Good morning, ladies and gentlemen. Welcome to this webcast to present Sopra Steria's H1 2026 results.

I'll be leading this presentation with Etienne du Vignaux, Group CFO. I'll start with a few comments on the highlights of the first half.

Etienne du Vignaux will present the operational situation in each of our reporting units and the details of the financial results over the first half. I'll then conclude with our priorities for the second half of the year and our annual financial targets.

We'll finish with a Q&A session. Let's start with the highlights of the first half.

Firstly, I'd like to drill down on the acceleration in business that we have recorded in Q2 with underlying organic growth of 5.3%, while in the first quarter the group was already at 4.4%. At the same time, operating profit on business activity was up 0.4 points and stood at 9.6%.

This good operational performance confirms that our strategic choices are relevant. We are present in critical, sovereignty, and high-value-added sectors such as defense, aerospace, cybersecurity, and public sector.

We are convinced that this is the best way to secure profitable growth in the mid-term, and that's what makes us confident with regards to the trend for the second half. I'd also want to highlight the good performance in our consulting business.

In the second quarter, we experienced the third quarter of consecutive growth after 2025, which was a difficult year. A 11% growth over the quarter is driven by France, Germany, the UK, Spain, and Italy.

Good business momentum combined with some good business success. For the European Space Agency, for example, Sopra Steria and CS Group won a framework agreement covering project management activities as well as space engineering, AI, and data for all European sites for the agency.

This highlights the complementarity between Sopra Steria's space expertise and the reinforced geographic footprint and the contribution from CS Group, and this enables us to support the full European ecosystem for ESA. In the UK, we won a contract with the FCA.

That's for modernization of its information system based on automation, artificial intelligence, and leveraging data. In France, we were selected by the Ministry of the Armed Forces for the Ocean program, so that rolling out the future in-service support and the IT system.

This obviously positions us well when it comes to defense digital transformation and critical systems. We also won a major contract with BarentsWatch.

This is the national maritime surveillance platform, and this covers development, operation, and maintenance for critical services, for following ships, fighting against illegal fishing, and supporting research operations and rescue operations on the Norwegian coast. This obviously highlights our expertise in critical systems, ongoing availability, strong resilience, and the highest security standards.

We've made artificial intelligence a development priority. We're obviously convinced of its potential and the positive impact that its rollout will have on our customers' demand for digital services.

It's a driver, it's an engine for growth and transformation. During the first half, we've concentrated our efforts on three different areas: developing authentic AI solutions for us to address our customers' needs, then reinventing business process services with the launch of Lumina, and then renovation of our production methods thanks to the rollout of an internal AI backbone.

Let's take a look at each of these points. Verticalized authentic AI, firstly.

The idea is to roll out solutions that can be applied to a specific business and that address a specific need, but also certified to provide sovereign solutions in critical and regulated sectors where we're particularly strong, defense, aerospace, public sector, and financial services. This comes with a high level of industrialization thanks to AI factory, and it means we can roll out use cases at large scale.

To do so, we're drawing on our internal expert, our IP, and the tools that we've already developed, such as the [Iaka?] sovereign AI platform, as well as a selection of technological partners like Mistral or Red Hat.

Second area focuses on new generation business process services with the launch of Sopra Steria Lumina, and this new offer embeds native AI, it's a unique platform, fully integrated, combining assets, tools, and artificial intelligence solutions with operational expertise that we've had in our teams for a long time. It's based on an outcome-based model, and this will be rolled out in highly regulated sectors like financial services, public sector, defense, or health.

Now the third area concerns or regards production of our services at an industrial scale. This is the AI backbone.

This is the foundations of the way we'll produce services in the future, and it can be progressively accessed by production teams. Combines open architecture, it's agnostic, it's part of a production platform which is being designed natively.

This enables us to roll out AI quickly across all of our activities, and our teams will be progressively trained on this platform, and we're aiming to have half of our teams trained on it by the end of the year. Together, all of these initiatives show how AI is being taken into account across our business, turn it into a tool and added value for our customers, from design of sovereign solutions suitable for each sector, to transforming business operations, right through to industrial rollout and keeping things under control at large scale.

One of the points that makes Sopra Steria unique is a specific positioning that it has in critical sectors that are regulated at the heart of European priorities. Two-thirds of the group's business is focusing on four strategic verticals: public sector, defense, space, security, financial services, and aerospace.

They're promising in the mid-term, they're at the heart of European sovereignty challenges, and they should benefit from significant investment in the coming years. Sopra Steria is a leading player in Europe in these critical sectors, and it's particularly legitimate when it comes to European sovereignty matters, also specialized in critical systems in regulated environments, and it's capable of taking on results-based commitments, which is the case for 50% of its business.

During the first half, we carried on investing in order to reinforce this positioning. We've acquired CS Group and Nexeya to establish a leading European player in the space sector at a critical size of over €200 million and with 2,000 employees.

We're also in exclusive negotiations with two companies to reinforce our footprint in aerospace, the company Digital Product Simulation to reinforce our PLM business, and then manufacturing engineering from Deadal Industrial Services, and that will reinforce our expertise in space engineering. Finally, we've acquired Business Capital [unclear] [UAV?]

so that's a team with about 20 people specialized in steering, supervision, and automation of drones, it's addressing industrial needs for sensitive sites, infrastructure management, for critical infrastructure, and then obviously public security. Before we conclude the highlights, I wanted to talk about the environment, responsible digital, and impact on society.

We have acquired the Level 2 Numérique Responsable certification, and that's awarded by France's Institut du Numérique Responsable. This recognition obviously recognizes the commitment that we've had for several years now.

Over 10,000 employees have been made aware or received training on eco-design. We've also reinforced our commitment to trusted digital technology with e-Enfance, protecting young people in digital age, making them awareness of good practices to have online.

Then our ESG commitments are still recognized by the key rating agencies, the key extra-financial agencies. EcoVadis, we're platinum in the top 1% of companies assessed, and our score is at 98 out of 100.

We have the ongoing ISO 14001 rollout for the group's major sites, in France. This obviously highlights our willingness to keep improving our performance in the environment in the long term.

With that, I hand the floor to Etienne du Vignaux, who will talk about the situation by reporting unit as well as the consolidated accounts for the first half.

Good morning, ladies and gentlemen. Before we go over the situation by reporting unit, just some information for you on the segment information.

In light of changes to our operating model, we've reviewed how we allocate costs to service lines and verticals. In real term, group-level investment in service lines like consulting, DPS, and cyber, and then in the verticals aeronautics, defense, financial services that was previously assigned to the France reporting unit and now it's allocated across all reporting units.

This adjustment has no impact on the group's operating profit on business activity, and the various reporting units have been restated with a 2026 methodology to ensure comparability. Let's come back to the results by reporting unit, starting with France.

France, revenue stood at €1,315.6 million. Q2 got off to a good start with organic growth of 7.1%, supported by the public sector, transport, aerospace, defense, security, and space, as well as financial services.

Operating margin on business activity was 9.5%, contraction when compared with 2025, and this reflects use of more subcontractors to ramp up major programs throughout the first half. In the UK, revenue stood at €454.1 million, organic growth in revenue of 2.5%.

This was driven by development of next-generation BPS, financial services, defense, and then services related to new technologies. Operating margin on business activity stood at 9.5%, up 0.8 points when compared with H1 2025.

Europe, revenue stood at €1.8 billion. Excluding SFT, the division had organic revenue growth of 3%.

Switzerland, Italy, and Spain had good momentum, just like Scandinavia, which experienced an acceleration in Q2. Germany and Belgium improved in the second part of the semester, and then the Netherlands experienced a moderate contraction with an outlook for improvement.

Return to growth in these three countries in the second half, that's expected. SFT revenue stood at €37 million, aligned with the planned stop of the program.

Other solutions, revenue stood at €149 million. Growth was 7.5%, driven by 8.4% growth for HR solutions and 5.7% for Sopra Real Estate.

Operating profit on business activity stood at 9.2%, to be compared with 9.4% in 2025. Let's move on to the consolidated accounts now.

Revenue stood at €2,958.9 million, organic growth of +3% versus the first half of 2025. Then we have an increase of 8.5% for the operating profit on business activity.

This shows a 9.2% or 9.6% margin rate versus 9.2% during the first half of 2025. The other operating income and expenses include €20.2 million of costs for SFT.

I'll tell you more about the details of this in a minute. All in all, the operating profit reached €223.5 million, therefore up 3.8% versus the first half of 2025.

Then the cost of the net financial debt, that's an improvement, at €8.2 million versus €10.4 million the year before. We benefited from decrease of the average debt for the first half and a slight decrease in the average cost of debt.

Then there's a €3.9 million increase for the other financial income and expenses, and the main reason is an increase in interest rates for the leases under IFRS 16 and also on the pension liabilities, is non-cash. Then the tax expense, that I'll talk you through later on, reached €55.5 million, that includes the net profit of associates, which broke even versus a loss the previous year.

The net profit attributable to the group, after factoring in the non-controlling interests, reached €2 million, and we reached €146.3 million, therefore up 3% versus the figure of last year. Now, then, other operating income and expenses, as you can see during the first half of 2026, they represented a net expense of €40.4 million to be compared with €18.6 million for the first half of '25.

This change is explained thanks to an increase in restructuring costs and reorganizing costs, which reached a bit more than €29 million to be compared with almost €19 million last year. This year, as we said, they include the costs connected to the end of the SFT program, which reached almost €20 million for the first half.

Then the tax expense is €55.5 million, as I said before, which shows an effective rate or tax rate of 27.2% to be compared with 23.7% during the first half of '25. The normative rate, excluding the non-recurring higher tax rates in France, is assessed at more or less 25%.

For the full fiscal year, we count on an effective rate which will be similar to the one that we saw during the first half. Now then, we'll talk about the free cash flow and cash generation.

As usual during the first half, we saw strong seasonality in terms of cash generation. The FCF for the first half was negative, that is a negative €143.6 million, a bit better than what we had for H1 '25, which was a negative €145.9 million.

This performance is satisfactory inasmuch as the first half this year included several non-recurring disbursements for a total of €29 million: restructuring costs connected to the end of the SFT program, as we said, the end of the higher tax rate in France, and modification of the schedule for payment of social contributions in Norway. EBITDA contracted a little.

The difference with the increase of €23 million for the operating profit on business activity is to be explained with two elements: a decrease in project risk, this is because we have normalized provisions now versus the provision levels we had during the first half of '25, and also more reversals of provisions during the first half of '26. These reversals have been used mainly, that is offset by the booking of operating expenses during the half-year.

The WCR improved, and this is a positive contribution, reaching €41 million for the cash for the half-year. Then the receivables and related accounts represent 49.4% of total revenue on the 30th of June, a level that's 2.5 points lower than the average ratio that we've seen over the past 10 years, which is exactly at 51.9%.

Let me recall that the group has had zero transfer of deconsolidating receivables neither in '25 nor in 2026. Then the change in disbursements connected to taxes, restructuring, and reorganization represented €36.2 million and more than €15 million connected to the end of the SFT program.

To conclude, the cash generation for the first half is totally in line with the annual objective which was set at the end of February 2026. With the same seasonality, the net financial debt reached €618.7 million on June '26 versus €246.7 million at the end of December '25.

This includes, as usual, the payment of dividends during the first half for a total of €102.7 million, share buybacks for €42.7 million, plus disbursements connected to change in scope and the financial investments reaching €87.2 million. This gives us a solid balance on the 30th of June 2026.

As you can see, equity represented 61% of the assets and WCR, whereas the gearing ratio improved at 29% to be compared with 34% the year before. Now, as far as the leverage ratio is concerned, at the end of June it is 1.1 times EBITDA, that's pro forma numbers on rolling 12 months before IFRS 16, below the ratio we had last year, which was at 1.2, and well below the banking covenant and bond covenant, which is a maximum three times.

Then the group has a comfortable financing with almost €2 billion lines that are authorized. 67% have not been drawn at the end of June 2026, and the maturities go from July 2026 to 2029.

We've recently reinforced our liquidity profile thanks to the fact that at the end of June 2026, we signed a Schuldschein financing for a total amount of €300 million. This includes two maturities: €217 million in five years with variable rate, and €83 million seven years with variable rate.

This refinancing will cover the two tranches of Euro PP that you can see on the table for €150 million total, and the first tranche reached its maturity in July this year, and the second tranche will have its maturity in July 2027. Apart from the maturity extension, this financing will give the group more diversification of its financing sources for an average weighted cost below 4% when we signed the contract.

To optimize financing also in terms of cost, but also in terms of flexibility, the group has an NEU MTTM program totaling €300 million plus the NEU CP program totaling €700 million on the 30th of June 2026. For the NEU MTTM program, we have €55 million, and for NEU CP, €160 million.

We can use these programs, and that's covered with a multi-currency credit facility reaching €1.1 billion, which would be used as a source of financing versus NEU CP and MTTM if we need them. That's the end of the financial statements.

Now, Rajesh, the floor is yours for the outlook for 2026.

Thank you, Etienne. Before we come back to the priorities for the second half, I just want to take a few moments to speak about a few ideas that I've had after my five first months as CEO of Sopra Steria.

These first five months have been focused on meeting teams and understanding our offering and what makes us specific or unique. There are three areas of strength that have absolutely convinced me that the group is unique.

Firstly, we've got teams with great business and technology expertise. Next, we've got long-term, trust-based relationships with our customers, based on long-term commitments.

Then our positioning is unique. Significant exposure to promising sectors like defense, aerospace, public sector, and this puts us in a good position when it comes to quick evolution that we're seeing on the market, and then the emergence of sovereignty challenges.

We're also clear-sighted when it comes to our environment. The macroeconomic and geopolitical backdrop remains uncertain.

Furthermore, the basis for comparison in the second half of 2026 won't be as favorable as in the first half. Then finally, as previously stated, we have to take into account the dilutive impact on growth of the wind-down of the SFT program, and this impact will be more significant in the second half compared to the first half.

However, we are going into the second half with confidence. We're benefiting from favorable trends in our strategic markets, in particular in aerospace, defense, security, and space, and then the public sector.

What's more, we're expecting ongoing improvement in the situation in Germany, Belgium, and the Netherlands, and this means that we can expect a return to growth in these three countries during the second half. Based on this, we are capable of raising our organic growth target for 2026.

We are now targeting organic growth between +2% and +2.5% for the full year, compared with +1% and +2% announced previously. This target still includes a negative non-recurring impact of 2 points linked to the SFT program.

Excluding this impact, the organic growth target which has been revised would be between +4% and +4.5%. For the rest, we're confirming our margin targets and our free cash flow targets as communicated at the beginning of the year: so operating margin on business activity of at least 9.5%, and free cash flow of around 5% of revenues.

I'd like to suggest that we move on to the Q&A session now.

Good morning, Rajesh. Good morning, Etienne.

Congratulations on these good results. My first question regards Q2, and what were the positive surprises when compared with what was initially planned in terms of geographies and sectors?

Then my second question regards Q2, we've seen the acquisitions, but we've got a negative net recruitment, on an organic basis it's negative. Can you just help us understand the trend here?

1,000 people Q2, can you just give us a bit more details on these figures and explain why the momentum is what it is?

Thank you, Nicolas, for your question. For the first one, we've not been particularly surprised by Q2 even if we've confirmed the positive momentum, especially in France, with growth rate of basically equivalent between Q1 and Q2, 7.1% compared with 7.2%.

All geographies, just keep it simple, there wasn't one geography that stood out. All geographies, as Rajesh said, have made a positive contribution.

We're just slightly above what we're expecting. This is what enables us to raise the guidance for the year with the comments that Rajesh has made.

Obviously we'll have a less favorable basis for comparison moving into the second half when compared with the first half, and obviously it'll be less favorable with regards to SFT, but this has already been flagged. Now, for head count, excluding acquisitions, we are up.

Excluding acquisition, we're up 200, 300 full-time equivalents Q2 compared with Q1. There is an organic growth in head count in Q2 versus Q1.

Thank you for this detail. The contribution of CS Group and Nexeya in terms of head count?

It's about 600. Bear in mind that we've got internal head count, but then there's also subcontracting, especially for space, that's more significant than in other sectors.

Thank you. Just a follow-up question in terms of margin, EBITDA, so that's stable year-on-year.

Can we have an explanation of what the momentum is here? Is that why you're not raising the margin guidance for the full year?

Obviously I explained this previously when I talked about cash. EBITDA is flat in H1, fewer provisions.

Obviously that's good news. It means the level of risk the group have has is going down, and conversely, we we've eliminated certain risk that was previously provisions, so that's for about €20 million if you look at the details, net.

That's a favorable impact on H1, and we shouldn't see this in H 2, or at least not at this level. That's the explanation of the the non-progression in H1.

Now we give guidance on operating profit on business activity. Obviously these impacts that I mentioned are now behind us, these reversals of provisions, that's behind us, and we won't see this going forward.

Good morning. Thanks for taking my questions.

One question linked to defense and sovereignty. Could we have a little bit more strategy or more information on the matter for the second half?

Then could we have perhaps some examples of new initiatives or new skills that are being developed, things that you're pushing to be able to address new opportunities in the coming years? Then next point, on the UK, could you just zoom in on momentum that you have in the pipeline for business, various contracts?

There's obviously been the change in CEO. I think that took place at the start of July.

Then in the public sector, could you give us some more information with regards to your expectations for growth in the coming quarters?

For defense, as you've seen, we've had good commercial success, which I described during the presentation. We are reinforcing the group in various sectors where we're expecting strong growth, in particular space.

This is why we've made the investment in CS Group, which is obviously enabled us to win interesting contracts with the European Space Agency. All digital transformation solutions based on AI, sovereign AI, and then based on solutions like the fight against drones, anti-drone solutions.

All of this is very promising and we're expecting growth in the future. In the UK, obviously, change in CEO, that was planned because our current CEO, John Neilson, is retiring.

It happens. A new CEO has been appointed not that long ago.

Obviously he's already been with the group for over 10 years, this is aligned with what we've been doing previously, and it's not an external recruitment. Now, for business momentum in the UK, last year you'll remember that the business wasn't linear.

It was bumpy. There were some quarters where there was growth, and there was others where there was a contraction.

It's transactional volume that can obviously have an impact from one quarter to another. You have to take a step back and not necessarily look at the figures quarter-on-quarter.

First quarter, we're organic growth of 4.2%. That was the first quarter.

Q2, we had slight growth, 2.5% over the first half, and Q3 we're expecting more growth. Obviously the third quarter was slightly weaker last year, in particular for NHS SBS, the two joint ventures that we have with the health service.

Then conversely, Q4, which experienced strong growth last year, should have less growth this year. You have to bear that in mind when we talk about growth in the UK.

Broadly speaking, we're expecting slight growth in the UK over the year. Public sector business, SSCL, but not just that, that's now 100% owned by Sopra Steria.

For SSCL and then other business outside of the JVs, we had growth in Q1, growth in Q2, and we're expecting growth in Q3.

Just a question on aerospace, which wasn't that strong in the second half, about 12% group level, I think Q1 was 15%. What are you expecting in future?

The basis for comparison is going to be less favorable because we started to take off, excuse the pun, last year. That was obviously driven by Airbus, as you know.

That materialized in July, August last year. The basis for comparison was not as favorable, but it is a buoyant sector.

Thank you very much.

Thank you very much. Good morning.

I have a first question to ask to pick on what Thomas said before on the joint ventures in the UK. I think that 2026 was a year when we were supposed to have many calls for tenders for new possible contracts.

I wanted to know more about the commercial momentum to secure our growth 2028 to 2030 for the two joint ventures. That's my first point.

Number two, you've mentioned the public sector. You've said that's one of the factors for you to grow, like aero and defense.

Now, for the public sector, the base effect, it is complex during the first half in France. Maybe there's some type of pick-up or recovery depending on the countries.

Then a third question, I missed the beginning of the conference call. Did you tell us more about reversals of provisions for SFT?

If not, could you give us the number, please?

As far as the UK is concerned, we have a pipeline in the UK which is still good, with interesting opportunities in the defense sector, financial services, the public sector, with decisions that will be made in the year to come, not necessarily only in 2026. That's the timeline you have to remember.

This includes opportunities in IT services and BPS, new generation BPS, and for this we have the new Lumina offer that Rajesh described before. That's at least £1.5 billion.

That's quite a lot. We're not going to be the winners of all these deals, but there's enough in the pipeline.

We have good commercial activity in the UK.

You've said 1.5 billion. Is that annual?

No, that's what we have in the pipeline. Then this would spread covering 5, 6, or 7 years.

It all depends on the deals, on the contracts. What I mean is that we have enough to support our future growth in the UK.

Of course, you have to be the best bidders and sign these contracts and not lose any. As far as the public sector is concerned, you're asking a question which covers much more than the UK.

Of course there's growth. If you look at France for Q1, yeah, okay.

We have the base effect in Q2, which is at a lower level, but favorable. Everything included, in France we had a similar growth in Q2 versus Q1, more or less 7%.

Quite dynamic, quite good. We know that in France there'll be elections soon, but that's going to be an issue in 2027.

For the end of the year, we're quite confident. We know that there are ongoing projects that will bear fruit before the end of the year, and we are working and focusing on the best topics.

Of course, there'll be a budgetary debate, and decisions will be made. The government has mentioned that, but for the time being there's no impact in the short run.

The third question, oh yes, the SFT provisions, more or less €10 million reversals of provisions for SFT.

Thank you very much.

Good morning, gentlemen. I have a couple of questions.

To pick on what Laurent said, now could you tell us more about the public sector and this market, not just in France, but in other countries as well? I'd like to better understand this positive trend that you're seeing at present.

Is that something that's happening in other countries? Is it sustainable?

That's my first question. Second question is a more technical question.

What about the minority interests? Why are they lower than last year's?

Third question, HR. There's a strong acceleration during the second quarter versus Q1.

Is there a large contract signing, an explanation, and that would account for this change between Q1, Q2? There's a lot of services in this activity.

Would you say there's a new trend given the very good numbers we had for Q2? A fourth question is about restructuring.

What can we expect during the second half?

Four questions. First, the public sector.

Thank you for asking. Public sector, it's not just France, as you know.

We have a good footprint covering all of our geographies for the public sector. It's not just France that stands out.

The other countries don't need France to grow in the public sector. The momentum is good everywhere.

Given the weight of the sector, well, we don't have the breakdown of all the numbers for each country, but that's a good momentum in France. Now, the second question, NHS SBS, look at the annual numbers, not the half-year numbers.

Don't mean much. You should compare this with last year's.

NHS has a net profit which is at a lower level of contribution. Your third contribution, HR software, this is a seasonal effect, correct.

There's no massive acceleration. We're very happy with the growth we've had for this business during the first half, and we expect growth for the full year.

We signed an important license during the second quarter for the public sector in France, and that's good in terms of growth rate during Q2. There's no need to extrapolate this and say it's going to happen for the rest of the year.

Fourthly, restructuring, there's going to be less restructuring during the second half versus H1 because in our P&L, we've taken most of the restructuring costs for SFT, as you saw when you looked at the numbers.

Thank you very much.

Hi, good morning. My question was around the pricing environment, if you can comment on what you're seeing in competitive bids, and in particular, any more color you can give us on pricing expectations from your customers, to what degree GenAI is a factor in those price negotiations, and any specific kind of opportunity you can flag on the positive side to offset some of the AI deflation we're seeing.

Thank you.

What we're seeing today is no major impact connected to or due to AI. Of course, all the clients are trying out a number of things.

There are some use cases that try and go to scale or scale up, but today we've not seen a price decrease. We've not seen anything in terms of productivity connected to this.

If you look at all the bids, the large bids, they're very competitive and they're more competitive because most of the big players like us manage to use AI to bolster productivity. Prices will adjust as a consequence.

This is something that's going to speed up, a trend that will speed up. The trend will focus more on restructuring the types of contracts.

They'll be outcome-based contracts so that the digital services company like us can take a big share of the cake and can take more risk. Then that means that we'll be able to use our own solutions and the deployment of AI more massively when we design and deploy our solutions.

Thank you. A follow-up question.

Could you tell us more about Ordina? A progress report, if you will, because the revenues are recovering, I think.

What are you doing with this division? It had gone up and down after being acquired, and could you give us a timeline?

When will we have good revenue again?

Ordina, that's for the Netherlands, if you don't know, where Sopra Steria had not any presence in the past, and they included the group once we acquired Ordina. The revenue, Rajesh said it's the same trend in Q2 versus Q1 with a moderate decrease, which means a decrease which is not as marked as last year's decrease.

We had a two-digit decrease in the Netherlands last year. It's not the same trend at all, and our forecast is that we'll be back to growth during the second half.

That's very important, you see, because there's a tipping point, if I can say, in the Netherlands. As Rajesh said, we've done that in Germany and Belgium already.

Now, if we look at our margins, they've improved. We're not going to give you the country breakdown, though, but we've improved our margin, and that was the case during the first half, and it's going to be even more marked during the second half.

Now we have appointed a new CEO. You probably know that.

Joined us end of August, beginning of September, and it's really good for the teams. There's good momentum.

The mindset, the mood is totally different in the Netherlands.

Etienne, what about Belgium? I think you've worked a lot on Belgium.

There were three companies to be amalgamated. What about this integration?

Is it over? Is Belgium in marching order?

The answer is yes, yes. Integrations are over.

It's done. We integrated two companies.

We had a foothold in Belgium, €100 million more or less is what we had. We increased revenues threefold over there.

We expect €300 million in revenue this year with the acquisitions of Ordina Belgium, Luxembourg, and Tobania not long ago. Now, as far as Belgium is concerned, for Q2 we've changed the trend.

We have net recruitment. It's positive.

It had not happened for a number of quarters. If you look at our margin, it's recovering versus what we saw last year.

We saw that during the first half, and we'll see that when we look at the financial statements for H2.

Thank you very much.

Thank you very much. Thank you for your questions.

We've now finished the call, and with Rajesh we'll be seeing you soon. Thank you very much.