Aperam Sa Ord

Ladies and gentlemen, welcome to the APRAM second quarter 2026 results conference call. I'm Iruna, the course call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Mr. Sivaji, CEO. Please go ahead, sir.

Hi, welcome everyone, and thank you for joining our Q2 2026 conference call. Our presentation covering the Q2 performance was published earlier today in our morning podcast, alongside our financial results and relevant regulatory discourses. You know, we have always set up things this way so we can jump straight into Q&A and spend more time addressing what's top of mind for you. I know it was a busy day for a lot of you and hopefully our podcast family helps make that day a little bit more easier for you. Together with my colleague Nicolas Changeur, we're looking forward to the dialogue with you now. Let's start straight away with the Q&A. Operator.

Ladies and gentlemen, we'll now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 at this time. The first question from the phone comes from Tristan Gressa with PNP Paribas. Please go ahead.