The first half year has also been highlighted by many deliveries. Eiffage Immobilier has delivered a turnkey project on Campus du Parc, enabling to offer a second life to the old Architectural School of Nanterre, a iconic building of the '70s.

Besides the renovation of the building, the project encompasses the building of 3 new buildings. Our teams also delivered the Marché Saint-Honoré, a renovation of high technicity of a real estate of 18,000 sq m.

The operation, carried out by Eiffage Construction, was highlighted by a dense urban environment, a partially occupied facade builder. Goyer and Eiffage Métal also took part in this project.

We also started new projects as the adaptable high service intensity residence of 319 housing units in Dieppe, a real estate program thought to be evolved after the departure of the workers of the project of EPR2 to welcome tenants of the housing provided by Logeo Seine. It's one of the 3 operations supported by Eiffage Immobilier to support Eiffage operation in EPR2 in Penly, enabling to provide 1,300 housing units.

Eiffage Construction also started the works of Campus Universitaire Grand Paris Nord on over 77,000 sq m. The project encompasses 4 buildings devoted to teaching, research, lecture halls, and a convention center.

It leverages also the electric works for Énergie Systèmes and Eiffage Systèmes for the operation and maintenance for 12 years. On the roads, it's in an urban environment that our teams are leveraging their expertise by implementing a double landscaped cycle path of 2.6 km at Oullins-Pierre-Bénite.

It's the longest section of this cycle path. Eiffage Route inaugurated the project of renovation of the site of the Pointe du Hoc over Omaha Beach, aimed at improving the conditions of welcome of the public and matching the threats of erosion.

The works included the widening of the parking, the security of the cycle path, modification of the welcome building, and the redesigning of the visitor circuit with Arabiote-layer natural surface. After having dug over 2.5 km, one of the two tunnel-borer was transferred in April to start the digging of over 2 km.

Logistic complex, impressive thing, with a transportation on 3 km of the of the disc of cutting disc of over 150 tonnes. On the works of Penly has moved on this summer with many important steps.

The junction with the new embankment has become a reality with over 8,100 blocks of concrete delivered. This link will enable us to finalize the platforms' wall over the water, freeing spaces which are important for the project to come.

We have also implemented 2 million sq cubic meters of earthworks and got the first block of factory on its concrete. The teams of Eiffage Rail finalized the works of replacement of the tracks on LGV Nord in the [Avre-Lan?]

. This project led for the on behalf of SNCF Réseau are an important part, an important stage in the modernization of the network.

Eiffage Métal finalized also works on modernization of a pipe circuit, as well as dismantling of installation and the isolation, thermal isolation of new lines of a food-processing plant. Eiffage Énergie Systèmes and Eiffage Génie Civil implemented a double link, underground link of 320 kW- kV over 40 km in the north of Brittany in the framework of a work of interconnection, electric interconnection between France and Ireland.

Eiffage Construction and Eiffage Énergie Systèmes finalized the construction of a new Court of Justice in Lille, a building of 24,000 sq m, meeting a specification which is very demanding, facades and concrete in color. The delivery and inaugurations are moving one after the other on the NOVE project for the Ministry of the Armies and its plan Ambition Families.

The company is at its operational peak with a average of 150 projects worked on simultaneously. NOVE delivered over 1,500 housing units.

For my part, I took part in the inauguration of the barracks in Versailles for over 100 renovated housing units. After this vision over this order book and the activity in France, let's move to the European part.

As anticipated, the growth of activity is less important than in '25, but it remains very dynamic with over 8% of growth, real growth, in Europe outside of France, 4.7% in organic growth. Development of the group, as alluded in February, remains supported by its exposure to great trends of electrification, digitization, and sovereignty, but also to its exposure to the trend of our markets in Germany, Spain, and in the Netherlands.

Activity, commercial activity remained very dynamic in our implantation countries. In Poland, Eiffage Immobilier will transform the most ancient depot of trams in Poznan, implemented over 130 years ago.

The space will be renovated and requalified, including the building of 2 residential buildings of 230 housing units and a renovation of the main building of the depot, as well as the historic buildings. In Wroclaw, we will implement for the past 2 years one of the major residential project ever implemented in Poland, which is signed the last stage.

It's a real estate program of 3 buildings, erected on an former train site location on the banks of the Odra, offering 500 housing units for rental. In Germany, the local teams of Eiffage Génie Civil will implement for the account of the city of Nuremberg the replacement of 2 bridges as well as the access roads, a market of €95 million for Eiffage.

The new roads, coupled with a cycle and and pedestrian path, are within the relaunching, the restart of the renovations of the German infrastructure. In Germany, our Belgian subsidiary, Smulders, won a contract in a joint venture, the contract for the construction of a conversion station of DC to be linked with NEC 2 as of end of 2034.

The contract encompasses the design of the system, delivery of the pieces, the construction, the implementation sea and land, as well as its commissioning. Negotiations are underway for a second project of a similar size.

In the Netherlands, Eiffage Métal has been attributed the contract for the construction of 2 construction in metal construction, an arched one of 260 m long and a mobile work of 53 m for the new bridge of Merwede. Leemans is in charge of engineering, manufacturing, delivery, and installation of both structures.

In Spain, Eiffage Energía Sistemas has secured the contract for the construction of the first center of data, Annex and Data Centers in Valencia, implementing mechanical installation, low and high-voltage systems, as well as system voice and data. Still in Valencia, Eiffage Energía Sistemas has been awarded by the Municipal Company of Transport the contract for the electrification of the bus depots, 24 24 points of recharge, of charging for the electric buses, a smart system of energy management, and adaptation of infrastructures to meet the growth of the fleet.

Activity size, as has been saying, with 8% growth in Europe outside of France remains very sustained. In Warsaw, we go on the renovation, heavy renovation of an iconic building of modernism after war, transformed in a Nobu Hotel, 100 luxury rooms, 80 private residency, and cultural spaces close to this historic old city.

In Spain, the inauguration of the first the future circuit of Formula 1 Madring has taken place in June, 3 months after the first, 3 months before the first Grand Prix in mid-September. As you see here, this has been implemented, our teams also implemented in a record time the building specific to the sports events all along the the the booths.

In the province of Toledo, Eiffage Energía Sistemas is finalizing the works of the processing of the station of Los Yébenes, implemented with in joint venture with Eiffage Construction. This project will replace an obsolete installation to enable the water renovation of the use for of for the population of 16,000 inhabitants.

In Belgium, the project of the train station of Ottignies has officially started that will modernize the most frequented train station of Wallonia, which is inadapted to the needs today. In this framework, Eiffage Construction will intervene in the destruction, total destruction of the station as well as its rebuilding and as well as the surroundings.

On the motorway A3, the 76 km 6 ways driven by Eiffage Concessions and implemented by our teams of Eiffage Génie Civil have been officially opened to the circulate to traffic on August 3rd in presence of the cabinet ministers. A total cost of €2.8 billion for the extension, operation, and maintenance over 30 years, the project of PPP is currently the greatest project of this type in Germany.

In Monte Carlo, Monaco, in the framework of the construction of the Hospital Princess Grace, Eiffage Énergie Systèmes was in charge of the 5 principal phases of the technical plate part of the phase 1, commissioned end of June. The turnkey has been made in presence of Prince Albert II in mid-July.

First patients will be welcomed in January '27. Beyond the organic growth, we have made also 5 external growth since January.

They take part either in the strengthening of the territorial mesh or to the strengthening of our special specialties and expertises. Hand & Werk, specialized in data centers, offers a turnkey offer going from the design, building of the technical construction of buildings, to the maintenance.

200 employees, Hand & Werk implemented a sales of €85 million in '25. Klaus Heinemann Elektroanlagen, 300 employees, enjoys a long experience in the design, installation, and maintenance of electrical systems for customers from the tertiary, industrial, and public sector.

This acquisition enables to our Salvia subsidiary to widen its expertise and to strengthen its position on the market in the south of Germany. Finally, entities of work of the Baatz Group, a family company created in 1938, 470 employees, implementing in '25 a sales to the tune of €150 million.

This acquisition enables Eiffage Construction to strengthen and complete its know-how to become a first-line player of the construction and real estate in Luxembourg, with a new group of over 750 employees and sales of over €200 million. In the concessions, we have strengthened our position as first shareholder of Getlink with 29.4% of the capital following the acquisition of 1.74% of the capital in March for an amount of €167 million.

It's our fifth acquisition since 2018. Our participation in Getlink is a masterpiece, among others, in the renewal of the portfolio of concessions of the group since Getlink is a concessionaire of the tunnel under the Channel until 2086.

Group goes on on export mode on some projects, mobilizing its specialties. Contribution to this activity is, as foreseen, weaker as last than last year, direct outcome of the end of some major project.

Eiffage Énergie Systèmes is building 4 solar farms and their link to the Noor Atlas in Morocco with a total power of 225 MW. It will also be in charge of the operation and maintenance for 7 years.

We're also in Benin, where we implement the extension of the site of Illoulofin with 2 no powerhouses of 25 MW each. This extension brings this capacity to 75 MW that will be one of the major solar farm of the country.

In Norway, Eiffage Génie Civil and Eiffage Métal implemented a first part of the motorway E18, including the viaduct of Grenland that you see on screen. A major step on the strategic axis between Oslo and Kristiansand.

In the UK, we have crossed a major step on the high-speed line HS2, with the implementation of the last of the more 5,000 concrete segments making the main structure of the tunnel Chipping Warden. Tunnel of 2.5 km within a trench, then recovered by earth, contributing to a better integration of the high-speed line in the landscape, as well as a reduction of the nuisance for the inhabitants, sound nuisance, noise.

In the airports, the traffic is in the slight growth. The half year has been highlight by the implementation of the new contract of economic regulation of the airport of Toulouse for the period May '26, December 2030, an important step, giving economic visibility over this period of time.

Quite recently, we received the confirmation by the opening by United Airlines of a daily line with Washington as of April '27. In the motorway concessions, the traffic of light vehicles is globally in decrease, given the persistence of high fuel prices.

Compared to the first half year '25, traffic has decreased by 2.5% with APRR. Until the beginning of the conflict in the Middle East, traffic was in decrease of 0.8% and of 3.3% between March and June '26.

To be noticed, a good traffic HGV, increased by 2.4% on the first half year. This summer, our teams inaugurated the A480 Rondeau area ensured the widening of the motorway on 7.5 km while maintaining the traffic of over 100,000 cars per day.

With an investment of €300 million financed by the society, which is the concession, this operation proved the capacity of the concession model to deliver projects of collective interest within the territories, matching the stakes of mobility, quality of life, and ecological, environmental transition. It's one of the most important projects implemented in the past years on the conceded network.

Already pioneer with 100% of service areas with a charging, quick-charge posts, APRR and AREA goes on with the development of infrastructure of charging posts on the network. Two partnerships have been signed, an agreement with Allego, is foreseeing the equip of 31 rest areas and 5 more service areas as of '27.

In partnership with Milence, inauguration this summer of a new charging area for HGVs in Gevrey-Chambertin on A31, aiming at the growth of the uses. Fulli offers in France and Europe solutions to simplify the moves on the motorways, like the badge of e-toll, recharging cards for electric cars, and stations at reduced prices.

The semester has seen the deployment of Fulli on 4 new areas on APRR and the new area of Champ d'Amour on the motorway A20. After this 360 of our activity, some highlights of our carbon strategy.

Improvement of our notation extra-financial by the stakeholders, EcoVadis and MSCI, validating the robustness of our action plans on the pillars carbon, climate, biodiversity, circular economy, health, security, and governance. In terms of environmental strategy, we have published a new release of our climate report.

It is putting in value our engagement for the transition of ecology and illustrating our determination to illustrate the climatic change in the evolution of our businesses. Decarbonization is a human challenge that is engaging our 90,000 employees.

We implemented a global dynamic of training to the environmental challenges so that our employees will take ownership of the environmental strategy of the group and be able to use it on the daily base. Let's get to the major figures of this semester.

Sales in increase to the tune of 2.3%, and operational result increasing to €20 million compared to the first half year '25. A solid performance in works, construction, with sales increasing by 2.8%, 4.8% in the second quarter, and improvement of 20 base points of operational margin.

Performances of the concessions affected impacted by the decrease of the traffic of the LVs. Net result, group part, is increasing by over 12%.

Free cash flow, which was structurally weak in the first half year, is at the same level as in '25. Net debt decreases over the 12 months by over €500 million after €1 billion investments of external growth.

Finally, visibility of the group is comforted by an order book growing by 7% on the year to up to €31.5 billion, progressing on all of its lines of business. As of the perspectives '26, in the concession, the ongoing conflict in the Middle East triggered a decrease of traffic of the light vehicles that has been noticed during the semester and during the summer.

We foresee sales and an operational result slightly decreasing compared to '25. In works, the solid performance recorded in the first half year and noticeably during the second quarter leads us to foresee a figure slightly increasing for infrastructure and construction and a more sustained growth at Eiffage Énergie Systèmes, but at lesser level than in '25.

After this first solid first half year, we are confident, and we confirm our perspectives, global perspectives of 2026, of increase of activity, of the operational result, and of the net result. Thank you for your attention, and I invite Christian Cassayre to give some detailed explanation of our financial elements.

Good evening, everyone. I'll continue the presentation here with the figures more in detail.

The group's activity, you can see, has grown by 2.3% in the first half, 1.1% being organic growth in the contracting. Remember the first quarter was a bit flat, the second was much more sustained at 4.8% growth.

It's the second quarter, the 2.8% total over the half year, then. In concessions, we see the opposite dynamic with the and that drop in auto traffic as of March due to the conflict in the Middle East.

We see a slowing down in organic growth by 0.5%, negative 0.4% following the disposal of Nové. We'll see in a few minutes the figures per branch.

If we look at geographic zones here from the right there with the past 5 years, you can see strong dynamic our European markets outside of France, plus 8%; limited more limited growth, yet still positive in France at plus 2.2%, total and our target European market, France and outside of France, you can see that in the gray column, we have a 4.5% growth. Outside of Europe, we can see a bit of a slowdown, and that was at the end of many the ending of many infrastructure projects of a large size and increase in external growth.

Note that the figures for 2025 here, they are they've been retreated, readjusted with Goyer coming out of that. A facade company that was previously in Infrastructure is now part of the Construction, the off-site Eiffage Construction section.

All the history that you have over the past 5 years has been readjusted. Now as regards results, aside from the allocation of Goyer being in the per- correct branch, now data for the first half take into account revisions of provisions of IFRIC 12 31st of December 2025.

You have the details in the annexes with a small impact. You have the note there on the bottom of the slide.

Operating results recurring operating, we have $28 million, plus 11.6% at 2.8%, with the consequence there being an increase of 20 basis points in margins for contracting. As regards concessions, the drop is mainly due to the increase in amortization costs, which were not offset by traffic dynamic.

Globally, operating results increasing by €20 million. If we look at this per branch and Eiffage Construction, you can see return of activity 5% first quarter, second quarter mostly contracting, plus 3.1%; and real estate or property, 11.7%.

You can see in blue, the comparison basis is favorable looking at the activity for 2024 and 2025, and that was particularly true in real estate. In contracting, growth is carried by the ratcheting up of our Nové contract, which then is lessening then towards the end of the half of this year.

Renovation, residential and tertiary, and energy efficiency in buildings, some major operations are also increasing their pace. Operational margins are stable at 3.5%, real estate contributing to €11 million in the results in 2025 with a slight drop in margin at 4.4% because activity has grown.

It's imputable to sales of block sales at 60% in the first half, so that's less profitable than the model, but more secure. Good knows good news is that the erosion of the margin has been offset by increase in margins in contracting.

You can see we're renewing our order book by plus 6% over 1 year and 2% compared to December 2025. This year, I wanted to illustrate my talk here by the buildings in adapting to climate change, which is a a very positive, very buoyant market for us and quite topical.

Here we have a in Anderlecht in Belgium, this is affordable housing, 156 housing units with a drain area and a spill-off area. It's also contributing to local biodiversity, the flora and fauna and bird's nests.

The Infrastructure branch is stabilized after 4 years of strong growth. In roadworks, with in road in general, revenues are down by 4.2% with inertia related to municipal, also dropping in municipal contracts.

In Spain, the road group is increased by 10% compared to traditional markets due to the project that was presented regarding the Formula 1 project. In civil engineering in France, activity is stable.

Major projects mentioned by Benoît are in full production. That's also the case for the HS2 project in the UK.

In Germany, we see a decrease, a, sorry, increase of 10% of activity to which is offsetting the end of the construction of the A3 motorway, giving us a stable consolidated revenues. In metal, Smulders is increasing at over €500 million in on the increase of the HSM integration as of the 1st of June 2025 through the first half of this year.

Let me remind you that you know this. The structural margin is negative in the first half due to civil engineering and road, but the that's why the consolidated figure that gives us 0.3%, but stable over the semester, but not representative for the entire year.

That's due to the performance at the end of the year of these business lines. The order book is at plus 6%, particularly in the plus 18-month with this projects with stability expected in the short term.

Here we have Eiffage Génie Civil and Forézienne resizing spillway here in in the Rizzanese reservoir to meet regulatory requirements and to guarantee safety of the dam during any floods and the evacuation capacity moving from 10 cubic meters per second to 56 m cubic meters per second. First step is to increase the walls to 45 m, and second stage is to build a new evacuator at 155 m.

Eiffage Énergie Systèmes has solid growth of 4.8%, 2% organically, with an acceleration quite quite substantial acceleration second quarter at 4.1% organic growth. Stable activity in France compared to 2025, and a strong growth in Europe outside of France at plus 10.8%, including 6.2% organic growth.

What stands out here is compared to the like in the past, organic growth is an essential driver to our European growth. This half saw a lot of development in Germany, 15%; Netherlands, plus 15%; Spain, plus 10%; overall growth then at 11%, including the acquisitions from summer of 2025.

Organic percent organic growth there is at 4% in Spain. Operational margins continue to grow at by 30 basis points at 5.2%.

Visibility is very good with an order book at plus 7% in the beginning of the year, plus 9% over the year. We have a framework agreement here, and we have this market where we've been in in providing emergency support with Enedis.

Here you can see the map. We had our folks mobilized 24/7 to repair, replace any cables and intervene wherever necessary, dealing with the heat waves.

In concessions here, you can see this slide's main interest is to give you the details of the PPP concessions that are consolidated with overall integration, indicating their end date to show you that beyond 2035, 2036, our assets outside of APRR. Then I'll just make two comments on the bottom part of the graph.

In the motorway concessions other than APRR, we can see that this revenues are on the downturn in three of the four. In the gray part of the graph there, that's you see the revenues in Nové 2025 consolidated by the equity method.

If we focus on APRR-AREA networks, there we can see the light vehicle traffic is down by 3.4% overall, limited 2.5%, though it's maintained due to the HGVs. You see that it's we've got an increase in tariffs, though, in tolls, but at the beginning of the year, but not enough to offset.

A79 A79 is continuing to ramp up with a lesser growth in the current context. We have four We've taken over four service areas directly with our brand Fulli, generating us revenues of €10 million.

Commercial margin is low in this type of business. It does dilute the margin the EBITDA margin by 50 basis points.

This means that the EBITDA of this area would have a slight increase at 72.2%. That's due to the reactivity, the responsiveness of our APRR teams to contain their expenditures as soon as traffic started dropping.

Sticking with the deal dealing with climate change at the entry of the tunnel in Dullin, A43 in Savoie, we had to carry out some maintenance and monitoring operations, because with the heat and the and the weather and freezing, thawing, these networks need to be secured. All of this, of course, is part of our business plans.

Outside the APRR network, you can see that the EBITDA margin for main assets has already is already high. Our can our motorway concessions are in the young ones were at 80%.

ALIAE here as well, where we manage the service areas at €6 million with a €28 million you can see up here. On the right, you have just FYI, the amount here for construction carried out by Eiffage and the concessions and PPP in greenfield currently under construction.

In Sun'R, they're specialists specialists in Eiffage concessions for energy production. You can see the operations here.

This is to deal with climate change. We call this dynamic agrivoltaism because we can change the orientation of these panels.

Getlink, we have the update of the the increase in capital in capital here. You can see the share part with using the equity method.

That's a profit share, share of the profit, €34 million. Four components here.

We can have the results for the half of Getlink is €118 million. You can see on the right there gives us €34 million in in QS, an adjustment of that the 2025 result is gives us 8.8.

Minus the amortization of goodwill gives a gives us to gives us 9.3. We also have €129 million in dividends on June 26th, and much higher than 2025 the €62 million that were taken into account in 2025.

Now looking at our income statement after going over operations, you can see we're more or less stable, €161 million. Increase in interest rates have been offset by the drop in net debt.

Other financial expenses include the capital gains of the the disposal of Volter. Corporate tax is stable, and net profit, group share, comes out at €342 million, so that's an increase of 12%.

If we look at the changes in the net debt, we need to compare this to 2025. You can have that in the bottom of the page.

EBITDA is on the upswing as the dividends coming in from the companies the associates using the equity method. You can see the there's a greater need change in working capital requirements due as compared to contracting and in most in metal, we saw that the expenses interest interest and and tax have been also impacted with with cash flow.

This brings us to free cash flow of €420 million. The investments Net investments are under control, €495 million, €47 million and of including €35 in contracting.

Following these investments, free cash flow negative at 75, and we're negative last year in June 2025 at minus 91. It's not representative of the annual cash flow.

It's regenerated it's generated in the second half due to the seasonality of our business lines. Then in blue here, you have the acquisitions, €204 million, including the most recent capital injection to Getlink and the acquisitions mentioned by Benoît in Germany, in France, deduction subtracting the disposal costs of Volter.

Then the dividends that were given out by APRR and those by Eiffage to the shareholders of €468 million, movements on the the share prices. The debt, €9.4 billion total in June.

We have we have we invested a lot, nearly a billion over the past 12 months, reinforcing our participation in Getlink by some 9%. The 9.4 billion can be broken down to there's a non-recourse debt and about €600 million and then €500 million of treasury and cash flow in the holding in the contracting division, gross cash, €2.4 billion.

This enables us to continue to be financially agile. A final slide here.

This is our order book at a historic level of over €31.5 million. You can see it's on the upswing in all of the branches.

The essential growth here is in you can see in green. That's an increase of 14%, a growth of 3% in the in the compared to the short term.

The group's visibility is very good, very positive. We benefit from our ability to be positioned in our operations that are multiyear and multi-business line.

All right. That's it for me with the figures.

I now suggest we move on to question and answers.

Hello, gentlemen. Thank you very much for your presentation.

I'm from J.P. Morgan.

I've got a couple of questions. I might go one by one, maybe we could start looking at motorways.

Clearly, traffic is down this year, especially in the first half. Margins are down as well.

You talked about some dilution of You talked about actions taken to offset the drop in traffic and the their impact in that the impact in your margin. What are those drivers?

What are those levers? What about the rest of the year?

What will you do if traffic does continue to go down? What would be the cost for motorways?

What have been the trends this summer? We saw the increase in petrol and gas prices.

Is there something planned for the motorways? Maybe I'll stop there and ask my other questions later.

Go ahead.

Thank you. We'll start with traffic as each and every year.

I'll start by answering the first question about traffic. During the summer, which is not over yet, the trend on LVs is confirmed by what we noticed since March and the beginning of the conflict in the Middle East.

As for LVs and for HGVs, we go on having a sustained traffic more to the tune of 1%. To answer your first question, what we implemented to take into account this decrease in traffic, we had a certain amount of action on various parts, either operational, current operation, or on HR, while keeping in mind that the security of our teams and also our customers remains the first top priority, had to make arbitration not to question the security of our teams and our customers.

Precision, Elodie, on the decreasing margins. You will see APRR and AREA retreated EBITDA a slight progression and the margin decreased by the charge of monetization going with the end of concession date, which is getting closer.

We don't stop on the CapEx cap. We keep the capital expenditure.

The margin of EBITDA transformed is in slight progression with an effect which is more marked on the measures taken in the second half year. If the traffic is picking up, should we expect an increase of the costs again?

Everything is in the assumption you're making. If the traffic picks up, we can't say anything today.

There are a certain amount of measures we took, which are which will go on. A certain amount of things, if traffic improves, will be reported or delayed.

It's in between, right?

To add to it, maybe there is one of the elements is to all through the the summer, given the traffic, the short-term workers we are hiring, they are the amounts are much weaker than what we usually have in the summer. On the energy part, you reported to margin increasing by 30 basis points.

Can you share with us what are the drivers? Is it an organic driver?

Is it Do we expect this kind of increase all over the year?

Ludovic who will answer.

Hello. Good evening, Amin.

Thank you for the question. In France, as we have seen, we have an organic growth which is less dynamic than previously.

To guarantee the level of margin, we work on the selectiveness of our business and also on the operations. This is something we discussed last year.

We go on with that. It's a long-term system.

We've seen in Europe, we have a growth which is excessively organic, and some total part of the margin comes from this European drive dynamic.

I would say at the half year, to add to what Ludovic said, the 30 basis points, we have them as much in Europe as well as in France. I think it's very important.

It proves the performance of the teams. When you have an organic growth that is decreasing, it's more complex.

The dynamics implemented for a certain amount of years go on producing their fruits. The selectiveness of the deals is key.

We are confident on this capacity to maintain this increase of the margin.

To go on with that about the data centers, can you give us a explanation, where do we stand? Is it a subsector which is important for you?

Or will something change for Eiffage? Can we expect different margin on this kind of projects?

Data centers, you have several worlds in data centers. You have the world of current data center we've been doing for years, under 20 MW, either we're working in a big chunk or on minor chunks.

On which we do maintenance on this activity, we're in a regular growth for the past years. Then you have the hyperscales, everybody talking about it.

We talk about billions of works. There, we have to be cautious relatively.

Those are projects which are excessively long. We don't have one project to do with one order.

It's several orders that are logged in. It's over the years.

It's projects which is the implementation commercial closing is rather long. You have to make sure that you have the tenant before starting the works because it's the tenant that given the nature of the tenant, you have the definition of the design because each user has its own design.

It's a long process. You have to make announcement that you have the energy, you have to you are ready, and you have to have the developers to make sure that they have the right tenant to use the data center.

We today, our ambition is to secure a first hyperscale. We're still in the first building.

In the finalization, we finished the building. We almost finished.

There were 24 rooms of 1,000 sq m at 74 MW IT. We finished the rooms of the first floor, and we are negotiating to finish the rooms of the second floor, given the needs of the user.

It's a project we started a few years ago. It's still in the phase of finalization.

It's going to be €800 million projects, and we're working with them on the building next to ours. We ramp up in a reasonable way on our capacity to do data center.

We did it in France, as you have seen, with we made an acquisition in Germany, enabling us to position ourselves on data centers. We have also the strand in in Spain.

It works. Everybody's moving on.

On the hyperscale, our ambition is to structure ourselves to be able to do it in France, too, in parallel in the global Eiffage offer. We're also as the EPC, i.e., we are doing the energy, but also the building.

What I wish is to position ourselves on projects that we provide a major part of the equipment, because today, you have a certain amount of hyperscale. If you're working for Google, for instance, they come with the prefab.

They buy everything themselves, and you just do the installation. It mobilizes a tremendous amount of staff for a very low added value.

In the universe of the hyperscale, you have different types of hyperscale, different diverse types of data centers. What we want to do Eiffage-way with all the provision of the equipment and the building to have a better added value.

We have a reason a reasonable process. We're working a lot on those things.

It's excessively long. We might have some good news to announce at the end of next year.

Are those good news, the major projects? No, look.

The impact on the profit. I can't give you the level of margin, but it must be a contribution, right?

Non-dilutive. Non-dilutive.

Elodie, what's important beyond the general explanation of Ludovic is that, yes, it's relutive, but it's very risky. In the models, contractual models, current ones on the European market, not on the American markets, we're not in the construction management, we're on risk transfer.

Our subcontracted gents cannot have balance sheets, it's a risk taken totally. Hence, the fact that we have an appetite, but reasoned appetite.

We have a first team. It went well.

If not, we wouldn't go on that way. We put more people on it.

We hybrid the teams to be able tomorrow to face at least two construction in France, and maybe in the future, also in Germany. At the end of the day, the risks are very important.

Obviously, we accept to take those risks when we are convinced that we have the human capacities to do it and we have the human capacity to do and we succeed. Yes, it's relutive, clearly.

We have to look on both sides.

Just what a last one for the road. Where do we stand on the progress of the projects?

Will we have a speed-up, an acceleration on the order books and on the activity?

Guillaume?

Hello. The German plan, we talk a lot about it.

We start to see the first effects not only in the figures. Even as has been said by Christian, we were able to offset the end of the A3 by current activity.

It's partly linked with the first effects of this plan of jump start of Germany. Some contraction contractors are are working on that.

We see there is a trend. There's a drive.

There is a strong drive on Deutsche Bahn. Have a sustained activity that's a lot of pressure on the regularity of the trains in Germany.

It's a a classical topic in Germany. They were on works things that were done a few years ago.

They developed new models, more collaborative models. First element.

Second element, also on projects of corridor. The network is much more meshed than in France.

They are able to reroute trains totally and give complete areas of 30 km on which you have to do all the works. It's a massive impact because you have to mobilize a lot of resources on a very short time to do a lot of works.

They are still looking on how to be able to speed up the implementation of their investments. We discussed it already.

The traditional German model, the design is done by the government or the Länder or state-owned companies. All this process that requires engineering hasn't doubled in Germany.

The capacity to speed up is limited by that. It's less the case on Deutsche Bahn because it's been a long time they have those projects on shelf.

They had budget problems. The restart of the economy in Germany, they have less constraints, and they speed up the implementation of the project they had prepared for some years.

What Guillaume was saying, the only way to speed up is to open up cooperative modes where the capacity of design has to be found in with the with the different players, and this is very positive. It's a very good thing.

Let's say it. If it's longer to be implemented, it's those who are already on location in Germany are supporting the support.

If there were a fantastic jump, you would have seen the influx of foreign operators. We are the operators in Germany, we're the first beneficiary of the plan.

Even if many people hope it would be faster, but it's already active, and it's going to go on. Since the general consensus on its necessity and the obsolescence of many road and train infrastructure make it that there is a consensus for that, it's important for it to go on.

It's a very good news that, finally, it goes not as fast, but on the longer span of time, it's easier and gives us the capacity to better organize ourselves to capture this growth.

Since no one else is Okay, I'll come back then. To an extension to what was said, if you look at the German history, there we have some we've seen some competitors get it all wrong by subcontracting the design to architect's office.

I'm thinking about the opera construction site in Hamburg, some €600 million losses. Today, the risk for Eiffage and our competitors, we're able to we have to be able to implement our engineering capacities, whereas in the past, it was not being done.

That's my question. Are you capable

Well, two things are different. There's the building construction market where we're not that active.

We just have one subsidiary there called Bau that's not that active, and we have some civil engineering. These are two completely different worlds.

There have been a certain number of players in it, including Eiffage, where we've already had projects based on them that model, and these are PPPs, where we were the designers. We were controlling the design with other German designers who helped us out in capacity-wise, but in this area, we have not encountered any difficulty.

The place where we saw major difficulties in the past, in fact, we weren't there. That was in very large building projects in Germany with some DGCE, for instance, where there were difficulties in the market itself, but we're not involved there.

The stimulus package or the recovery in Germany is just on infrastructure, that's rail and roadways. The stimulus package or the recovery package, if you look at the budget documents, you see that it's part of it is a transfer of transfer of budgets that are general budgets to the Vermoegen zones.

Can we say that maybe this year, next year, we'll see a net balance there, a a positive balance there in terms of activity? That's what we're seeing statistically.

That's what we want to do. There's a lot of discussion and debate in Germany right now because politicians want to show that they are moving forward very fast on the stimulus package on the recovery package, but it's not going as fast as historic budgets, though.

The the debate then is on transfers in Germany. Fundamentally, we have increasing amounts of activity, having 10% growth in normative growth and continued growth, sustained growth with a certain number of operations.

We have the visibility there. We have the capacity.

We can't We couldn't go a whole lot faster because you have to hire, you have to draw in the talent, and that's another point that I've already shared with you. Certain number of crises in other sectors, other industries made our industry increasingly attractive, and I think that's one of the best news coming out of the German stimulus package.

We've never had so many people interested. Now we are able to attract interim, alternance, alternating workers, young people coming back into our sector, who in the past, you couldn't go out and recruit workers from, say, a German automotive factory.

We're attractive now, and you hear about this on a daily basis. This is probably the most positive point for me in the medium to long term in our ability to continue to move forward and and contribute to the German stimulus package.

Another point that's very very important is also the necessity to support the the energy transition in Germany, and you see substantial growth for our specialized affiliates there in high-voltage networks, and we see growth that's quite substantial there, entry barriers, we see a lot of growth there. These areas are very dynamic.

There's a lot of momentum here, and it's not just air, there's underground. When you say underground, this is civil engineering teams, and these are teams from the energy systems as well.

There's a real calling there. Behind infrastructure, you have to think that part of the growth is there coming from energy systems and the electrical system, the electrical infra- infrastructure of the company, uh, sorry, of the country.

Hi, Eric here. I have a couple of questions.

I'm going to throw them all out there. On the Warnow Tunnel in Germany, what is it that compelled you to get interested in that asset there?

Could you give us your viewpoint on the residential market in 2027 in France for Eiffage Real Estate? I'm assuming you're not very optimistic there.

I'd just like to know what your feelings are. Also, as regards Germany, were you directly, indirectly impacted by the the drought that impacted the Rhine River?

Is there anything impacting your business there? The slowing of traffic on the motorways, what do you think is the sensitivity of, say, light vehicles regarding price of petrol, gas here?

If gas does stay high, fuel does stay high, will people just get used to the new paradigm and drive the cars as much as they did in the past? Final question here, it's really a detail here.

On Sun'R, you came in in 2022. I was just wondering if Sun'R was profitable at this stage?

If so, have you started giving out dividends? Thank you.

The first question was on the Warnow Tunnel. We had expressed that in the press release when we first started first entered into negotiations.

If you read the press release there, we of course, we are very familiar with

Atlas Arteria,

with Atlas Arteria, our motorways, APRR and AREA,

and

so this coming to completion of construction. With the having the concession having the Warnow concession, we thought we would have a common structure to manage these two assets, because we wanted to not consolidate A3.

During the discussions, though, Atlas Arteria suggested we could take we could acquire Warnow 100%. As discussions move forward, and as you saw in the press release, we did not reach an agreement on the financial conditions for the 100% purchase of Warnow.

It's a concession that enables us to go faster in where we in the area where we want to build the future constant-current substation. We had a cost we had just as we managed to do that just as the concession came in for the direct-current substation there.

We know historically it that goes well. We just had to There was no technical issue.

We just had to reach an agreement on the price, and we did not. That's where the idea came from.

Hello. Thank you for the question.

As in residential real estate, the context is deteriorated. There's a climate of wait in wait-and-see in terms of confidence and trust and just a general context.

It's hard to anticipate between now and end of 2026 and even into 2027. Hard to imagine a substantial improvement in the situation as regards budget and political situation and general context-wise.

However, there are housing needs, and they have never been as high as they are now. The desire to become a homeowner is still there.

Our real estate teams are working really hard in finding the right fit of our commercial offer impacting, working on these two levers, two drivers, where we think our model has a real impact. On one hand, developing controlled cost acquisitions for working with our developers.

We have potential activity of 11,000 housing units we're under we're working on right now. The second driver we have is the contribution of our industrial solutions to our operations to be able to onboard, produce affordable housing by massifying the cost and then sustainable housing, including all of the use usages and reversibility.

To have good visibility, we have to be able to be ready for the rebound effect when the confidence does come back. As regards Germany, the topics related to the drought in the Rhine River, we are not directly impacted because when we work with the industrial industrialists, we're working in technical maintenance and that, but not delivery.

There's no real impact on our business there. As There was there was road traffic sensitivity there, sensitivity in road traffic.

We'd like to have an idea of what the formula is, but we're seeing that the length the duration of the crisis that we're experiencing and and the really high prices over the long term of, say, diesel costs, which had a major impact on light vehicles. Second effect is that we saw deferred impact for certain ways of working that are different, such as more remote working and less travel that impacts traffic.

However, we are optimistic about the sensitivity of traffic to price, fuel prices. We're seeing increased traffic of electrical vehicles, and so we're seeing also more corporate fleets moving to electric cars.

That should have an impact on the traffic as regards thermal engines. Christian.

Regarding Sun'R, a

production of 140 MW- solar hours. We are expecting break even over 2 years, keeping in mind that a good part of our losses, development costs, where we had private equity actors in the same area.

They those costs go into losses. In terms of we the non-capitalization of the development costs, it's a policy, we're just being prudent there for right now, being cautious for right now.

Elodie, do you have another question?

Maybe one last one for me from a free cash flow, which is down a bit. It was last year as well, but you managed to turn that back around at the end of the year.

Can we expect the same trend this year?

That's what we said. At the end of the year, after 5 years where we have over €2 billion in cash coming in, you've got the working capital requirements.

We're trying to have a full year trying to do the same thing for a full year. I don't have any better forecast at this stage.

It's all going to come in in the second half. Certain contracts, of course, depending on our ability to contract a second of those contracts in H2, the line can the cursor can move slightly.

The goal is, of course, to have our second half to be our H2 to be compliant similar to last year. The roadway the motorway free cash will be lower than last year, of course.

Since I got the mic back, what about tax in France? Taxes in France, we are all expecting those to same level of income tax as well from as last year.

What does that change for you? I'm sure it's something you were expecting.

Does that change your policy of distributing dividends, perhaps?

That's no big surprise, is it? We will see what the modalities are, but as regards dividends, we first should try and get through the year, right?

Of course, we will take all of that into consideration with the board. It's not anything really surprising.

We shall see if ultimately, I will if they try and make any changes. This is exceptional.

The exceptional is is starting to last a bit too long. As regards dividends, we will consider this with a great interest with our board when the time is right.

I suggest we move to the questions online.

First question coming in from English, from Mark Epting.

Hi. Thanks for taking my question.

It's Mark Epting from Citi. I've just got two separate questions.

The first one on the working capital requirement. You mentioned that it's increased during the year at the half 1 point.

Can you just elaborate a bit more on the reason for that? Is it simply a consequence of higher activity levels in part of the time?

Or have you seen any change in client behavior and on your collection policy or anything around that, if you can elaborate on that, please? Then my second question is on Eiffage Métal.

You mentioned that it's benefited from some offshore wind projects. I just want to ask about your view on the sector in Europe at least, or globally if you have a view globally, but your view on what you think the offshore wind sector looks like now.

Are you seeing Do you think it's more constructive now than it was, 1 or 2 years ago? Are you expecting to see more tender activity?

I think there's quite a few countries putting up more capacity auctions in the coming months and and years. Just want to know what your what your view is on that, please.

Thank you.

As regards working capital requirements, we don't see any change in our customers' behavior in the timeframes when they in the payment timeframes that they're complied with, and we comply with our we we comply with our subcontractors. There's some that have not come have not been payable yet, but maybe it's due to big contracts.

Nothing specific to point out in terms of client behavioral changes. Far, maybe some We're not seeing any changes in behavior.

Guillaume, what about the offshore market?

Offshore offshore market, as we see it, as we imagine it, we think the market is well oriented, less so perhaps than it was a few years back due to the increase in rates. We're seeing signs that enable us to think that it's positive.

There's a lot of development in terms of substations, DSOs. Distribution companies are currently investing in offshore substations at sea and constant-current, direct-current, DC.

We see Elia and in Belgium as well, they're investing in these substations. We see that there's been a slight drop in developers, mostly due to an adjustment of the contract conditions and increasing prices.

I think the UK

and

auctions, in the U- in the UK, they've adjusted their models with their new conditions, meaning that today, the markets are recovering. We're seeing that in France as well, bids, calls for tenders, RFQs, for there are about a dozen programs.

In UK as well, we're seeing RFQs for many different fields as well. 3, 4 years ago, we had the they had the market for foundations.

Now it's substations that are catching up, maybe even getting ahead. We think we'll see a balance in the upcoming years.

Those are the major trends in this market.

Next question. From Santander.

Hello, good afternoon. I have three questions, if I may.

I wanted to ask you about the retender of the French motorways. Do you have any visibility today when Sanef could be retendered?

Based on the information available to you today, would you be inclined to look at this opportunity? My second question is on Getlink.

In the last communication to the market that you made earlier this year, I believe you did not include any statement regarding your intention to acquire more shares. I wanted to to clarify if I read that correctly.

Last question, I'm afraid it's again on working capital. I wanted to ask about another dynamic.

The order book is up is up 7% year-on-year, but working capital inflows are down. I wanted to ask you if there has been a change in the type of orders that you are taking.

Are large EPC orders down compared to a year ago? Thank you.

Camille? On the future of the motorway concessions, we have a certain amount of elements.

We know that on the side of the Cabinet Ministry of Transport, they are they will renew the contracts. There is a deadline, spring '27, that's the French presidential election, before talking with certainty.

Regarding Sanef, it is terminated in December '31. Given the size, it takes 3 years to implement this call for tender.

When the next president will be installed, we'll have more visibility. Regarding the interest for the next call for tender for the concessions on the motorway, we can confirm that.

On the need for a WCR, the slight erosion has to be made more relatives, €100 million on a quarter of €12 billion activity, it's a few percent. It's not an exact science.

It's not linked to a lesser part of major EPC contracts in the order book. If you look at the order book, the last page of the presentation, you can see on the longer of the major contracts, it's in the green part of the graph, is growing by 14, 1-4%.

We are securing major contracts. Sometimes when we execute through more favorable milestones, we recoup some cash.

On the first H, we have less cash, but nothing significant on the structure, on the time of payment of the contracts. It's just zilch given the the gap compared to the last H.

Getlink, no change on our behalf. We always said it's an asset which is important, and we believe in it in the long run.

We are ready to strengthen ourselves, given the condition of the market without, we're at 29.4% of the capital. I think we we we we trod the path.

Next question, UBS.

Hi. Thank you very much for taking my questions.

I have two. Maybe the the first one, just a follow-up on the data centers topic.

One of your competitors talked about a pipeline of of tenders of around €30 billion over the next 6 months. I just wanted to understand I think you've mentioned a bit earlier on the call, but I'm not sure if if I understood well the timeline-wise, potential orders, large orders on data center hyperscaler, do you think you could see anything over the next couple of quarters?

Or you think it's more a theme for 20 end of '27 and beginning '28? That's maybe the the first question.

The second one, just on the order intake recently in in Q2, could you make any comments around the the margin profile of the of that order intake? I don't know, from the mix perspective, I don't know if you're seeing some of the some of your competitors bidding more aggressively for some of these projects over the last few months.

Are you are you confident your your order intake comes in at a at accretive margin or strong margin, EBIT margin going forward? Thank you.

Regarding data centers, I don't know where is this pipeline of €30 billion coming. Basically, we do not have the intention to do data center in an export mode, that's crystal clear.

Indeed, we are interested in opportunities of data centers in countries where we are already implanted, implemented, located. It's going to be data centers in Europe, basically.

Then the countries in which we have capacities, human capacities, technical capacities to be able to implement them, facing the mastering and the mastering of risks we were discussing earlier, which are important. When you put this filter, yes, we are confident in France.

We are more and more so in Germany and on smaller sizes. We already did things in Spain, Belgium, and the Netherlands.

Once all this put together, all those filters implemented, the €30 billion is more in the United States, in Australia, in all of the places where we are not and where we are not interested in. It's much less opportunities.

If I add to that, that we put the filter hyperscale and only hyperscale, we hope to have a team able to do so in Germany, and we recall that we have two teams able to do it in France today. In the best of the world, we would do three hyperscales on a frame of 6 to 12 months.

We have one underway. The last element, in Europe, the processes, administrative processes, just listen to the major IT companies, they said they never had It took them so much time to make an investment.

They discover the red tape in Europe, and they notice it's much much longer. Eventually, the securitization for the developers of the tenants, which are not very numerous, it's very complex, especially with the red tapes things.

A certain amount of projects, even in the Paris area, will not be made because they will not be made on time. If you put in all those filters, it remains very reasonable in terms of opportunity.

Next, we're not very numerous to be able to answer those orders, the demand is much more important than the offer. It ends up by being done bit by bits and pieces, and there will not be suddenly an order intake of billions of euros that will appear.

The long-term trend is that we're doing more and more. We still have the maintenance for the smaller one that is ramping up.

Each and every year, we do more. We may have We hope two hyperscalers together, hundreds of millions, hundreds of thousands of millions of activity.

We need the road for the installation, the teams of civil engineering or construction contractors to maximize the mastering of the risk facing the end user. It's positive in growth, but do not expect a tremendous jump overnight in activity.

I think it's the best way to master the risk, and it remains excellent opportunities that will go on being developed. Maybe 3 or 4 years from now, we'll be able to do it in one or two other countries.

This is what we want to do, but it's going to take some more time since we have first to make sure that we are mastering the risk and the teams able to do it. The 15 people who have a hyperscale project of data center are very seldom.

It's been done in the past, but it's always the same thing. If in the future, those developers say, "Ah, we can't make and give us some means and we'll pay you in cost plus fees," we're not in the same risk profile, we'll be able to go faster.

For the time being, it's not the way the market is organized. On the part order intake and margin profile, there's no real change.

The margins remain of good quality. They are different given is it design, is it design and building, is it only design?

Given the risk profile of the businesses of the line of businesses, you have different margins, but not the not the same risk. This is what you have in the legacy.

We have and we wouldn't like to do so, but we have no notion of impairment of the margin level. There's always a trend, a drive in Europe on our markets that is very important, and we're still very active.

There's no reason to change the margin profile of the group.

Next question, Nicolas Mora, Morgan Stanley.

Yes. Good evening.

Two questions for me. First

Pardon? Okay.

Two questions for me.

First, on

on the M&A pipeline. You were active on the first quarter, on construction, on energy systems.

Can you tell us a bit about the pipeline, on the energy system? You did Germany.

You did France a bit.

Where are the targets on the second half? You talked about speeding up

on Belgium,

Switzerland, Eastern Europe. The vision to widen the activity beyond the main strong points, France, Germany, Spain,

Netherlands? To get back to Eiffage Énergie Systèmes and improvement organic growth after a first quarter that was slightly, how would I say, Do you confirm the guidance, 2%, 3% organic growth on the year?

Are you Are you more confident, less confident, given the order intake? More confident than in February?

Ludovic?

Regarding the external growth, we don't change our way of doing things. We go on trying to strengthen ourselves in the countries where we are already present, either to look for new markets or to develop new expertise.

As we did this year in France at the beginning of the year, we've got to look for strong expertise like in the industrial cold refrigeration. We're in the same rationale.

We're interested to strengthen ourselves in all the countries where we are present already. We do it in Germany.

We do it in Belgium. We go on in Spain.

We're interested in all the countries where we are present. We have a certain amount of topics that I hope will be successful.

Regarding the development of a new country, should we go to Eastern Europe? We are interested in it.

We're We remain opportunistic because we entered last year in Switzerland and in Austria through the Ecos. I'd rather deal with those countries and strengthen ourselves where in the countries where we put the flagship rather than to go on developing in new countries, but we it's not forbidden, but it's not priority of the day.

The second question was on the growth. Currently First quarter, there was a basic effect with a lower growth organic.

It's better on the second quarter. Oh, I hope we're going to go on with this one, with this way, till the end of the year, with the caveat of saying that in France, we have an organic growth which is less sustained, but it remains sustained in Europe.

I remain confident in the end of the year. Nicolas, I think that the assumption that 2%, 3% organic growth is the right one.

The first quarter, as Ludovic said, it's a base effect compared to the first quarter '25. To add on the pipe M&A pipeline, it's the Energy System branch LOB on which we're the most active, but we do not forbid ourselves from acquiring a specialty that could strengthen us in the various countries.

The acquisition of Baatz with Eiffage Construction is a change of scale in Luxembourg. Next, I will add to the fact in Luxembourg, we're not very present, except with the Belgian teams who are going to Luxembourg.

It's not the same thing as being Luxembourguis. In the Eastern European countries, we do not have a we'll, as Ludovic said, I'll put a caveat.

It's Poland. We have factories of Eiffage Métal, we have Goyer, a subsidiary.

We are very present on real estate there. We have a basic knowledge of the country.

We developed a a certain amount of employees with our Polish employees, and it's the major country in terms of population in Eastern Europe. If there was one place where we would had have some thoughts.

We have to find the perfect match and make sure that we share the positive we have that we have a certain amount of Polish people in the group which are aware that it could be an opportunity for the group. We'll remain aware.

As Nicolas said, it's the pipe for the second half. No, there won't be Eastern Europe there in H2.

In the fiscal '26, but there are some things on which we are working in other countries mentioned by Ludovic. Any other question?

No more questions coming from online.

Thank you all for attending and listening, and we'll see you around the cocktail party for those of you who are present.