Thales S.A.

Good morning ladies and gentlemen and thank you for standing by. Welcome to today's Thales H1 2025 results conference call. The presentation will be held by Patrice Ken Thales Chairman and CEO and Pascal Bouchiat Thales CFO. It will be followed by a question and answer session at which time if you wish to ask a question you will need to press star 1 1 on your telephone and wait for your name to be announced. I must advise you that this conference is being recorded. I would now like to hand the conference over to Ms. Alexandra Boucheron, VP, Head of Investor Relations. Please go ahead, madam.

Good morning. Welcome and thank you for joining us for the presentation of Thales H1 2025 results. I am Alexandra Boucheron, Thales Head of Investor Relations. With me today are Patrice Gaines, chairman and CEO, and Pascal Bouchard, CFO. The presentation will be followed by a Q&A session. As usual, this presentation is audio webcasted live on our website at salesgroup.com, where the slides and press releases are also available for download. Finally, a replay will be available soon after the end of the event. With that, I would like to turn over the call to Patrick Kane.

Good morning, everyone, and welcome to Thales 2025 half-year results. So starting with a few highlights of the group's performance so far this year. To start, Thales has achieved a high single-digit sales growth in the first half of the year, mainly driven by avionics and defense. Indeed, focusing on defense, the supportive context has offered Thales increasing opportunities globally with a new order of 26 Rafale fighter jets for Indian Navy which was booked in Q2 2025 or with a 1.16 billion pound contract with the UK Ministry of Defence for the supply of 5,000 LMM missiles booked in July 2025 growing opportunities that we start to see with the rearm europe plan to enhance defense capabilities in europe and france planning to exceed the military programming law by progressively increasing total defense spending from 50 billion euros in 2025 to 64 billion euros in 2027. these amounts of 64 billion euros was initially supposed to be reached in 2029, meaning that we expect a real acceleration in France as well. So this context, along with a constant focus on operational efficiency, has led to a strong increase in our adjusted EBIT margin, which I will detail in the next slide. So now moving to our H1 2025 financial performance on slide number three. Commercial momentum was solid for order intake over the semester with 10.4 billion euros worth of orders. This reflects the high level of demand for TELUS products and solutions in most of our businesses. The book-to-bill ratio stands once again above one in H1 2025. Sales progression was robust in this first half of the year, up 8.1% in total and organic changes to 10.3 billion euros. Adjusted debits reached 1.2 billion euros, recording a solid 12.7 organic growth. Margin was up sharply and stood at 12.2%. Adjusted net income reached 877 million euros in H1 2025 or 937 million euros if we exclude the temporary additional corporate tax paid this semester in France. This compares to 866 million euros last year. In terms of cash generation, H1 2025 was particularly strong with a free operational cash flow of 499 million euros. Lastly, net debt position at end of June 2025 increased by 383 million euros compared to December 2024 3.4 billion euros as a result of the usual seasonal effects, including dividend payments. And if we compare to end of June 2024, the net debt has been reduced by more than 1 billion euros. I now hand over to Pascal, who will review our financial performance in greater detail.